PIT STOP LUBE CENTER SALE AGREEMENT REACHED
PIT STOP LUBE CENTER SALE AGREEMENT REACHED PHOENIX, Ariz., Dec. 23 /PRNewswire/ -- Pit Stop Auto Centers, Inc.
(NASDAQ: PSAC) today announced an agreement has been finalized for the sale of its 15 automobile oil change centers located in Phoenix to AutoCare Corporation, a publicly held company which will be traded in the over-the-counter market. AutoCare owns the SpeeDee Oil Change & Tune-Up franchise rights for Maricopa County, Ariz., and is currently negotiating for rights to other counties in Arizona.
Sale price for the 15 units is $2,100,000, with payment to consist of cash, a secured note, common stock of the purchaser and an assumption of certain liabilities associated with the units. The sale is scheduled to close on Dec. 31, 1991 and is subject only to Pit Stop shareholder approval, which is expected to be obtained by majority consent. The president of AutoCare Corporation is Jerald N. Arrington. Arrington has been in the quick lubrication industry for over 13 years as founder and president of Rapid Lube & Oil and as director of operations for SpeeDee Oil Change & Tune-Up. Arrington previously served as president and director of Convenient Automotive Services Institute, the quick lubrication industry trade association. Arrington said AutoCare intends to expand the pit stop service centers to include automotive tune-ups. The units will operate under the SpeeDee Oil Change & Tune-Up trade name. -0- 12/23/91 /CONTACT: Tom E. Hays, president of Pit Stop Auto Centers, 405-843-9632 or 602-397-4303/ (PSAC) CO: Pit Stop Auto Centers Inc. ST: Arizona IN: AUT SU: TNM FC -- NY021 -- 4775 12/23/91 10:44 EST
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|Date:||Dec 23, 1991|
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