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Grease Monkey Holding Corporation Reports 1998 Results

16 April 1999

Grease Monkey Holding Corporation Reports 1998 Results

    DENVER, April 16 -- Grease Monkey Holding Corporation
(OTC Bulletin Board: GMHC), today announced year-end results for 1998.
    The Company reported a net loss for 1998 of $2,029,848, or 46 cents
per share, versus a net loss of $1,158,586, or 28 cents per share, for 1997.
Fourth quarter results showed improvement over the prior year with a net loss
of $500,246, or 11 cents per share, for 1998 as compared to a net loss of
$793,693, or 18 cents per share, for 1997.
    Included in the loss for 1998 were one-time charges to expense related to
terminated projects, severance packages and settlements.  Total charges to
expense were approximately $796,000 for these items.
    During the fourth quarter of 1998, the Company initiated plans to reduce
losses and generate cash flow from operations.  "We've taken steps to reduce
general and administrative expenses by 31% over the fourth quarter of 1997,"
said Rex Utsler, President and COO.
    "The Company-owned Centers also realized a growth in operating margin
(Company-owned Center sales less expenses, excluding interest, depreciation
and amortization) of 16% for the year ended December 31, 1998, as compared to
1997, and 31% for the fourth quarter of 1998 as compared to the fourth quarter
of 1997," Utsler reported.
    Grease Monkey International, Inc., is the largest independent quick lube
organization in the United States and ranks fourth in size in the industry.
The Company, which is a leading provider of preventive maintenance services
for automobiles, has more than 200 Grease Monkey Centers operating in the
United States and Mexico.  In 1998, Grease Monkey served approximately
2.7 million customers nationwide and realized approximately $90 million in
system-wide sales.

    CONSOLIDATED FINANCIAL HIGHLIGHTS
                             Fourth Quarter            Year Ended Dec. 31
                            1998         1997           1998         1997

    Revenue             $4,916,458  $5,054,865     $20,101,585   $21,169,314
    Net loss             $(500,246)  $(793,693)    $(2,029,848)  $(1,158,586)
    Net loss per share      $(0.11)     $(0.18)         $(0.46)      $(0.28)
    Weighted Average
     Shares Outstanding  4,647,880   4,625,300       4,646,255     4,594,083