Racing Champions Corporation Announces Proposed Public Offering

    GLEN ELLYN, Ill.--Feb. 20, 2002--Racing Champions Corporation today announced that it intends to file a registration statement with the Securities and Exchange Commission within the next week relating to a public offering of 1,500,000 shares of common stock by the Company and 3,000,000 shares of common stock by selling stockholders, consisting of 2,381,249 shares by Willis Stein & Partners, L.P., 206,251 shares by Robert E. Dods, 206,250 shares by Boyd L. Meyer and 206,250 shares by Peter K.K. Chung. The purpose of the proposed offering by the Company is to raise capital to reduce debt under the Company's credit facility and for general corporate purposes, including working capital. The Company cannot assure that this proposed offering will occur. This press release does not constitute an offer of any securities for sale. No offer of the Company's securities will be made except by means of a prospectus.