Action Performance Companies and Speedway Motorsports Announce Three-Year Agreement, Settlement

    PHOENIX--Feb. 28, 2002--Action Performance Companies, Inc. (Action) , the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, and Speedway Motorsports, Inc. (Speedway) , a leading owner and operator of racetrack facilities and marketer and promoter of motorsports entertainment in the United States, today announced a new, three-year marketing agreement under which Action will continue to locate its trackside trailers at Speedway's race tracks, with a percentage of Action's trailer sales going to Speedway, and will continue its business relationships with Speedway's merchandising and broadcast operations.
    As a result of the new agreement, Speedway and Action have agreed that all prior issues have been fully resolved and that the pending lawsuit filed earlier by Speedway's racetracks will be dismissed.
    William R. Brooks, vice president of Speedway Motorsports, said, "We are pleased to put this matter behind us and to be able to continue our mutually beneficial business relationship with Action."
    "I am also pleased that this agreement has been reached and that we will continue serving the racing fans and enthusiasts attending NASCAR events at Speedway tracks," commented David Martin, Action Performance chief financial officer.

    About Speedway Motorsports, Inc.

    Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. The Company owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Lowe's Motor Speedway at Charlotte, Las Vegas Motor Speedway, Sears Point Raceway and Texas Motor Speedway. The Company provides event souvenir merchandising services through its Finish Line Events subsidiary, and manufactures and distributes smaller-scale, modified racing cars through its 600 Racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to over 750 stations nationwide. For more information, visit the Company's Website at www.gospeedway.com.

    About Action Performance Companies, Inc.

    Action Performance Companies, 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 sales and distribution channels, including QVC, 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.

    This press release contains forward-looking statements involving a new agreement and resolution of the lawsuit. The Company's actual results could differ materially from those set forth in these forward-looking statements. Factors that might cause such differences include, among others, the ability of the parties to execute the agreement, the ability of the Company to successfully execute its business plan, the success of new marketing programs, and other risks discussed in the Company's Form 10-K, dated September 30, 2001, on file with the U.S. Securities and Exchange Commission.