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UNI-MARTS, INC. COMPLETES AGREEMENT TO LEASE GETTYMART CONVENIENCE STORES

 UNI-MARTS, INC. COMPLETES AGREEMENT TO LEASE
 GETTYMART CONVENIENCE STORES
 STATE COLLEGE, Pa., Dec. 9 /PRNewswire/ -- Uni-Marts, Inc. (NASDAQ: UNMA A) announced today that on Dec. 6, 1991, it completed the acquisition of 141 GettyMart convenience stores from Getty Petroleum Corp., Jericho, N.Y. Under the terms of the agreement, Uni-Marts has acquired substantially all of the stores' assets and has leased the stores for five years. Uni-Marts funded the transaction with operating equipment leases and short-term credit lines. The cost of the transaction was approximately $12.3 million which includes store assets and merchandise and gasoline inventories.
 With the additions, Uni-Marts now operates 480 convenience stores in Pennsylvania, New York, New Jersey, Delaware and Maryland and enters the Virginia market.
 Uni-Marts also has signed a five-year agreement to purchase Getty petroleum products. Uni-Marts said it will provide Getty products at approximately 200 of its existing stores in addition to the 109 acquired GettyMart stores which offer self-service gasoline.
 "The acquisition represents a significant step in our growth strategy," stated Henry D. Sahakian, President and Chief Executive Officer of Uni-Marts. "We intend to continue growing by acquisition and by opening new stores within Uni-Marts' current and adjacent market area," he added.
 As a result of the acquisition, Uni-Marts will benefit from greater economies of scale in reducing administrative and operating costs as a percentage of sales, according to Mr. Sahakian. "The additional stores should also have a favorable impact on Uni-Marts' marketing and advertising, while giving our gasoline operations a strong brand recognition with the Getty name," Mr. Sahakian said. He added that "the acquisition was accomplished without incurring any long-term debt."
 The company plans to absorb the GettyMart stores into Uni-Marts' operating network immediately and to completely rebrand the stores with Uni-Marts' signs by early 1992.
 Uni-Marts was founded by Mr. Sahakian in 1972, opening its first convenience store in State College, Pa. It has grown through acquisitions and a consistent program of opening new stores. Eight stores were opened in fiscal 1991, ended September 30. Most of the stores are located in rural areas, smaller communities or in suburbs of larger cities.
 -0- 12/9/91
 /CONTACT: J. Kirk Gallaher senior vice president, finance, of Uni-Marts, Inc., 814-234-6000/
 (UNMA A) CO: Uni-Marts, Inc. ST: Pennsylvania IN: REA SU:


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Publication:PR Newswire
Date:Dec 9, 1991
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