Associated Automotive Group Affirms Nasdaq Listing

FORT LAUDERDALE, Fla., Feb. 22 Associated Automotive Group Incorporated announced today that it has received notice from the Nasdaq Stock Market Staff indicating that the Company has evidenced compliance with all requirements for initial listing on The Nasdaq SmallCap Market as required under Nasdaq Marketplace Rule 4330(f). Therefore, the Company's oral hearing scheduled for Friday, March 1, 2002 has been considered moot and the hearing file has been closed.

AAGI was formed to own and operate various highline and exotic car dealerships, accessory and other automotive businesses throughout the United States. AAGI currently operates through its wholly owned subsidiary, Motorcars of South Florida, Inc., (www.motorcarsofsouthflorida.com), a leading highline and exotic car dealership located in Delray Beach, Florida. AAGI's strategy is to become the first national operator of retail highline auto dealerships complete with financing facilities and associated services. AAGI plans to attain a national footprint through strategic acquisition of dealerships as well as organic expansion of its existing operations. Its business plan contemplates it will acquire or open several additional highline dealerships in 2002 and 2003.