Action Performance Announces Exclusive Licensing and Merchandising Agreement With Silverstone Circuits Limited
5 April 1999
Action Performance Announces Exclusive Licensing and Merchandising Agreement With Silverstone Circuits Limited
PHOENIX--April 5, 1999--Action Performance Companies Inc. Monday announced that its wholly-owned subsidiary, Action Performance International Ltd., has agreed to a three-year exclusive licensing and merchandising agreement with Silverstone Circuits Limited.The arrangement is subject to the execution of a definitive agreement, which is expected to be signed within two weeks.
Under the terms of the agreement, Action will obtain the exclusive merchandising rights to the British Grand Prix held at the Silverstone Circuit as well as the exclusive rights to market British Grand Prix and Silverstone brand merchandise. The term of the agreement is for three years beginning with the first race on July 11, 1999.
Said Fred W. Wagenhals, Action chairman, president and chief executive officer, "We are pleased to announce this multi-year agreement with Silverstone. Our strategy in Formula One is to create a full-service, motorsports marketing and merchandising company for the European race fan.
"This agreement gives Action another strategic form of distribution that is targeted at the racing enthusiast and which will allow us to market die-cast, apparel and souvenir items in a coordinated effort."
Action Performance Companies Inc., is the leader in the design, marketing, 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 160,000-member Racing Collectables Club of America (RCCA), online through SpeedMall at goracing.com, trackside at racing events, mass retail department stores, and a worldwide network of wholesale distributors and specialty dealers.