Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - INTERNATIONAL SPEEDWAY CORP | g24577e8vk.htm |
Exhibit 99.1
For Additional Information Contact:
International Speedway Corporation
Charles N. Talbert
(386) 681-4281
Charles N. Talbert
(386) 681-4281
KB Marine Holdings LLC
Alan Marcus
The Marcus Group
(973) 890-9590
Alan Marcus
The Marcus Group
(973) 890-9590
FOR IMMEDIATE RELEASE
INTERNATIONAL SPEEDWAY CORPORATION AND KB MARINE HOLDINGS
ANNOUNCE EXTENSION ON THE CLOSING OF
THE STATEN ISLAND PROPERTY SALE
ANNOUNCE EXTENSION ON THE CLOSING OF
THE STATEN ISLAND PROPERTY SALE
DAYTONA BEACH, Fla. – September 7, 2010 – International Speedway Corporation (NASDAQ
Global Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) today announced that it executed a
second amendment (“Second Amendment”) to its definitive agreement (the “Agreement”) to sell its
676-acre parcel of property located in Staten Island, New York, to KB Marine Holdings LLC (“KB
Holdings”). The Second Amendment provides an extension to KB Holdings to close the transaction on
or before November 30, 2010. The total sales price is $88.0 million, $32.6 million of which is
payable in cash at closing, non-refundable, and $54.4 million of which will be in the form of a
promissory note payable on or before August 31, 2011. The promissory note will have a market-based
interest rate and will be secured by a first priority security interest in the outstanding equity
membership interests of 380 Development, LLC (“380 Development”), a wholly owned indirect
subsidiary of ISC and owner of the Staten Island property.
The Company expects the proceeds from the sale, net of applicable broker commissions and other
closing costs will result in an immaterial gain or loss on the transaction upon closing.
International Speedway Corporation is a leading promoter of motorsports activities, currently
promoting more than 100 racing events annually as well as numerous other motorsports-related
activities. The Company owns and/or operates 13 of the nation’s major motorsports entertainment
facilities, including Daytona International Speedway® in Florida (home of the
Daytona 500®); Talladega Superspeedway® in Alabama;
Michigan International Speedway® located outside Detroit; Richmond
International Raceway® in Virginia; Auto Club Speedway of Southern
CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas
City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland
Speedway® and Route 66 RacewaySM near Chicago, Illinois;
Homestead-Miami SpeedwaySM in Florida; Martinsville
Speedway® in Virginia; Darlington Raceway® in South
-more-
| ISC SIGNS AN EXTENSION | PAGE 2 |
Carolina; and Watkins Glen International® in New York. In addition, ISC
promotes major motorsports activities in Montreal, Quebec, through its wholly owned subsidiary,
Stock-Car Montreal.
The Company also owns and operates MRN® Radio, the nation’s largest
independent sports radio network; the Daytona 500 ExperienceSM, the “Ultimate
Motorsports Attraction” in Daytona Beach, Florida, and official attraction of
NASCAR®; and Americrown Service CorporationSM, a subsidiary
that provides catering services, food and beverage concessions, and produces and markets
motorsports-related merchandise. In addition, ISC has an indirect 50 percent interest in
Motorsports Authentics®, which markets and distributes motorsports-related
merchandise licensed by certain competitors in NASCAR racing. For more information, visit the
Company’s Web site at www.iscmotorsports.com.
Statements made in this release that express the Company’s or management’s beliefs or
expectations and which are not historical facts or which are applied prospectively are
forward-looking statements. It is important to note that the Company’s actual results could differ
materially from those contained in or implied by such forward-looking statements. The Company’s
results could be impacted by risk factors, including, but not limited to, weather surrounding
racing events, government regulations, economic conditions, consumer and corporate spending,
military actions, air travel and national or local catastrophic events. Additional information
concerning factors that could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the Company’s SEC filings including,
but not limited to, the 10-K and subsequent 10-Qs. Copies of those filings are available from the
Company and the SEC. The Company undertakes no obligation to release publicly any revisions to
these forward-looking statements that may be needed to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in
this release does not constitute an admission by International Speedway or any other person that
the events or circumstances described in such statement are material.
###