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Adelvo Investments, Inc. Acquires Majority Interest in City Auto Resources, Inc.

10 August 1998

Adelvo Investments, Inc. Acquires Majority Interest in City Auto Resources, Inc.

    WEST PALM BEACH, Fla., August 10 -- City Auto Resources, Inc.
(OTC Bulletin Board: CTYE) announced today that majority control was acquired
by Adelvo Investments, Inc.  Terms were not disclosed.
    City Auto Resources recently exited the auto finance business, which was
its only business.
    Adelvo, based in New York, has invested interests in Brazil in the
telecommunications and Internet industries.
    The management of Adelvo Investments, Inc., headed by Linda Beltramini,
has assumed all of City Auto's corporate responsibilities.  Mrs. Beltramini
stated that "our corporate goal is to expand our interests in
telecommunications and the Internet worldwide.
    "We expect within four weeks to announce a definitive corporate plan for
our growth, a new board of directors and a new name.
    "We believe we have chosen a business direction in which there is
unlimited opportunity and one in which we have years of experience, that is
operating in developing countries which represent the highest potential growth
in telecommunications."
    This news release contains certain statements that may be considered
forward-looking statements under the Private Securities Litigation Reform Act
of 1995.  These statements are subject to a number of important risks and
uncertainties that could cause the contemplated actions not to occur.