G.I. Joe's Growth Plans Continue With New Wells Fargo Retail Group Agreement

WILSONVILLE, Ore., Jan. 17, 2005 -- Norm Daniels, President and CEO of G.I. Joe's Sports and Auto Stores, today announced the completion of a five-year extension of an existing agreement with Wells Fargo Retail Finance, Boston, MA, that will provide up to $42.5 million in revolving credit. The company uses the credit line for working capital, and other general corporate needs.

Daniels said the company has been working with Wells Fargo Retail for the past six years and was extremely pleased to continue the banking arrangement. Daniels added, "The new agreement continues the great flexibility Wells Fargo has given us by keeping our cost of capital low and providing for our long-term growth strategy."

Wells Fargo Retail Finance, a unit of Wells Fargo & Co. (WFC), is a leading asset-based lender exclusively for the retail industry. Wells Fargo Retail Finance provides working capital as well as acquisition financing.

Speaking for Wells Fargo, Bill Mayer, President of Wells Fargo Retail Finance, said, "G.I. Joe's is a superior retailer, and we are thrilled to continue our relationship by providing a long-term flexible banking agreement."

In April 2005 G.I. Joe's will relocate an existing store to SE 82nd and Johnson Creek Boulevard in Portland, OR. This spring the company will also open another Puget Sound location, in Mt. Vernon, WA, as well as continue its aggressive remodeling plan of existing units. The Federal Way, WA store will be remodeled this spring and the Eugene, OR and Puyallup, WA stores will be remodeled in the fall.

G.I. Joe's is a closely held chain of full-line sports and auto stores based in Wilsonville, OR. By yearend they will have 24 stores in operation in Oregon and Washington. The company had 2004 sales of approximately $200 million and expects sales to exceed $210 million in 2005.