Midas Acquires Provider of Automotive Aftermarket Software

4 January 2001

Midas Acquires Provider of Automotive Aftermarket Software

    ITASCA, Ill.--Jan. 4, 2001--Midas, Inc., , a leading provider of automotive service through nearly 2,100 Midas locations in North America, has acquired Progressive Automotive Systems of Houston, Texas.
    Progressive Automotive's R. O. Writer computer software system was developed by automotive professionals as an Internet-based, point-of-sale software that integrates estimating and sales processes, service parts catalog data, vehicle maintenance schedules, labor charges and technicians' compensation.
    "This software has set a high standard at point-of-sale in our industry to maximize the effectiveness and efficiency of our contact with customers," said Wendel H. Province, Midas' chairman and chief executive officer. "Progressive Automotive's software fits into the New Midas strategy of supporting growth of expanded product lines."
    "By acquiring Progressive Automotive, we are assuring the continuing availability and development of software to enhance our ability to serve customers and to improve the profitability of our dealers," Province said.
    Terms of the acquisition were not disclosed.
    Midas is one of the world's largest providers of automotive service, providing exhaust, brake, steering and suspension services, as well as batteries, climate control and maintenance services at 2,700 franchised and licensed Midas shops in 19 countries, including nearly 2,100 in the United States and Canada.

    NOTE: This news release contains certain forward-looking statements that are based on management's beliefs as well as assumptions made by and information currently available to management. Such statements are subject to risks and uncertainties, both known and unknown, that could cause actual results, performance or achievement to vary materially from those expressed or implied in the forward-looking statements. The company may experience significant fluctuations in future results, performance or achievements due to a number of economic, competitive, governmental, technological or other factors. Additional information with respect to these and other factors, which could materially affect the company and its operations, is included in the company's filings with the Securities and Exchange Commission, including the company's 1999 annual report on Form 10-K.