DAYTONA BEACH, Fla., Nov. 30 /PRNewswire-FirstCall/ -- International Speedway Corporation (BULLETIN BOARD: ISCB) ("ISC") today announced the termination of the agreement with ProLogis, a Maryland based real estate investment trust, for the sale of its Staten Island property. ProLogis terminated the agreement on November 27, 2007, prior to the expiration of the due diligence inspection period.
ISC's wholly-owned subsidiary, 380 Development, LLC ("380 Development"), entered into the agreement with ProLogis for the sale of the 676-acre Staten Island site on October 19, 2007. The agreement was subject to certain conditions, including the completion of due diligence by ProLogis, and was expected to close in December 2007.
"While it is unfortunate that ProLogis elected not to complete the transaction, we are confident that, on a timely basis, we will agree to terms with a buyer interested in redeveloping this site, which will provide economic benefit to Staten Island and New York City as a whole," said Brian K. Wilson, ISC Vice President of Corporate Development.
In early 2007, 380 Development began to market the Staten Island property as a potential logistics center and received significant interest that resulted in a number of serious bid proposals. The property is the largest tract of undeveloped acreage in the five boroughs of New York City and is attractive for a number of commercial and industrial uses.
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(R) in Florida (home of the Daytona 500(R)); Talladega Superspeedway(R) in Alabama; Michigan International Speedway(R) located outside Detroit; Richmond International Raceway(R) in Virginia; California Speedway(SM) near Los Angeles; Kansas Speedway(R) in Kansas City, Kansas; Phoenix International Raceway(R) in Arizona; Chicagoland Speedway(R) and Route 66 Raceway(SM) near Chicago, Illinois; Homestead-Miami Speedway(SM) in Florida; Martinsville Speedway(R) in Virginia; Darlington Raceway(R) in South Carolina; and Watkins Glen International(R) in New York. In addition, ISC is a limited partner with Group Motorise International in the organization and promotion of certain events at Circuit Gilles Villeneuve in Montreal, Canada.
The Company also owns and operates MRN(R) Radio, the nation's largest independent sports radio network; the Daytona 500 Experience(SM), the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, the official attraction of NASCAR(R); and Americrown Service Corporation, 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 a business called Motorsports Authentics(R), which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing. For more information, visit the Company's Web site at http://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.
