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Standard Automotive Announces Initiation of Research Coverage

18 March 1999

Standard Automotive Announces That ING Barings Furman Selz LLC has Initiated Research Coverage

    HILLSBOROUGH TOWNSHIP, N.J.--March 18, 1999--

Immediate "Buy" Recommendation Issued With a Target Price of $19

    STANDARD AUTOMOTIVE CORP. (AMEX:AJX, AJX.PR) (the "Company") announced today that the investment banking firm of ING Barings Furman Selz LLC has initiated research coverage and has issued an immediate "Buy" recommendation for shares of its common stock, traded under the symbol AJX on the American Stock Exchange.
    Pursuant to the initiation of coverage, ING Barings Furman Selz LLC today issued a research report on the Company with a present price target of $19.
    ING Baring Furman Selz is a global investment banking/institutional money management firm, headquartered in New York, with offices in London, Hong Kong and approximately 30 other cities internationally. Douglas W. Rockel, research analyst at ING Barings Furman Selz, wrote, "At 14X our calendar 1999 EPS Estimate of $1.44 AJX's stock would be above $19 a share providing good upside for a small-cap investor capable of assuming above-average risk." He added that "we are recommending the shares of Standard Automotive to value oriented accounts that have an ability to focus on smaller market cyclical growth stocks" and that "AJX's shares are attractive for purchase." Rockel has been ranked by Institutional Investor Magazine on its All-American Analyst Team for many years running.
    Steven Merker, chairman of Standard Automotive Corp., commented, "I am extremely gratified that ING Barings Furman Selz has initiated research coverage on our company and instituted an immediate 'buy' recommendation for our common shares, with a price target of $19 per share. We are pleased by their confidence in Standard Automotive Corporation."
    STANDARD AUTOMOTIVE CORPORATION designs, manufacturers and markets trailer chassis, customized dump truck bodies, specialized suspension systems for trucks, and related products and parts. The company's products are sold to equipment leasing companies, steamship lines, railroad and trucking carriers, as well as to the agricultural, construction and waste-hauling industries.