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Championship Auto Racing Teams, Inc. Comments on A.G. Edwards Release Of January 16, 2001

17 January 2001

Championship Auto Racing Teams, Inc. Comments on A.G. Edwards Release Of January 16, 2001

    DETROIT, Jan. 17 The following is being issued today by
Championship Auto Racing Teams, Inc.:

    In view of the unusual activity in the stock of Championship Auto Racing
Teams, Inc. , the New York Stock Exchange has asked us to put out a
statement.
    Yesterday a report was issued by A.G. Edwards, in which they lowered their
rating of Championship Auto Racing Teams to "maintain," "due to uncertainty
in regards to our ISL sponsorship guarantee."
    Championship Auto Racing Teams, President and CEO, Joe Heitzler states:
    "Although we are in discussions with ISL, it is premature to comment on
the outcome of these discussions or the effect of ISL's management changes and
other sports property renegotiations on cart's revenues and marketing plans.
We will continue to have discussions with ISL in an attempt to resolve this
matter."
    Championship Auto Racing Teams, Inc. owns, operates and
markets the FedEx Championship Series, a 22-race championship conducted in
eight countries worldwide in 2001.  Champions Gil de Ferran, Michael Andretti
and Jimmy Vasser are among the drivers who battle for the FedEx Championship
Series title on oval circuits as well as temporary and permanent road
courses.  CART also owns and operates its top two development series, the
Dayton Indy Lights Championship and the Toyota Atlantic Championship.  Learn
more about CART's open-wheel racing series at http://www.cart.com.