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LUCOR Inc. Announces Completion of Acquisition

5 May 1999

LUCOR Inc. Announces Completion of Acquisition

  Jiffy Lube International's Largest Franchisee Completes the Acquisition Of
             73 Stores, in Line with its Long-Term Strategic Plan

    RALEIGH, N.C., May 4 -- LUCOR Inc., , announced
today that the company had completed the acquisition of 73 additional Jiffy
Lube units.  The units are located in the Greater Atlanta, Georgia DMA;
Cincinnati, Ohio DMA; Dayton, Ohio DMA; Lansing, Michigan DMA and Nashville,
Tennessee DMA.
    Included in the acquisition are 46 Q Lube and 27 Jiffy Lube stores.  All
of these units were purchased from the newly formed Pennzoil Quaker State
Company.  The exact terms of the sale were not disclosed.  The transaction is
a purchase of substantially all the assets of the operations.  Management has
obtained financing for this transaction with Enterprise Mortgage Acceptance
Corporation (EMAC).  Management believes the acquisition will have a positive
impact on earnings.
    "Because of the proximity of Lucor's current locations and our history of
strong operations, we feel this acquisition fits perfectly with the company's
strategic plan.  These acquisitions present a unique opportunity to expand the
size of our company through the acquisition of both Jiffy Lube and Q Lube
stores.  As a result, we can absorb and reposition stores in those markets to
enhance the overall profitability," commented LUCOR's President, Jerry Conway.
    LUCOR Inc. found its niche in the quick lube industry, and has become the
largest franchisee of Jiffy Lube International, Inc. and is also the only
publicly traded Jiffy Lube franchise.  Prior to the new acquisition, LUCOR
Inc. operated 124 Jiffy Lube franchise stores in seven states; North Carolina,
Ohio, Kentucky, Pennsylvania, Tennessee, Michigan and Virginia, with its
corporate office in Raleigh, North Carolina.  LUCOR Inc. is continuing to
execute its expansion program to include new units and acquisitions to move
toward a long-range objective of operating 300 locations.  With the
acquisition, Lucor currently has 193 Jiffy Lube stores.