Getty Petroleum Marketing Inc. and Precision Auto Care, Inc. Announce a Strategic Alliance
24 April 2000
Service at a service station ...Now that's an idea!JERICHO, N.Y., April 24 Getty Petroleum Marketing Inc. (NYSE: GPM) and Precision Auto Care, Inc. (Nasdaq: PACI) today announced the formation of a strategic alliance to test Precision Auto Care's franchise systems at Getty service stations in New England. There are 18 potential sites in Massachusetts, New Hampshire, Rhode Island and Maine designated for the initial test. Under the Agreement, certain Getty dealers will be offered a Precision Auto Care franchise. Precision Auto Care presently markets three distinct car care service offerings: Precision Tune Auto Care, Precision Lube Express and Precision Auto Wash centers. Vincent J. DeLaurentis, President and Chief Operating Officer of Getty Petroleum Marketing Inc., said that "this alliance creates an enormous opportunity for our service station dealer network with service bays to gain the state-of-the-art marketing and training expertise from the Precision Auto Care experts." Charles L. Dunlap, Chief Executive Officer and President of Precision Auto Care, Inc., indicated that "the landscape of the auto service world requires more specialization and sophistication. Our multiple franchise system brings this to the marketplace. By joining with Getty, we will be able to build off of a proven brand. Both of us will benefit from the other's expertise." Getty Petroleum Marketing Inc., one of the nation's largest independent marketers of gasoline and petroleum products, supplies approximately 1,300 branded locations in thirteen Northeastern and Middle-Atlantic states. The Company is also a marketer of heating oil in the New York Mid-Hudson Valley and is a wholesale distributor of a variety of petroleum products through its east coast petroleum storage and distribution network. Precision Auto Care, Inc., is the world's largest franchisor of auto care centers, with 625 operating centers as of April 24, 2000. The Company franchises and operates Precision Tune Auto Care, Precision Auto Wash, and Precision Lube Express centers around the world, and offers a vertically integrated organization with manufacturing and distribution subsidiaries. Certain statements in this news release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used herein, the words "believes", "expects", "plans", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.