Action Performance and Richard Childress Racing Extend License Agreement; Exclusive Licensing and Marketing Rights Now Contracted Through 2012

    PHOENIX--June 3, 2002--Action Performance Companies, Inc. , the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise, today announced an extension to their ongoing exclusive licensing and marketing contract with Richard Childress Racing. The new agreement, which extends the exclusive license relationship until May 2012, seeks to capitalize on the long-term merchandising value of Richard Childress Racing.
    Under the revised agreement, Action will have the exclusive right to produce die-cast race car replicas, apparel and other merchandise for Richard Childress Racing team drivers, which currently includes Winston Cup drivers Kevin Harvick (No. 29), Jeff Green (No. 30) and Robby Gordon (No. 31), and Busch Series drivers Johnny Sauter (No. 2) and Jay Sauter (No. 21).
    In addition to the standard personal services clauses and production exclusives, the agreement also allows Action Performance to continue developing and producing Historical Series vehicles from the Richard Childress Racing stable.
    "We are very pleased that our successful association with Action Performance will continue for the next ten years," noted team owner Richard Childress. "Throughout our already nine-year relationship, Action has consistently supported our team and drivers with innovative promotional programs and high-quality, licensed products for race fans. Fred Wagenhals and Action Performance have been superb partners, and everyone at Richard Childress Racing looks forward to continuing this valuable association."
    For more than 30 years, Richard Childress Racing has been an institution in NASCAR, winning six Winston Cup titles with driver Dale Earnhardt, a Craftsman Truck championship with Mike Skinner, and last year's Busch Series championship and Winston Cup Rookie of the Year honors with Kevin Harvick.
    "Our exclusive licensing and marketing agreements are the core of Action Performance's business and continued growth strategy," said Fred Wagenhals, Action Performance chairman, president and CEO. "The major racing stars Richard Childress cultivates comprise the unique properties that continually attract fans and escalate viewer interest. Richard Childress Racing is one of the staples of the sport, and maintaining our exclusive licensing relationship solidifies Action's long-term growth strategy."

    About Action Performance

    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 channels, including trackside at racing events, a worldwide network of wholesale distributors and specialty dealers, QVC, the Racing Collectables Club of America (RCCA), goracing.com and mass retail department stores and chains.

    This press release contains forward-looking statements regarding terms of the agreement, continuing business relationships and the Company's growth strategy. The Company's actual activities and results could differ materially from those set forth in the forward-looking statements. Factors that might cause such differences include, among others, the ability of the parties to execute the agreement, competitive pressures, acceptance of the Company's products and services in the marketplace, the success of new marketing programs, and other risks discussed in the Company's Form 10-K dated Sept. 30, 2001, on file with the U.S. Securities and Exchange Commission.