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Automotive Performance Group Reports Second-Quarter Results

30 August 1999

Automotive Performance Group Reports Second-Quarter Results

    NEW YORK--Aug. 30, 1999--Automotive Performance Group, Inc. (OTCBB: RACG), today reported results for the second quarter and first six months of 1999, ended June 30. For the second quarter of 1999, the Company reported a loss of $7.2 million, or $(1.11) per share, including a loss of $3.6 million, or $(0.55) per share, from discontinued operations, and an expense of $3.0 million, or $(0.46) per share, related to the writeoff of goodwill. For the first six months of 1999, Automotive Performance Group reported a loss of $8.6 million, or $(1.36) per share, including a loss from discontinued operations ($0.64 per share), a writeoff of goodwill ($0.46 per share), and other extraordinary items.
    Because of the new business structure announced on August 4, 1999, all of the Company's business activities that were extant a year ago no longer exist as continuing operations. In addition, virtually all of Automotive Performance Group's business activities that will continue on a going-forward basis are new to the Company. Because of this restructuring, management believes it would be misleading to present comparative financial statements or analyses.
    On August 4, 1999, the Company announced a multi-faceted restructuring program following its acquisition of a 22% equity ownership in PBT Brands, Inc. (PBT). PBT was formed to acquire the Automotive Aftermarket Business of Loctite Corp. (Permatex), a leading manufacturer, distributor, and marketer of premium functional chemical products to the automotive maintenance and repair markets, under the Permatex, Right Stuff, and Fast Orange brand names.
    Automotive Performance Group has the right to invest up to 22% of the equity in subsequent acquisitions by PBT and may also seek acquisitions that do not interfere with the business of PBT.
    Automotive Performance Group's restructuring program included the sale of the operating assets of its Royal Purple Motor Oil subsidiary and a plan to spin off all of the Company's other operating assets and holdings (excluding PBT Brands) to its shareholders. The structure of the spinoff is under review.
    "Upon the completion of the restructuring program, the Company's assets will be made up primarily of its investment in PBT," said Board Chairman and Chief Executive Officer Dean M. Willard. "Although we will not have any direct operations for now, we will be seeking acquisition opportunities. Future acquisitions are expected to be financed through a combination of earnings from investments, and private placements of stock and debt," Mr. Willard added.
    Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties which may affect Automotive Performance Group, Inc.'s business and prospects and cause actual results to differ materially from these forward-looking statements.
    Automotive Performance Group, Inc., participates in the fast-growing high-performance automotive and specialty chemical industries through its 22% equity ownership in PBT Brands Inc., which owns Permatex, a leading manufacturer, distributor, and marketer of premium functional chemical products to the automotive maintenance and repair markets, and Advanced Chemistry and Technology, Inc. (AC Tech), which develops and manufacturers sealants for the aerospace and aircraft industry.

         Automotive Performance Group, Inc. and Subsidiaries

            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)
            (In Millions of Dollars, Except Per-Share Data)


                       Three Months Ended          Six Months Ended
                           June 30,                     June 30,
                         1999    1998                1999    1998

Revenues             $     -   $    -               $   -   $   -
Expenses                  3.5     0.2                 4.3     0.2
 Operating Loss          (3.5)   (0.2)               (4.3)   (0.2)
 Loss from Continuing Operations
 Before Discontinued Operations
  and Extraordinary Item (3.6)   (0.2)               (4.5)   (0.2)
 Loss from Discontinued 
  Operations             (3.6)   (4.1)               (4.1)   (7.0)
 Extraordinary Item         -       -                   -     0.3
     NET LOSS            (7.2)   (4.3)               (8.6)   (7.0)

Earnings Per Share
Continuing Operations  $ (0.56) $(0.04)            $(0.72)  $(0.06)
Discontinued Operations  (0.55)  (0.71)             (0.64)   (1.77)
  Extraordinary Item       -        -                   -     0.07
                     
                     $   (1.10)  $(0.75)         $   (1.36)  $(1.76)