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Grease Monkey Holding Corporation Reports Status of Merger Agreement

10 August 1999

Grease Monkey Holding Corporation Reports Status of Merger Agreement

    DENVER, Aug. 10 -- Grease Monkey Holding Corporation
(OTC Bulletin Board: GMHC) today announced that Grease Monkey Holding
Corporation (GMHC) has entered into an agreement to extend the term of the
merger agreement signed on March 26, 1999, between GMHC and QL 3000, Inc.
(QL 3000).  The extension agreement extends the merger agreement until the
later of October 31, 1999, or ten business days after GMHC holds a special
shareholders' meeting to obtain approval for the merger; however, the merger
agreement may be terminated prior to the termination date under certain
circumstances.
    The merger agreement provides that each shareholder of GMHC will receive
$1.00 for each share of GMHC common stock.  Holders of GMHC preferred stock
will receive the stated value of their preferred stock plus all accrued and
unpaid dividends.
    QL 3000 has deposited $400,000 in escrow, which will be forfeitable to
GMHC under certain circumstances.  GMHC has agreed to pay $400,000 in
liquidated damages in the event its shareholders fail to approve the merger,
if GMHC materially breaches the merger agreement and under certain other
conditions.  Completion of the merger is subject to several conditions,
including approval by GMHC's shareholders.  There can be no assurance that the
merger will be completed.

    GMHC, through its wholly-owned subsidiary, 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.

    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 GMHC's filings with the Securities and Exchange Commission.