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The Major Automotive Companies Announces Extension to Trade on Nasdaq SmallCap

    LONG ISLAND CITY, N.Y.--Feb. 24, 2003--The Major Automotive Companies, Inc. (Nasdaq SC: MAJR - news) today announced that the Company has received an extension notice from Nasdaq indicating that the Company has been approved for continued listing on The Nasdaq SmallCap Market for an additional 180 days, or until August 18, 2003.
    Nasdaq noted that the Company has failed to meet the requirement set forth in Nasdaq Marketplace Rule 4310(c)(8)(D) (the "Rule") for continued inclusion criteria for The Nasdaq SmallCap Market by maintaining a closing bid price of $1.00 per share or more for a minimum of 10 consecutive trading days. However, since the Company has met the initial listing criteria for listing on The Nasdaq SmallCap Market, the Company has been granted an additional 180 calendar days to demonstrate compliance with the Rule. No assurance can be given that the Company will be able to demonstrate compliance with the Rule.
    The Company may be eligible to transfer back to The Nasdaq National Market if, by August 18, 2003, the Company's bid price per share has been at least $1.00 for 30 consecutive trading days and, at all times, the Company maintains compliance with The Nasdaq National Market continued listing requirements while on The Nasdaq SmallCap Market, excluding bid price.
    The Major Automotive Companies is a holding company for the Major Automotive Group, a leading consolidator of automobile dealerships in the New York metropolitan area.
    For additional information, visit the Company's website at http://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 and Exchange Act of 1934 contained herein, should be reviewed in conjunction with the Company's annual report on Form 10-K 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.