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Kenwick Industries Inc. Reports a 76% Net Income Increase for 1999

19 October 1999

Kenwick Industries Inc. Reports a 76% Net Income Increase for 1999

    FORT LAUDERDALE, Fla.--Oct. 19, 1999--Kenwick Industries Inc. (OTCBB:KWIN) Tuesday released their financial statements for six months ended June 30, 1999.
    Some of the highlights included substantial increases in Net Sales, Net Income, and Net Income Per Share.
    Kenwick's Automax Division reported $3.1 million in revenue for the first six months of 1999, and a Net Profit of $551,626. Automax increased both revenues and earnings for six months 1999 vs. six months 1998.


               KENWICK INDUSTRIES INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF INCOME
                       SIX MONTHS ENDED JUNE 30

                              1999          1998         %Increase

Net Sales                  $3,186,079    $1,974,294       +  62%
Interest Income            $  535,914    $  156,958       + 241%
Net Income Pre-Tax         $  696,556    $  343,964       + 102%
Net Income                 $  328,805    $  186,886       +  76%

Basic Net Income Per Share $     0.07    $     0.05       +  40%
Diluted Net Income Per
  Share                    $     0.07    $     0.05       +  40%


    "Kenwick Industries Inc. represents an excellent opportunity for investors. Management continues to focus on profitability and expansion. We expect the financial picture for the year 2000 to be even more impressive; considering that the figures do not include the 3rd Automax location which opened in September, 1999," said Kenneth Wulwick, president and CEO.
    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.