Action Performance Granted Dismissal of 1999 Lawsuit

    PHOENIX--Oct. 16, 2001--Action Performance Cos. Inc. (company) , the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise, today announced that the United States District Court for the District of Arizona entered an order dismissing with prejudice a lawsuit that alleged the company and various officers violated securities laws.
    In November 1999, a class action lawsuit was filed alleging violations of certain securities laws. The company moved to dismiss, and the court subsequently entered the dismissal order.
    "We are obviously pleased with this result," stated Fred Wagenhals, Action Performance chairman, president and chief executive officer.

    About Action Performance

    Action Performance Cos. Inc. is the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise. Its products include a broad range of motorsports-related die-cast car replica collectibles, apparel, souvenirs and other memorabilia. The company markets and distributes products through a variety of channels, including the Racing Collectables Club of America (RCCA), goracing.com, trackside at racing events, mass retail department stores, and a worldwide network of wholesale distributors and specialty dealers.