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Boyds Wheels, Inc. to Sell Assets

2 March 1998

Boyds Wheels, Inc. to Sell Assets

                  Company to Cease Manufacturing Operations

    STANTON, Calif., March 2 -- Boyds Wheels, Inc. (Boyds)
announced today that it intends to position the Federal
Bankruptcy court for permission to sell the assets of the company in one or
more sales transactions.
    After reviewing financial projections and anticipated short-term cash
requirements needed to sustain the company's operations, the Board of
Directors determined that the continued operation of Boyds was no longer
economically feasible or in the best interest of the company's shareholders
and creditors.  To conserve cash assets, Boyds will cease all manufacturing
operations pending completion of the sales transactions.
    "Several companies have expressed interest in acquiring various components
or divisions of the company," said David Asher, president of Boyds.  "Without
a strong acquisition or merger partner, the Board of Directors believes that
an asset sale of this sort would maximize current value, minimize
administrative expenses and result in an expeditious resolution of the
bankruptcy proceedings."
   According to Jeffrey I. Golden, of Costa Mesa-based Albert, Weiland &
Golden, LLP, bankruptcy counsel to Boyds, "The company does not want to
continue using cash assets or potentially diminish its collateral base without
some assurance that it could be profitable.  Unfortunately, financial
projections do not indicate that the company can or will be profitable in the
near future."
    To facilitate the sale, Boyds intends to employ Credit Managers'
Association to liquidate and sell in an orderly fashion substantially all of
the assets other than those sold in bulk to other companies.
    Boyds Wheels, Inc. and its wholly owned subsidiary, Hot Rods by Boyds,
which was a global leader in the design and manufacture of custom cars and hot
rods for individual clientele, filed for bankruptcy under Chapter 11 of the
Federal Bankruptcy laws January 30, 1998.  Boyds Wheels is headquartered in
Stanton, California.  Hot Rods by Boyds will continue in business to
reorganize under Chapter 11.

SOURCE  Boyds Wheels, Inc.