Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - INTERNATIONAL SPEEDWAY CORP | g25461e8vk.htm |
Exhibit 99.1
| FOR: | International Speedway Corporation |
|
| CONTACT: | Charles N. Talbert |
|
Director, Investor and Corporate Communications |
||
(386) 681-4281 |
FOR IMMEDIATE RELEASE
INTERNATIONAL SPEEDWAY CORPORATION ANNOUNCES TERMINATION
OF AGREEMENT TO SELL STATEN ISLAND PROPERTY
OF AGREEMENT TO SELL STATEN ISLAND PROPERTY
DAYTONA BEACH, Fla. — December 6, 2010 — International Speedway Corporation (NASDAQ Global
Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) today announced the termination of the
agreement with KB Marine Holdings LLC (“KB Holdings”) for the sale of its Staten Island, New York
property. KB Holdings did not fulfill the terms of the second amendment to its definitive
agreement (the “Agreement”) to close the transaction on or before November 30, 2010. As a result
of the transaction terminating, ISC will pursue discussions immediately with alternative buyers for
the 676-acre parcel of property located in Staten Island.
The Agreement, which was entered into in November 2009, contemplated KB Holdings’ purchase of
100 percent of the outstanding equity membership interests of 380 Development LLC, a wholly owned
indirect subsidiary of ISC and owner of the Staten Island property. Upon execution of the
Agreement, ISC received a non-refundable $1.0 million payment.
“This property is ideal for port-related and logistic activities and we are confident that we
will come to terms with an interested buyer to redevelop this site to its highest and best use
which will provide significant economic development and job creation in Staten Island, New York
City and the region as a whole,” said Brian K. Wilson, ISC Vice President of Corporate Development.
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
-More-
| ISC ANNOUNCES TERMINATION OF AGREEMENT | PAGE 2 |
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
Carolina; and Watkins Glen International® in New York. In addition, ISC promotes major motorsports
activities in Montreal, Quebec, through its subsidiary, Stock-Car Montreal.
The Company also owns and operates MRN® Radio, the nation’s largest independent
sports radio network and Americrown Service CorporationSM, a subsidiary that provides
catering services, food and beverage concessions, and produces and markets motorsports-related
merchandise. For more information, visit the Company’s Web site at www.
internationalspeedwaycorporation.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.
###