Effective Immediately, MAII Holdings, Inc. Announces Chapter 7 Liquidation of Car Rental Direct, Inc.

    LOS ANGELES--June 11, 2003--MAII Holdings, Inc. (PK:MAII) today announced that its subsidiary Car Rental Direct, Inc. (PK:CRDH) (the "Company" or "CRD") has filed Chapter 7. MAII was unable to reach a settlement agreement with Ford Motor Credit Company ("Ford") and therefore has filed Chapter 7 liquidation of CRD.