Collegiate Pacific Warrant Update.

Business Editors

DALLAS--(BUSINESS WIRE)--May 6, 2004

Collegiate Pacific (AMEX:BOO) today updated information on its previously announced warrant call that is set to expire May 20, 2004.

Michael Blumenfeld, CEO, stated, "As of the close of business on May 5, 2004, approximately 3.2 million warrants have been exercised and converted leaving about 1.1 million outstanding. The $16 million in new equity capital received to date has been utilized in the acquisitions of Tomark Sports and Kessler Team Sports, and to expand working capital. The Company has collected approximately $5 Million in new capital since the inception of the call on April 14, 2004."

"We anticipate that the majority of the remaining 1.1 million warrants -- representing $5.5 million in potential new capital -- will be exercised on or before May 20, 2004. Once we know the final status of this warrant conversion we will seek to put our new equity to work as quickly as possible for the benefit of shareholders. This will likely include internal and external expansion."

"Post the warrant call, we anticipate a net positive cash balance of $3 to 5 million on-hand, zero long term commercial bank debt, and a $12 million untapped credit facility with our commercial lender. This will serve as the financial platform to support FY05 expected performance of approximately $76M in sales, $8.2M in operating income, and $5M in net after tax income."

"Of equal importance, completion of this call will greatly simplify our capital structure, providing clear visibility with respect to shares outstanding and removing the warrants as a source of perceived overhang. In this regard, the resulting environment will be, we believe, beneficial to both current and prospective shareholders."

Collegiate Pacific is the nation's fastest growing manufacturer and supplier of sports equipment primarily to the institutional markets and through recent acquisitions is now the nation's number one team sports dealer.

Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The company has based these forward-looking statements on its current expectations and projections about future events, based on the information currently available to it. The forward-looking statements include statements relating to the company's anticipated financial performance, business prospects, new developments, new strategies and similar matters. The following important factors, in addition to those described in the company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended June 30, 2003, especially in the Risk Factors and the Management's Discussion and Analysis sections, and its Quarterly Reports on Form 10-QSB and its Current Reports on Form 8-K (each of which is available upon request from the company or on the company's website, www.cpacsports.com, under the heading "Investors") may affect the future results of the company and cause those results to differ materially from those expressed in the forward-looking statements, material adverse changes in the economic conditions in the Company's markets, including as a result of terrorist attacks, competition from others, how much the Company may receive from the exercise of outstanding stock options and warrants, if anything, and the ability to obtain and retain key executives and employees. We disclaim any obligation to update these forward-looking statements.