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LUCOR, Inc. Purchases 23 Jiffy Lube Units in Virginia and North Carolina

16 April 1998

LUCOR, Inc. Purchases 23 Jiffy Lube Units in Virginia and North Carolina

    RALEIGH, N.C., April 16 -- LUCOR, Inc. , the
largest Jiffy Lube franchisee in the United States, today announced its
purchase for cash of 23 Jiffy Lube units in Virginia and North Carolina.  The
acquisition gives LUCOR a total of 125 units in seven states.
    Jerry Conway, president of LUCOR, said the company acquired 21 units in
the Richmond and Tidewater areas of Virginia by purchasing substantially all
the assets of  Tidewater Lube Ventures, Inc.  It acquired an additional two
units in Jacksonville and Greenville, North Carolina by purchasing the assets
of Lube Ventures East, Inc.
    The two transactions involve a combined purchase price of approximately
$13 million.  Eighty percent of the purchase is being financed through a loan
and security agreement with Enterprise Mortgage Acceptance Corporation.
    Mr. Conway said the acquisitions are expected to have a positive impact on
LUCOR's earnings.
    The acquired Virginia Tidewater stores are located in the Virginia Beach,
Norfolk, Chesapeake, Newport News and Hampton areas, which border LUCOR's
Raleigh/Durham marketing area in North Carolina.
    "It is always a pleasure to welcome a newly acquired group of employees
into the LUCOR family," Mr. Conway said.  "The stores being acquired through
the transactions announced today have a successful history because of
dedicated employees and a strong management team.  We are pleased that we will
be part of their future."
    LUCOR Inc. is both the largest franchisee of Jiffy Lube International Inc.
and the only publicly traded Jiffy Lube franchisee.  With these newest
acquisitions, it operates 125 Jiffy Lube stores in North Carolina, Ohio,
Kentucky, Pennsylvania, Tennessee, Michigan and Virginia.  From its corporate
office in Raleigh, N.C., LUCOR is continuing to execute an expansion program
with a long-range objective of operating 300 stores.
    To receive additional information on LUCOR, Inc., via fax, at no charge,
dial 1-800-PRO-INFO and enter code LUCR.

SOURCE  LUCOR, Inc.