Lucor Announces Going Private

    RALEIGH, N.C.--May 21, 2001--Lucor, Inc. (OTC BB: LUCR) announced today that, at a May 3, 2001 Special Shareholders Meeting, its shareholders approved an amendment to the Company's Articles of Incorporation to effect a 20 to 1 reverse stock split of all of the Company's common stock.
    The amendment became effective on May 4, 2001 when it was filed with the Secretary of State of the State of Florida. As a result of the reverse stock split, the number of registered shareholders of the Company's publicly-traded Class A Common stock was reduced to a level below the threshold required for continued registration with the Securities Exchange Commission ("SEC"). On May 9, 2001, the Company filed with the SEC a Certificate of Notification of Termination of Registration of the Class A Common stock.
    Chief Executive Officer, Stephen P. Conway stated, "We believe that taking the company private will allow us to adopt and implement a longer-term planning horizon without having many of the costs and other disadvantages that are often associated with public companies."
    The Company is mailing instructions to its shareholders to facilitate the reverse stock split. Each shareholder will receive a single new share for each 20 shares owned on the effective date of the reverse stock split. In lieu of issuance of fraction shares, the Company will pay fair value of the stock, which the Board of Directors have calculated at $1.3861 per share immediately prior to the effectiveness of the reverse stock split.
    Lucor, Inc. operates a chain of "Jiffy Lube" automotive service centers that provide rapid lubrication, oil changes and related services for automobiles, light duty trucks and other vehicles. As of December 31, 2000, the Company had 212 service centers in operation in eight states: North Carolina, Ohio, Kentucky, Michigan, Pennsylvania, Tennessee, Virginia and Georgia. Its corporate offices are located in Raleigh, North Carolina.
    Certain statements in this Press Release may constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements