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Kenwick's Automax Division Reports Audited Earnings of $.26 Per Share Pre-Tax

14 October 1999

Kenwick's Automax Division Reports Audited Earnings of $.26 Per Share Pre-Tax

    FORT LAUDERDALE, Fla.--Oct. 13, 1999--Kenwick Industries Inc. (OTC BB:KWIN) today released their audited financial statements for 1998.
    Kenwick's Automax Division reported $3.8 million in revenue, and a Net Profit of $557,689. The company anticipates increases in both revenues and earnings for six months 1999 vs. six months 1998.
    In addition, Kenwick's Language division reported a pre tax loss of approximately $832,000 which included a one time write off of $405,000. Kenwick Industries consolidated net earnings per share increased by $.10 per share, from 1997 to 1998. Revenues have increased over 50 percent from 2.1 million in 1997 to 3.9 million for 1998.
    "We are excited to bring profitability to our shareholders, and expect to release 1999 financials which will show Kenwick's commitment to increased profitability," stated Kenneth Wulwick, President and CEO.

About the Company
    Kenwick Industries is a multi-industry corporation whose core business is automobile sales and financing. Kenwick also manages a language program with distribution to institutions and consumers.

    The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Kenwick) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of Kenwick. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and market competition factors.