Fidelity Holdings Announces Internet Connections Asset Sale; Continues Strategy of Divesting All Non-Automotive Related Operations

    KEW GARDENS, N.Y.--Feb. 15, 2001--Fidelity Holdings, Inc. , today announced that it completed an asset sale of its Richmond, Virginia based Internet Connections subsidiary, for a combination of cash and debt, to Access Technology of Richmond, Virginia.
    Bruce Bendell, Chairman and Chief Executive Officer of Fidelity Holdings, stated, "We are pleased that we have successfully concluded the sale of the business of Internet Connections on favorable terms. This sale continues our strategy of divesting our non-automotive related operations in ways that we believe benefits our shareholders. The divestiture helps us to focus solely on our growing Major Automotive operations. As we continue along our path towards becoming the dominant dealership group in the New York metropolitan area, we are looking at further dealership acquisitions in the area, with greater franchise variety."
    Fidelity Holdings' Automotive Division operates through Major Automotive Group, a leading consolidator of automotive dealerships in the New York Metropolitan area. Fidelity Holdings, Inc. has announced its intention to divest its non-automotive activities by way of sale, merger, consolidation or other opportunities, and has announced that it plans to change its name to The Major Automotive Companies, Inc.
    For additional information, visit the Company's websites at www.fdhg.com, www.majorautomotive.com and www.majorworld.com.

    The information contained in this press release, including any "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 contained herein, should be reviewed in conjunction with the Company's annual report on Form 10-KSB and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth many risks and uncertainties related to the Company's business and such statements, including risks and uncertainties related to that are unpredictable and outside of the influence and/or control of the Company.