1-800-AutoTow Temporarily Withdraws Form 10-SB SEC Filing

Business Wire, Oct 28, 1999

BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Oct. 28, 1999--

1-800-AutoTow(tm) Inc. (Pink Sheets:AUTW), a company using technological innovations in its consolidation of America's vehicle towing industry into a national brand, announced today that it has temporarily withdrawn its Form 10-SB registration statement with the Securities and Exchange Commission.

The company received notification from the SEC that it must provide annual audits of eight recently acquired companies before the SEC can complete reviewing 1-800-AutoTow(tm)'s Form 10-SB filing. The company retained the international accounting firm Grant Thornton LLP to complete those audits, and officers expect to refile Form 10-SB before year's end. When the SEC reviews and approves the company's Form 10-SB, 1-800-AutoTow(tm) will be in compliance with the amended National Association of Securities Dealers' OTC Eligibility Rules 6530 and 6540. Until then, 1-800-AutoTow(tm) is off of the OTC Bulletin Board and is trading on the "pink sheets."

1-800-AutoTow(tm), which began publicly trading in June 1998, is acquiring vehicle towing companies in metropolitan areas across the nation and will consolidate those operations under a single brand name. The nation's fragmented vehicle towing and recovery industry is estimated to consist of more than 36,000 companies with $12 billion to $15 billion in annual revenues. The company plans to set itself apart in the industry through its use of cutting-edge technologies such as automated 24-hour dispatching, GPS (Global Positioning Satellite) technology and mapping software.

Founded in 1997, 1-800-AutoTow(tm) is based in Boynton Beach, Fla. The company's management team consists of a diverse and experienced group of entrepreneurs, senior operating executives and towing veterans. More information is available at www.1800AutoTow.com.

The statements contained herein which are not historical information may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve a number of risks and uncertainties that could cause actual results to differ materially from any such statements.