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Grease Monkey Holding Corporation Signs Merger Agreement

29 March 1999

Grease Monkey Holding Corporation Signs Merger Agreement

    DENVER, March 29 -- Grease Monkey Holding Corporation
(OTC Bulletin Board: GMHC), announced today that it signed a definitive merger
agreement to he acquired by QL 3000, Inc., a privately held company based in
Jacksonville, Florida.  The merger agreement provides that each shareholder of
Grease Monkey will receive $1.00 for each share of Grease Monkey common stock.
Holders of Grease Monkey preferred stock will receive the stated value of
their preferred stock plus all accrued and unpaid dividends.
    QL 3000 must complete debt and equity financing to fund the merger
consideration.  Grease Monkey may terminate the Merger Agreement if QL 3000
has not received a commitment letter for the debt financing by May 25, 1999.
In addition, completion of the merger is subject to regulatory and shareholder
approvals and certain other conditions.  There can be no assurance that such
financing or approvals will be obtained.
    Grease Monkey Holding Corporation is a Denver-based company that owns,
operates, leases, manages, and franchises automotive fast service lubrication
and oil change centers under the trade name, "Grease Monkey."
    Statements contained in this press release that are not historical facts
are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995.  Such forward-looking statements are
subject to risks and uncertainties, which would cause actual results to differ
materially from estimated results.  Such risks and uncertainties are detailed
in Grease Monkey's filings with the Securities and Exchange Commission.