Ampco System Parking Acquires Commercial Parking Operations of Valet Parking Service.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--May 9, 2003

Ampco System Parking, a wholly owned subsidiary of ABM Industries Incorporated (NYSE:ABM), has acquired selected assets of Valet Parking Service (VPS), a provider of parking services based in Culver City, California, effective May 1, 2003. Assets acquired by Ampco include 93 contracts for commercial parking structures, surface lots and hotel valet business throughout Los Angeles County and Las Vegas, Nevada. Annual revenues from the acquisition are approximately $23 million.

Concurrently with Ampco's acquisition, Anthony Policella and Victor Morad, VPS's CEO/President and Executive Vice President, acquired the remainder of VPS, which includes the restaurant and special event valet parking business, and will operate as Valet Parking Service. Over the next year, Ampco will transition the VPS name to Ampco System Parking.

"Our recent asset acquisition of Valet Parking Service is indicative of our strategy for growth in this region," said Thomas Barnett, president of Ampco System Parking. "Additionally, the acquisition complements our existing business and enhances our position in the industry," he added.

Valet Parking Service was founded in 1946 by Herb Citrin, who has agreed to a multi-year consulting contract with Ampco System Parking.

"Having built Valet Parking Service for 57 years into the successful organization that it is today, I am pleased to embark in this new direction with Ampco System Parking, whose business and staff I have admired for many years," said Herb Citrin, founder of Valet Parking Service.

Ampco System Parking is an industry leader, operating over 1,750 lots and garages in 29 states, including parking facilities at or adjacent to such major international airports as Buffalo, Cincinnati, Denver, Detroit, Honolulu, Houston, Los Angeles, Orlando, Philadelphia and San Francisco.

ABM Industries Incorporated is the largest facility services contractor listed on the New York Stock Exchange. With annualized revenues in excess of $2.1 billion and more than 62,000 employees, ABM provides janitorial, parking, engineering, security, lighting, elevator, mechanical and network services for thousands of commercial, industrial, institutional and retail facilities in hundreds of cities across North America. In addition to Ampco System Parking, the ABM Family of Services includes ABM Janitorial, ABM Engineering, American Commercial Security (ACSS), Amtech Lighting, Amtech Elevator, CommAir Mechanical and ABM Service Network.

Safe Harbor Statement

Cautionary Safe Harbor Disclosure for Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995: Because of the factors set forth below, as well as other variables affecting the Company's (ABM's) operating results, past financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods. The statements contained herein which are not historical facts are forward-looking statements that are subject to meaningful risks and uncertainties, including but not limited to: (1) significant decreases in commercial real estate occupancy, resulting in reduced demand and pricing pressure for building maintenance and other facility services in the Company's major markets, (2) inability to pass through cost increases in a timely manner, or at all, or to reduce expenses when sales decline, (3) loss or bankruptcy of one or more of the Company's major customers, which could adversely affect the Company's ability to collect its accounts receivable or recover its deferred costs, (4) major collective bargaining issues that may cause loss of revenues or cost increases that non-union companies can use to their advantage in gaining market share, (5) significant shortfalls in adding additional customers in existing and new territories and markets, (6) a protracted slowdown in the Company's acquisition activities, (7) legislation or other governmental action that severely impacts one or more of the Company's lines of business, such as price controls that could restrict price increases, or the unrecovered cost of any universal employer-paid health insurance, as well as government investigations that adversely affect the Company, (8) reduction or revocation of the Company's line of credit, which would increase interest expense or the cost of capital, (9) cancellation or nonrenewal of the Company's primary insurance policies, as many customers contract out services based on the contractor's ability to provide adequate insurance coverage and limits, (10) catastrophic uninsured or underinsured claims against the Company, the inability of the Company's insurance carriers to pay otherwise insured claims, or inadequacy in the Company's reserve for self-insured claims, (11) inability to employ entry level personnel due to labor shortages, (12) resignation, termination, death or disability of one or more of the Company's key executives, which could adversely affect customer retention and day-to-day management of the Company, (13) inability to successfully integrate acquisitions into the Company, and (14) other material factors that are disclosed from time to time in the Company's public filings with the United States Securities and Exchange Commission, such as reports on Forms 8-K, 10-K and 10-Q.