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Thursday May 22

Earl Scheib Retains Investment Banking Firm to Explore Strategic Alternatives

Earl Scheib, Inc. has retained the New York investment banking firm of Ryan Beck & Co., Inc. to act as its exclusive financial advisor to assist management and the Board of Directors in the exploration of strategic alternatives available to the Company to enhance shareholder value.

Chris Bement, President and Chief Executive Officer, commented, "We continue to be very focused on our mission to serve the best interests of our shareholders. By hiring Ryan Beck and its experienced bankers who specialize in middle market companies, we express our belief that the company's current market capitalization does not reflect the true value of our strong position and opportunities in the aftermarket automotive paint and body industry. Additionally, the company's solid asset base, including an extensive unencumbered real estate portfolio, should provide strategic opportunities that would leverage this asset base and the company's core competencies to enhance Earl Scheib's long-term outlook."

Earl Scheib, Inc., founded in 1937, is a nationwide operator of 124 retail auto paint and body shops located in more than 100 cities throughout the United States.

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