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New Midas Network Continues Expansion with Aquisitions

15 December 1998

New Midas Network Continues Expansion With Acquisition of Three Southwest Florida Franchise Locations

    CLEARWATER, Fla.--Dec. 15, 1998--

    Total of 61 Midas Stores Acquired In 1998 By Automotive
    Service Centers, Inc.


    Automotive Service Centers, Inc. (ASCI), a management company of branded automotive service and repair concepts, announced the acquisition of 3 additional Midas service centers in Southwest Florida. ASCI now owns and operates a total of 61 Midas franchise locations throughout the state of Florida.
    The newly acquired Midas stores are located as follows:

-- Ft. Myers, FL - 16551 Tamiami Trail -- Naples, FL - 2111 Pine Ridge Road -- Naples, FL - 2445 E. Tamiami Trail


    In October, ASCI announced the initial acquisition of 55 Midas franchise locations, creating the second largest network of Midas stores in the United States. Earlier this month, ASCI acquired 3 more Midas stores in Ft. Pierce, Stuart and Port St. Lucie, Florida.
    "We will continue to grow and expand our network of Midas service centers as well as other branded automotive repair and service opportunities," said Mr. Steven A. Uiterwyk, Chief Executive Officer of ASCI.
    Automotive Service Centers, Inc., headquartered in Clearwater, was formed in 1998 to acquire and consolidate automotive service and repair concepts, initially focusing on Midas shops in the southeastern United States. The company currently has approximately 400 employees and $38 million in annual sales.