Manchester, Inc. to Acquire Greenwich Automotive Consultants, L.L.C., Granite Auto Company, L.L.C. and Greenwich Finance, L.L.C.

Discusses Status of Implementation of Overall Business Plan and Reserve Policy

DALLAS, July 17 -- Manchester Inc. (BULLETIN BOARD: MNCS.OB) announced today the execution of a Letter of Intent with Chicago area based Buy-Here/Pay-Here used car dealers, Thomas Boyles and John Lopez, to acquire three entities: (i) Greenwich Automotive Consultants, L.L.C., (ii) Granite Auto Company, L.L.C., and (iii) Greenwich Finance, L.L.C. (collectively "Greenwich Auto"). Manchester intends to acquire these three companies from Thomas Boyles and John Lopez. The completion of the acquisition is subject to (i) final due diligence by Manchester, (ii) final approval of the purchase agreements by Manchester and approval of Manchester's credit provider, and (iii) receipt by Manchester of a letter of intent for ongoing financing of the acquired entities after the acquisition at an effective interest rate that does not exceed 2% over prime.

Greenwich Auto presently operates two dealerships in southern Illinois selling over 1,000 vehicles per year. Thomas Boyles is in charge of day-to- day operations and will continue in this capacity following the acquisition. Mr. Boyles has been a principal in the Buy-Here/Pay-Here industry for more than seven years as head of Greenwich Auto. Previously, Mr. Boyles served as Vice President of Ashley Capital, a real estate development and investment firm, where he oversaw acquisition, development and property management in the Midwest Region. Mr. Boyles is a graduate of Indiana University School of Business with degrees in Finance and Accounting. He also holds a Masters of Management degree from the Kellogg Graduate School of Management at Northwestern University.

"We are very pleased to announce this transaction. Greenwich Auto has an excellent management team and coupled with the previously announced acquisitions of Capitol Car Credit in Austin Texas and Americars in San Antonio, Texas, this represents the commencement of the second major phase of Manchester's business plan," said Rick Stanley, Manchester's Chief Executive Officer. "The first phase of our plan was the acquisition of select dealers in the Buy-Here/Pay-Here business to provide the Company a significant presence in the market place. It also included the installation of the senior management team and the financial and operational controls necessary to manage a business of this scope. During this phase we opened an operations center in Indianapolis, which is handling various operational functions that were formally performed at the subsidiary level. The Company's first 20 Group meeting will be held in the convention center attached to our leased premises. We have also fleshed out the senior management team including Rick Gaines, who is now Executive Vice President of Corporate Development, as well as adding Larry Taylor as Chief Financial Officer, Tony Hamlin as Chief Accounting Officer, Rex Gossett as Senior Vice President Operations and I as Chief Executive Officer. We are also implementing overall underwriting guidelines and collection policies and procedures that will be applicable to all subsidiaries."

Larry Taylor, Manchester's Chief Financial Officer, stated, "As part of the first phase of the business plan, we conducted a comprehensive review of all aspects of the Company's operations, including Manchester's principal asset, its accounts receivable. As part of this process, we have adopted a conservative philosophy in evaluating our reserve requirements.

"As a result of our review, we have determined that a larger reserve should have been established upon the acquisition of the Nice Cars subsidiaries and have adjusted the goodwill applicable to that acquisition by a $10.3 million addition to the reserves. Further, we will also be adding additional reserves during the year in accordance with that policy. By taking these adjustments now, we do not anticipate any similar reserve adjustments in the future. This same policy will be applied with respect to all future acquisitions. The Company is also in the process of implementing the financial controls that are required by Sarbanes-Oxley. We expect to have all these areas fully implemented during Manchester's third fiscal quarter as well as continuing our phase two efforts."

