Pickups Plus Announces New Chairman and New Direction

    ORLANDO, Fla.--May 28, 2002--Truck accessory retailer Pickups Plus (OTCBB:PUPS) today announced sweeping changes that include new leadership and the relocation of the company headquarters. The changes are part of an effort to strengthen the company's financial condition and pave the way for rapid market growth.
    Patrick J. Tibby has been named Chairman and CEO, replacing retiring founder John Fitzgerald. Tibby, a veteran in the auto aftermarket industry, has been serving in a consulting capacity for Pickups Plus since early April, and is responsible for implementing many of the recent initiatives that have boosted the company's sales and reduced operating costs.
    In his new capacity, Tibby says he intends to build on the momentum generated by those initial moves. He said that short-term measures will reduce operating costs by over $90,000 per month, which is expected to bring the company into profitability by the end of the quarter. The plans call for some staff reductions, as well as a relocation of the company's headquarters from Cincinnati to Orlando, Florida to be completed by mid-June.
    On the revenue side, recent changes, including a new credit policy, helped boost sales in the quarter that just ended by 33% over the same period last year, while keeping cost of sales level. Looking ahead, Tibby indicated that Florida is the target market for the first phase of rapid expansion, with 30 new locations forecast by the end of 2003. Currently, there are four company-owned stores and 8 franchise stores spread across 8 states, but none in Florida or any other state in the Southeast.
    "The truck, SUV and 4-wheeler vehicle accessory market is a multi-billion dollar pie with no recognized national brand, and as ambitious as it may sound, we think we can be that national brand." Said Tibby, "We're expanding our market coverage, we're expanding the product offering, we're introducing 4-wheeler service and maintenance as a standard offering, and much more." Tibby said the most dramatic product additions will be conversion kits, including body lifts, suspension lifts and braking systems.
    The store expansion plan will shift the company away from traditional franchising and into joint ventures with new store management teams. "Joint ownership with strong family or mom and pop management teams makes a lot of sense in this business," Said Tibby, "It allows us accelerate our growth while allowing us to assure the quality and commitment of the people at individual locations."