---

Grease Monkey Holding Corporation Reports Third Quarter Results

16 November 1998

Grease Monkey Holding Corporation Reports Third Quarter Results

    DENVER, Nov. 14 -- Grease Monkey Holding Corporation
(OTC Bulletin Board: GMHC), today announced results for its three month and
nine-month periods ended September 30, 1998.
    The Company reported a net loss for the third quarter of 1998 of $874,442,
or 19 cents per share, versus a net loss of $281,205, or 7 cents per share, in
the comparable period last year.  Results for the nine-month period ended
September 30, 1998 were a net loss of $1,529,602, or 35 cents per share,
versus a net loss of $364,893, or 10 cents per share, compared to last year.
    Included in the losses for the third quarter of 1998 were one time charges
to expense related to: a severance accrual for the Company's former President
and Chief Executive Officer, the former Senior Vice President of Operations
and certain employees; termination of further development related to a new
point of sale system; and the impairment of certain assets related to
operations in Mexico.  Total charges to expense equaled approximately $603,000
for these items.  However, based on reductions in staff and certain consulting
contracts, future overhead commitments have been reduced by approximately
$700,000 on an annualized basis effective September 30, 1998.
    The Company-owned Centers realized a growth in operating margin
(Company-owned Center sales less expenses, excluding interest, depreciation
and amortization) of 12% for both 1998 periods as compared to prior year.
    Grease Monkey is the largest independent quick lube organization in the
United States and ranks fourth in size in the industry.  The Company, which is
a leading provider of preventative maintenance services for automobiles, has
more than 200 Grease Monkey Centers operating in the United States and Mexico.
In 1997, Grease Monkey served approximately 3 million customers nationwide.

CONSOLIDATED FINANCIAL HIGHLIGHTS

                           Third Quarter Ended         Nine Months Ended
                              September 30,              September 30,
                            1998         1997         1998           1997
    Revenue             $5,001,235    $5,485,610  $15,185,127   $16,114,449
    Net loss             $(874,442)    $(281,205) $(1,529,602)    $(364,893)
    Net loss per share      $(0.19)       $(0.07)       $(0.35)      $(0.10)
    Weighted Average
     Shares Outstanding  4,698,337     4,442,184    4,645,707     4,384,802