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Grease Monkey Slides Closer to Merger Completion

29 May 1999

Grease Monkey Holding Corporation Reports Status of Merger Agreement

    DENVER, May 29 -- Grease Monkey is the largest independent quick lube 
organization in the United States and ranks third in size in the industry.  
The Company, which is a leading provider of preventive maintenance services for 
automobiles, has more than 200 Grease Monkey Centers operating in the 
United States and Mexico.

    Today, they announced that the financing commitment contingency under the merger 
agreement signed on March 26, 1999, between Grease Monkey Holding Corporation and 
QL 3000, Inc. has been satisfied.  Completion of the merger remains subject to 
shareholder and regulatory approvals and certain other conditions.

    Grease Monkey Holding Corporation reported operating income of $241,000 for the 
first quarter of 1999 as compared to an operating loss of ($195,000) for the same 
period in 1998.  Net loss for the first quarter of 1999 was reduced to ($8,000) 
compared to ($416,000) for the same period in 1998.  Revenue of $4,890,000 for the 
quarter declined by 2% from $4,970,000 in 1998.
    


    CONSOLIDATED FINANCIAL HIGHLIGHTS

                                                First Quarter Ended March 31,
                                                 1999                1998

    Operating Revenue                         $4,894,014          $4,969,701
    Operating Expenses                        $4,653,263          $5,164,925
    Operating Income (Loss)                     $240,751           $(195,224)
    Interest Expense & Other
     Non Operating Items                       $(248,937)          $(221,011)
    Net loss                                     $(8,186)          $(416,235)
    Net loss per share                            $(0.01)             $(0.10)
    Weighted Average Shares Outstanding        4,651,268           4,641,805