Fidelity Holdings Provides Update On Share Buy Back; Company Has Repurchased More Than 900,000 Shares Since May 2000

    KEW GARDENS, N.Y.--Feb. 20, 2001--Fidelity Holdings, Inc. today announced that it has repurchased more than 900,000 shares of its common stock since May 11, 2000, when the Company stated its intention to buy back up to one million of its shares under a stock repurchase plan.
    The Company believes that at current prices, the stock is still greatly undervalued. In light of the Company's business prospects for its Major Automotive operations, as well as its progress in divesting its technology divisions, the Board of Directors believes that repurchase of Fidelity shares was a prudent use of its capital. The Company expects to continue to purchase shares under the repurchase plan, from time to time, depending on market conditions and the price per share.
    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.