H. Clifford Harris Named CFO of Precision Auto Care
10 February 1999
H. Clifford Harris Named CFO of Precision Auto CareLEESBURG, Va., Feb. 10 -- Precision Auto Care, Inc. , North America's largest franchisor of auto care centers, today announced that H. Clifford Harris has been named senior vice president and chief financial officer. Charles Dunlap, President and CEO of Precision Auto Care, Inc. said, "Cliff brings to the table 18 years of public and private accounting, as well as extensive franchising experience in high level positions with systems like Boston Market and Blockbuster. We are very excited about his range of experience in financial reporting and analysis, performance and risk measurement, strategic and capital management, and the development of procedures and systems necessary to facilitate enterprise success." Prior to joining Precision Auto Care, Inc., Harris held the CFO position for two major franchisees of Boston Market -- Platinum Rotisserie in Winston- Salem, NC, and Mid-Atlantic Restaurant Systems in Malvern, PA. At Platinum Rotisserie, Harris improved store level cash flow 10% within six months and created a reorganization plan, which was subsequently adopted by Boston Chicken, Inc. as the model for system-wide use by its franchisees. At Mid- Atlantic Restaurant Systems, Harris negotiated and closed a $10 million private equity placement, and within the first nine months of inception, a $35 million line of credit with a regional bank. He also managed a $100 million convertible line of credit with Boston Chicken, Inc. and acquired 84 Roy Rogers Restaurants, which either were converted to the Boston Market format or sold to various remaining third parties for $12 million. Prior to Boston Market, Harris was COO and CFO for Atlantic Home Video, a Blockbuster Franchisee in Alexandria, VA with 34 locations, $25 million annual sales, $20 million in assets and 650 employees. Harris, a CPA, received a BS in Business Administration, concentrating in Accounting and Finance, from Bowling Green State University in Ohio. Precision Auto Care, Inc. is the world's largest franchisor of auto care centers, currently with 628 operating centers worldwide as of February, 1999. The Company franchises and operates Precision Tune Auto Care, Precision Auto Wash, and Precision Lube Express centers around the world. Please visit the Company's Web site at: http://www.PrecisionAC.com This press release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the result, performance, or other expectations implied by these forward-looking statements. For further information about the Company, investors are encouraged to review the Company's most recent SEC filings.