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Grease Monkey Holding Reports First Quarter 1999 Results

4 May 1999

Grease Monkey Holding Corporation Reports First Quarter 1999 Results

    DENVER, May 4 -- Grease Monkey Holding Corporation
(OTC Bulletin Board: GMHC) reported today that its first quarter 1999
operating income was $241,000 compared to an operating loss of ($195,000) for
the same period in 1998.  Net loss for first quarter 1999 was reduced to
($8,000) compared to ($416,000) for the same period in 1998.  Revenues of
$4,890,000 for the quarter declined by 2% from $4,970,000 in 1998.
    The improvement in net income for first quarter 1999 was primarily a
result of cost reductions implemented in the fourth quarter of 1998 combined
with improvements in Company-owned Center operations, according to Rex L.
Utsler, President and Chief Operating Officer of Grease Monkey Holding
Corporation.
    Grease Monkey International, Inc. is the largest independent quick lube
organization in the United States and ranks third 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.

                                           First Quarter Ended March 31,
                                              1999              1998

    Operating Revenue                     $4,894,014         $4,969,701
    Operating Expenses                    $4,653,263         $5,164,925
    Operating Income (Loss)                 $240,751          $(195,224)
    Interest Expense & Other
     Non Operating Items                   $(248,937)         $(221,011)
    Net loss                                 $(8,186)         $(416,235)
    Net loss per share                        $(0.01)           $(0.10)
    Weighted Average Shares
     Outstanding                           4,651,268          4,641,805