Kenwick's Automax Division Reports Pre-tax Earnings

23 February 1999

Kenwick's Automax Division Reports Pre-tax Earnings of $.50 Per Share for 1998; Automax' Earnings Exceed Company Estimates

FORT LAUDERDALE, Fla.--Feb. 23, 1999--Kenwick Industries, Inc. (OTC BB:KWIN) today reported 1998 revenues for their Automax Automobile Division (includes Automax Finance Unit).
Kenwick's Automax Division's consolidated income (unaudited) for the year ending December 31, 1998.


- Income: $4,509,303
- Cost of Sales: $2,294,730
- Gross Profit: $2,214,573
- Operating Expenses: $379,818
- Net Earnings Before Taxes: $1,834,755
- Pre-tax Earnings Per Share on 3,650,000 weighted shares: $.50 EPS

    The 1998 pre-tax earnings of $.50 per share reflect a 10% increase over the Company's estimates released last year.
    Kenwick's Automax Automobile sales and finance units are the primary revenue-producing divisions of Kenwick Industries. Kenwick is actively seeking to acquire additional locations for their Automax Division.

About Kenwick Industries

    Kenwick Industries is a multi-industry corporation whose core business is automobile sales and financing. Kenwick also manages a language program distribution system which distributes Philips Electronics N.V. language programs.

    This press release contains forward-looking statements with respect to the results of operations, expectations and business of the Company that involves risk and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports to be filed with the Securities and Exchange Commission.