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AutoCorp Reports Results of Debt Conversion

12 May 1998

AutoCorp Reports Results of Debt Conversion

    PHOENIX, May 11 -- AutoCorp Equities, Inc.
(OTC Bulletin Board: ACOR) today reported the first six months results of its
October 21, 1997 Offering Circular for the conversion of $3.5M of debt from
promissory notes to restricted shares of common stock.  The Company reported
that $1,600,000 of the $3.5M of noteholder debt has been converted at a price
of $4 per share with $1,300,000 of that amount converted in the first quarter
of 1998.
    "The conversion has been well received by our noteholders and we expect to
make further substantial progress on our conversions in the next six months,"
said Wayne McLaws, president of Consumer Investment Corporation, the original
issuer of the notes and a wholly owned subsidiary of AutoCorp.
    AutoCorp is an automotive holding company that is establishing itself as a
pioneering leader in the sale and financing of used motor vehicles to the non-
prime market and presently operates six used vehicle sales facilities in
Arizona and New Mexico, future expansion includes the opening of two lots in
Tucson that the company owns with plans to expand the Company's operations
throughout the Southwestern United States.

SOURCE  AutoCorp Equities, Inc.