Rick Stanley, Manchester's Chief Executive Officer, added, "The second phase of our business plan involves reducing Manchester's interest expense related to borrowed funds, which currently reflect our initial ramp up period, and accelerating our roll up strategy through acquisitions. We are in active negotiations with potential lenders who would participate in providing financing to Manchester in conjunction with its current credit provider. If these negotiations are successful, and there is no assurance that they will be successful, it is expected that Manchester's interest charges for borrowed funds would be reduced. The acquisition of Greenwich Auto is also part of the second phase of the business plan."

The final phase of Manchester's strategy is the securitization of accounts receivable generated from automotive sales. Securitization is the process of taking a pool of assets and creating two classes of interests in the pool, an "A" piece and a "B" piece. The "A" piece is insured and rated A+ by a rating agency like S&P; the "B" piece is unrated. The "A" piece is then used to back A+ rated bonds that are sold to institutional investors. The "B" piece and the difference between the interest of the underlying receivables and the interest rate of the A+ rated bonds may be retained or sold.

The percentage of face value of the "A" piece and "B" piece is a function of the performance of the underlying assets in the pool. Mortgages underlying mortgage-backed securities and good credit card debt underlying receivables- backed securities will generate more than 100% of the face value of the underlying debt by including an advance on the interest spread between the rate on which the debt is written and the blended rate paid to security holders of the "A" and "B" pieces. All assets are analyzed, evaluated and percentages vary.

The Company is in active discussions with several blue chip financial institutions that are interested in securitizing Manchester's accounts receivable portfolio. Securitization involves a non-recourse sale of accounts receivable. There can be no assurances that any such discussions will lead to an agreement to securitize Manchester's accounts receivable or any other type of financing arrangement with the parties with which the Company is currently in discussions.

A seller must generate a large number of accounts receivable on a consistent basis to make securitization attractive to a financial institution. Manchester's current operations and its anticipated growth through acquisitions generate sufficient accounts receivable to be attractive to financial institutions involved in securitizations.

Mr. Taylor concluded, "A securitization negotiated at favorable terms would have several positive effects on Manchester. The sale of the accounts receivable would be at a price in excess of amounts Manchester borrowed to purchase or finance the accounts receivable in question. The principal collateral for the loan used to make an acquisition and fund ongoing operations are the accounts receivable acquired as part of the acquisition. The proceeds of the sale of the accounts receivable will be sufficient to pay this debt off entirely. The funds received in excess of the existing debt paid off would provide an immediate infusion of cash into Manchester. In addition to eliminating all acquisition debt and infusing cash into the company, the loan loss reserves associated with the accounts receivable being sold are eliminated thereby increasing profits by the amount of the loss reserves."

About Manchester Inc.

Manchester, headquartered in Dallas, Texas, is seeking to create the preeminent company in the Buy-Here/Pay-Here auto business. Manchester intends to sell acquired and newly generated receivable portfolios through a securitization process. Buy-Here/Pay-Here dealerships sell and finance used cars to individuals with limited credit histories or past credit problems, generally financing sales contacts ranging from 24-48 months.

On October 4, 2006, Manchester acquired Nice Cars, Inc. and Nice Cars Capital Acceptance Corporation. Nice Cars, Inc., headquartered in Ft. Olgethorpe, Georgia, operates six automotive sales lots that focus exclusively on the Buy-Here/Pay-Here segment of the used car market.

On December 29, 2006 Manchester acquired F.S. English, Inc. (now operating as Freedom Auto Sales) and GNAC, Inc. (now operating as Freedom Auto Acceptance), headquartered in Indianapolis, Indiana. Freedom Auto Sales operates three automotive sales lots that focus exclusively on the Buy- Here/Pay-Here segment of the used car market.

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Manchester cannot provide assurances that any prospective matters described in the press release will be successfully completed or that the Company will realize the anticipated benefits of any transactions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential from war or other hostilities in other parts of the world; availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the Company's ability to retain key management and employees; intense competition and the Company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Manchester's SEC filings. Manchester undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with the business of Manchester, please refer to the risks and uncertainties detailed in the Manchester's SEC filings.