MAII Holdings, Inc. Acquires 2.24 Million MAII Shares

    PLANO, Texas--Nov. 27, 2001--MAII Holdings, Inc. (OTCBB: MAII) today issued the following market announcement:
    MAII Holdings, Inc. (MAII) today announced that it has completed the acquisition of an aggregate of 2,243,838 shares of its common stock from three groups of substantial shareholders. Following such purchases, MAII has approximately 3,900,000 shares outstanding. Included in these purchases were 752,000 shares of MAII's common stock from GenesisIntermedia, Inc. (GENI). GENI is no longer a shareholder in MAII and is not involved in any way with MAII.
    "Since joining MAII in January, a significant part of my job has been to identify and acquire an attractive operating company and to align the interests and objectives of our shareholders," said Chris Tyler, Chairman of the Board and CEO of MAII. "With the previous acquisition of Car Rental Direct and this consolidation of our capital base, we have significantly accomplished these objectives. We are now in a strong position to enhance shareholder value in the future."
    MAII acquired the 752,000 shares from GENI at a purchase price of $1.31 per share. In addition, the Company also settled certain claims against GENI as part of such repurchase. The remaining 1,491,838 shares were acquired from the Sunwestern and Satana groups at a purchase price of $2.00 per share, plus MAII issued to such groups 3-year warrants to purchase up to 745,920 shares of MAII common stock at a purchase price of $3.00 per share.
    "I am excited about the coming year and look forward to building and growing Car Rental Direct," continued Mr. Tyler. "We currently have approximately $8 million in cash (over $2.10 per share), which is more than adequate to meet our growth objectives. Car Rental Direct is in an excellent position to grow and become very profitable next year."
    Mr. Tyler further said that the Company is currently interviewing persons to join its Board of Directors. "These persons are primarily in the auto-related and financial services businesses," said Mr. Tyler.

    This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in the Company's Annual Report on Form 10-K filed with the Securities and Exchange.