Honda F1 website

AUGUST 20, 2003

Walker quits CART board

CART team owner Derrick Walker has resigned from the board of the company with immediate effect. Walker said that he was sensitive to the potential for an appearance of a conflict of interest in connection with decisions regarding the future of the company, and that he felt his resignation was in the best interests of the company and its shareholders.

CART's share price continued to drop on Tuesday, reaching $1.11 at one point in the course of trading before bouncing back before the close on Wall Street. The shares opened yesterday at $1.83. The share price has been hit heavily by the tender for the company, announced on Monday, which aims to offer shareholders $0.50 per share.