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PIT STOP COMPLETES LUBE CENTER SALE-ANNOUNCES STOCK DISTRIBUTION

 PIT STOP COMPLETES LUBE CENTER SALE-ANNOUNCES STOCK DISTRIBUTION
 PHOENIX, Ariz., Jan. 30 /PRNewswire/ -- Pit Stop Auto Centers, Inc. (NASDAQ: PSAC, PSACW), today announced it has finalized the sale of its 15 automobile oil change centers located in Phoenix to AutoCare Corporation. AutoCare owns the SpeeDee Oil Change & Tune-Up franchise rights for Maricopa County, Ariz., and is currently converting the centers to the SpeeDee name.
 As a part of the sale of the centers, Pit Stop acquired some of the common stock of the purchaser AutoCare Corporation and is planning to distribute some of the AutoCare stock to the Pit Stop Auto Centers, Inc., shareholders. The distribution will be made to shareholders of record on Feb. 14, 1992, and distributed not later than March 31, 1992, with each Pit Stop shareholder receiving one share of AutoCare for each share of Pit Stop stock they own. Pit Stop shareholders will then own shares in both Pit Stop and AutoCare. AutoCare is in the process of qualifying for trading in the over-the-counter market.
 -0- 1/30/92
 /CONTACT: Tom E. Hayes, president of Pit Stop, 405-843-9632 or 602-397-4303/
 (PSAC) CO: Pit Stop Auto Centers, Inc.; AutoCare Corporation ST: Arizona IN: AUT SU:


GK -- NY041 -- 5163 01/30/92 10:47 EST
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Publication:PR Newswire
Date:Jan 30, 1992
Words:208
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