Midas Extends Line of Credit in Order to Complete Refinancing

    ITASCA, Ill.--Jan. 24, 2003--Midas, Inc. has obtained a 60-day extension from its current bank group on its $100-million line of credit originally scheduled to mature on Jan. 29, 2003.
    Earlier this month, Midas signed a commitment letter with Foothill Capital Corporation, a wholly owned subsidiary of Wells Fargo & Company , and Ableco Finance LLC, a specialty finance company, for a new $140 million asset-based facility. That facility has not yet closed.
    "Our original intention was to close this new facility before the expiration of our current line of credit," said William Guzik, Midas' senior vice president and chief financial officer. "However, loan documentation and negotiations have taken longer than expected. The additional 60 days gives us additional time to complete our refinancing."
    Midas' total debt at the end of the fourth quarter, excluding finance lease obligations, was $141.2 million.

    Midas is one of the world's largest providers of automotive service, offering exhaust, brake, steering and suspension services, as well as batteries, climate control and maintenance services at 2,700 franchised, licensed and company-owned Midas shops in 19 countries, including nearly 2,000 in the United States and Canada.

    NOTE: This news release contains certain forward-looking statements that are based on management's beliefs as well as assumptions made by and information currently available to management. Such statements are subject to risks and uncertainties, both known and unknown, that could cause actual results, performance or achievement to vary materially from those expressed or implied in the forward-looking statements. The company may experience significant fluctuations in future results, performance or achievements due to a number of economic, competitive, governmental, technological or other factors. Additional information with respect to these and other factors, which could materially affect the company and its operations, is included in the company's filings with the Securities and Exchange Commission, including the company's 2001 annual report on Form 10-K and subsequent 10-Q filings.