CART stockholders to vote on December 19

A definitive merger agreement has been signed providing for Open Wheel to acquire CART, but the transaction is subject to various closing conditions, including approval by CART's stockholders. Open Wheel has stated that, if the transaction is completed, it intends to continue to operate CART's business.

Open Wheel is a newly formed holding company owned indirectly by a group of investors including Gerald Forsythe, Kevin Kalkhoven and Paul Gentilozzi. It currently has beneficial ownership of 3,377,400 shares of CART common stock, which represent approximately 22.9 percent of the outstanding shares. These will be contributed to Open Wheel by Gerald Forsythe or entities owned or controlled by him.

In connection with the proposed deal, CART filed a definitive proxy statement with the US Securities & Exchange Commission on November 19. Copies of the statement will be mailed to stockholders today. Investors and security holders may obtain a free copy of it (and other documents filed by CART) on the SEC website.