"My son Nick and a friend were involved in a car accident last night. Nick suffered minor injuries and has been treated and released from the hospital," Linda Hogan tells PEOPLE in a statement. "His friend, John Graziano remains hospitalized."
"Nick is currently at the hospital with John and his family," she added. "His sole concern is for the well being of his friend. On behalf of my family, we ask that your thoughts and prayers be with John and his loved ones."
Bollea, 17, who was featured with his family on the pro wrestler's VH1 reality show Hogan Knows Best, was driving his yellow Toyota Supra down a four-lane highway in downtown Clearwater, Fla., when the car's rear tires hit the raised median, police said.
After fishtailing for several seconds, the car slammed into the palm tree.
Police called Hogan's injuries non-life-threatening, but say Graziano, 22, is in critical condition.
No charges have been filed. Police, however, say the case remains under investigation.
Reporting by MARK DAGOSTINO and STEVE HELLING
Luis Santana / Splash News Online