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ABRA Auto Body & Glass Announces Employee Stock Option Program

8 October 1999

ABRA Auto Body & Glass Announces Employee Stock Option Program

    MINNEAPOLIS--Oct. 8, 1999--ABRA Auto Body & Glass announced the approval of an employee stock option program. The Board of Directors approved this program at its third-quarter meeting.
    "ABRA is a national leader in the collision repair and auto glass industry with superior technology, processes, partnership relations and outstanding employees", stated Rollie Benjamin, President and CEO of ABRA. "We know that in order to maintain our leadership role we need to strive for consistent improvement. Vital to that goal is retention of our current employee base, and the ability to attract future employees."
    Traditionally, stock option plans have been used as a way to reward top management and "key" employees. ABRA, however, recognizes its entire employee base is crucial for its continued success, and will offer options to all full-time employees. "Our goal is to build a stronger company", explained Duane Rouse, ABRA's Senior Vice President and Chief Financial Officer. "Surveys by the National Center of Employee Ownership proved that employees like being owners. They are more committed to their company, more satisfied with their jobs, and less likely to leave."
    During year one, options will be granted based on years of service. Thereafter, employees will receive additional options based on the financial performance of the company.
    "We realize that our employees are the number one ingredient to our continued growth and success", Rouse said. "We feel that our stock option program will not only help us keep them, but also reward their loyalty and hard work."

    Minneapolis-based ABRA Auto Body & Glass is a national damaged vehicle repair company, specializing in collision repair, paintless dent repair, and auto glass repair and replacement. They currently operate 70 locations in 12 states, with plans for accelerated growth over the next several years by acquiring existing facilities and building new locations.