Fidelity Holdings Receives Exception To Nasdaq National Market Listing Requirements

    KEW GARDENS, N.Y.--March 29, 2001--Fidelity Holdings, Inc. today announced it has received an exception from the Nasdaq National Market listing requirement which calls for the maintenance of a price of $1.00 per share.
    Following the Company's oral hearing, a Nasdaq Listing Qualifications Panel determined that the Company presented a definitive plan, including a willingness to implement a reverse stock split in the near term, that should enable it to evidence compliance with the $1.00 requirement within a reasonable period of time and to sustain compliance with all requirements for continued listing on the Nasdaq National Market over the long term.
    The Company's Common Stock will continue trading on the Nasdaq National Market provided that on or before May 4, 2001, the Company demonstrates a closing bid price of at least $1.00 per share and, immediately thereafter, a closing bid price of at least $1.00 per share for a minimum of ten (10) consecutive trading days and the Company demonstrates compliance with all requirements for continued listing.
    Fidelity's Board of Directors is considering a variety of alternatives to maintain compliance with all of Nasdaq's requirements, including a reverse stock split.
    Fidelity Holdings' operates through Major Automotive Group, a leading consolidator of automotive dealerships in the New York Metropolitan area. Fidelity Holdings, Inc. is continuing to divest its remaining non-automotive activities by way of sale, merger, consolidation or other opportunities.
    For additional information, visit the Company's website at www.fdhg.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 and 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.