Precision Auto Care Announces Consolidation of Manufacturing Facilities

Apr 05, 2001, 01:00 ET from Precision Auto Care, Inc.

    LEESBURG, Va., April 5 /PRNewswire/ -- Precision Auto Care, Inc.
 (Nasdaq: PACI) Precision Auto Care, Inc. (PACI) announced that the Company had
 successfully completed the consolidation of two of its manufacturing
 facilities, Hydro-Spray and Precision Building Solutions, Inc. (PBSI). The
 Company's plant in Iowa has been closed down and the building is for sale.
 Hydro-Spray's operations are now being conducted in Mansfield, Ohio, under the
 direction of Ernie Malas. Lou Brown, PACI CEO, said that, "the consolidation
 of Hydro-Spray and PBSI reflects the Company's efforts to continue to operate
 as efficiently as possible. We are excited about the possibilities for real
 growth under Ernie's leadership." Robert Falconi, PACI CFO, said that, "with
 the consolidation and the change in management, the Company will no longer
 actively look to sell either Hydro-Spray or PBSI although we are still
 planning to sell our other manufacturing facility, Worldwide Drying Systems.
     Precision Auto Care, Inc. is the world's largest franchiser of auto care
 centers, with over 500 operating centers as of April 5, 2001. The Company
 franchises and operates Precision Tune Auto Care centers around the world.
 
     Cautionary Statement: The statements in this press release constitute
 "forward-looking statements" within the meaning of Section 27A of the
 Securities Act of 1933 and Section 21 E of the Securities Exchange Act of
 1934. These statements are subject to risks and uncertainties that could cause
 Precision Auto Care, Inc.'s actual results, performance or achievements to
 differ materially from any future results, performance or achievements
 expressed or implied by such forward-looking statements. For example, there
 can be no assurance that the Company will be able to modify the terms of its
 outstanding debt, obtain additional capital, or complete any divestiture,
 partnership or other restructuring transactions in a timely fashion or on
 terms and conditions that are acceptable to the Company. Other risks and
 uncertainties include, but are not limited to, (i) the risks and uncertainties
 reflected and set forth in the text of this press release, (ii) the fact that
 Precision Auto Care, Inc. and the companies it acquired on and subsequent to
 the date of its initial public offering have only recently conducted
 operations as a combined company, (iii) the seasonal nature of portions of the
 business, (iv) the highly competitive markets in which Precision Auto Care,
 Inc. operates, (v) difficulties in integrating all of the businesses Precision
 Auto Care, Inc. has acquired, (vi) risks associated with Precision Auto Care,
 Inc.'s ability to continue its strategy of growth through acquisitions and
 (vii) risks associated with the Company's ability to make or effect
 acquisitions in the future and to successfully integrate newly-acquired
 businesses into existing operations and the risks associated with such newly
 acquired businesses. For a discussion of such other risks and uncertainties
 which could cause actual results, performance or achievements to differ from
 those contained in the forward-looking statements, see "Risk Factors" in the
 Company's most recently filed Annual Report on Form 10 K.
 
 

SOURCE Precision Auto Care, Inc.
    LEESBURG, Va., April 5 /PRNewswire/ -- Precision Auto Care, Inc.
 (Nasdaq: PACI) Precision Auto Care, Inc. (PACI) announced that the Company had
 successfully completed the consolidation of two of its manufacturing
 facilities, Hydro-Spray and Precision Building Solutions, Inc. (PBSI). The
 Company's plant in Iowa has been closed down and the building is for sale.
 Hydro-Spray's operations are now being conducted in Mansfield, Ohio, under the
 direction of Ernie Malas. Lou Brown, PACI CEO, said that, "the consolidation
 of Hydro-Spray and PBSI reflects the Company's efforts to continue to operate
 as efficiently as possible. We are excited about the possibilities for real
 growth under Ernie's leadership." Robert Falconi, PACI CFO, said that, "with
 the consolidation and the change in management, the Company will no longer
 actively look to sell either Hydro-Spray or PBSI although we are still
 planning to sell our other manufacturing facility, Worldwide Drying Systems.
     Precision Auto Care, Inc. is the world's largest franchiser of auto care
 centers, with over 500 operating centers as of April 5, 2001. The Company
 franchises and operates Precision Tune Auto Care centers around the world.
 
     Cautionary Statement: The statements in this press release constitute
 "forward-looking statements" within the meaning of Section 27A of the
 Securities Act of 1933 and Section 21 E of the Securities Exchange Act of
 1934. These statements are subject to risks and uncertainties that could cause
 Precision Auto Care, Inc.'s actual results, performance or achievements to
 differ materially from any future results, performance or achievements
 expressed or implied by such forward-looking statements. For example, there
 can be no assurance that the Company will be able to modify the terms of its
 outstanding debt, obtain additional capital, or complete any divestiture,
 partnership or other restructuring transactions in a timely fashion or on
 terms and conditions that are acceptable to the Company. Other risks and
 uncertainties include, but are not limited to, (i) the risks and uncertainties
 reflected and set forth in the text of this press release, (ii) the fact that
 Precision Auto Care, Inc. and the companies it acquired on and subsequent to
 the date of its initial public offering have only recently conducted
 operations as a combined company, (iii) the seasonal nature of portions of the
 business, (iv) the highly competitive markets in which Precision Auto Care,
 Inc. operates, (v) difficulties in integrating all of the businesses Precision
 Auto Care, Inc. has acquired, (vi) risks associated with Precision Auto Care,
 Inc.'s ability to continue its strategy of growth through acquisitions and
 (vii) risks associated with the Company's ability to make or effect
 acquisitions in the future and to successfully integrate newly-acquired
 businesses into existing operations and the risks associated with such newly
 acquired businesses. For a discussion of such other risks and uncertainties
 which could cause actual results, performance or achievements to differ from
 those contained in the forward-looking statements, see "Risk Factors" in the
 Company's most recently filed Annual Report on Form 10 K.
 
 SOURCE  Precision Auto Care, Inc.