Speedemissions Acquires 12 Additional Vehicle Emission Testing Stations to Continue its Growth Plan

ATLANTA, March 8 -- Speedemissions, Inc. (BULLETIN BOARD: SPEM) , a vehicle emissions testing and safety inspections operator, announced that it has acquired 12 additional vehicle emission testing stores, thus expanding the number of stores operated by the company to a total of 17.

The acquisitions were financed from the proceeds of a $2.5 million financing from GCA Strategic Investment Fund Limited. The financing consisted of preferred stock convertible into Speedemissions' common stock at a price of $1.00 per share, and GCA also received warrants with an exercise price of $1.25 per share.

"These acquisitions now provide Speedemissions with the foundation to grow its business platform," said Rich Parlontieri, CEO and President of the company. The company's pro-forma current revenue should now exceed $3 million annually with this base of 17 stores. "In addition, we are excited about the consolidation opportunities ahead for Speedemissions and we'll continue to look for additional strategic acquisitions as the company begins to gain recognition in the vehicle emission and testing services marketplace," he indicated. Speedemissions has a relatively clean balance sheet with almost no debt and over $2.5 million in shareholder's equity, which should support its future growth plans.

About Speedemissions: Speedemissions, Inc., based in Atlanta, Georgia, plans to become the leading vehicle emissions (and safety inspection where required) company in the United States in areas where auto testing is mandated by the Environmental Protection Agency (EPA). The market is highly fragmented. Speedemissions expects to be the first company to create a national brand offering their customers quick and efficient vehicle emissions testing service. The initial focus of the company is in the Atlanta, Georgia and Houston, Texas markets where currently they have 17 stores, and plan to rapidly expand store sites.

Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expresses in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Speedemissions' products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission.