SOURCE: MK Automotive, Inc.

MK Automotive, Inc.

March 10, 2011 09:35 ET

MK Automotive, Inc. Completes Sale of First SBA-Financed Location to Franchisee

LAS VEGAS, NV--(Marketwire - March 10, 2011) - MK Automotive, Inc. (OTCBB: MKAU) (OTCQB: MKAU) announced today that it has completed the sale of its AutoTech Decatur location in north Las Vegas, Nevada to that location's General Manager Tabitha Schoenbeck. An ASE-Certified Automotive Technician, Schoenbeck now will operate that location as its owner and a franchisee of the Company.

With the support of an SBA-guaranteed loan provided by Wells Fargo SBA, Schoenbeck was able to comfortably finance the purchase and even start with some working capital in the bank. Noted Schoenbeck: "The package put together by Wells Fargo was truly appropriate to my specific needs, ensuring a solid financial start for my franchise."

"I'm excited to become the owner of a MK Automotive franchise," added Schoenbeck. I've worked with the Company for nearly seven years and look forward to a long relationship with them -- hopefully as the owner of multiple franchised locations in Las Vegas. I couldn't imagine a better franchisor in the automotive repair and maintenance business to work with."

Mike Murphy, President and CEO of MK Automotive, remarked: "We're excited to have been able to partner with the SBA and Wells Fargo to help Tabitha achieve her dream of owning her own business. With SBA approval of our franchise and our established relationship with Wells Fargo Bank, the loan process for our franchisees is now significantly easier and faster. We look forward to partnering with more entrepreneurs like Tabitha.

"We are also proud to be partnering for Tabitha's success as our first female franchisee," Murphy continued. "Tabitha graduated number one in her class, has spent her entire career with us, and is a formidable technician. I have watched her solve problems for mechanics many years her senior. Today's car repairs require more brains than brawn, and our franchise is an equally great career choice for women as well as men. We look forward to Tabitha becoming a multi-unit operator soon and hopefully serving as a role model for women making career decisions."

Founded in 2002 with headquarters in Las Vegas, the Company recently launched its national expansion plans by franchising under the name Mike's Master Mechanics.  MK Automotive's mission is to "do it differently, do it better," to revolutionize the auto repair industry. MK Automotive employs independently-certified professional technicians, and strives to operate as social capitalists -- treating everyone fairly and nicely: customers, suppliers, employees, franchisees, shareholders, everyone. It is the Company's firm belief that long-term shareholder value is built on a combination of superior service and a strong ethical center.

Forward Looking Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may and likely will differ materially from this forward-looking information. These and other risks are discussed in the Company's various public filings; and, the reader is directed to these statements for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.

Contact Information

  • Investor Relations Contact:
    Richard Groberg
    MK Automotive, Inc.
    Email Contact
    702 449-7421
    702 543 6618 - fax

    Franchising Contact:
    Mike's Master Mechanics
    Email Contact
    702 449-7421