New Management Acquires Brakes Express Inc.

2 November 1998

New Management Acquires Brakes Express Inc. and Expands Operations in Florida

    LAUDERHILL, Fla.--Nov. 2, 1998--Brakes Express, Inc. (BRAX) (OTC Bulletin Board), formerly Althouse, Inc., a Delaware Corporation, announced today that it has acquired the inventory and two locations of Brakes Express, a Florida corporation. The principals of Brakes Express, Florida, acquired 2,000,000 common shares of the Delaware Corporation giving them effective control of the corporation. After acquisition, the Florida Corporation will cease operations.
    Brakes Express, Inc. engages in a unique distribution system for brake and related automotive parts. It operates through a system of mini warehouses that are within close proximity of its customers and are dispatched from a central warehouse in Lauderhill, Florida. Mini warehouses are restocked daily.
    Brakes Express, Inc. also has an option to purchase the business of Pines Automotive, Inc. a Florida corporation, in consideration of 1,500,000 common shares. Pines Automotive, Inc. has been in the automotive parts business in South Florida for approximately 15 years. It has specialized in brake assembly parts and is the only local company manufacturing loaded calipers. Should the Pines Automotive transaction be completed, the former principals of Brakes Express Florida and Pines Automotive will own approximately 75% of the Company's common stock. Pines Automotive, Inc. sells a wider range of automotive parts in the South Florida market and has an annual volume of approximately $3,000,000.
    Brakes Express, Inc., has issued warrants to purchase 350,000 common shares at exercise prices ranging from $1.50 to $2.50 per share.
    Brakes Express, Inc. is currently planning an expansion program in Tampa/St. Petersburg, Orlando, Gainsville and Jacksonville, Florida.