Fidelity Holdings Signs Letter of Intent to Acquire Major of the Five Towns
7 January 1999
Fidelity Holdings Signs Letter of Intent to Acquire Major of the Five Towns - Formerly Nissanland and Kialand
KEW GARDENS, N.Y.--Jan. 7, 1999--- Continuing Company's Regional Automotive Consolidation Strategy -
Fidelity Holdings, Inc. today announced that the Company signed a Letter of Intent to acquire Nassau County, Long Island-based Major of the Five Towns (formerly Nissanland and Kialand), currently doing business as Major Nissan and Major KIA. This acquisition represents another step in the Company's regional consolidation strategy.
Major of the Five Towns, which is principally owned by Bruce Bendell, Chairman and CEO of Fidelity, is located in the towns of Inwood and Lawrence with three separate showroom locations - Nissan, Kia, and a used car showroom on Rockaway Turnpike.
Bruce Bendell stated, "We are very excited with this potential acquisition and the Company's entry into the Long Island area. Major of the Five Towns will greatly benefit from its affiliation with Fidelity in that the dealership will be afforded tremendous opportunity through our advanced internet exposure, existing advertising, media exposure, expansion of used car operations and the backing of a public entity.
"Fidelity is well positioned to continue its regional consolidation and plans to seek additional acquisitions in the Long Island area expanding to New Jersey and Westchester," Bendell concluded.
Nicholas Guadagno, President of Major of the Five Towns, added, "Having witnessed the Bendell approach to new and used automotive sales, the powerful infrastructure and strong support, I believe that our dealership will flourish under this umbrella. We are thrilled to become a part of the Fidelity group and believe our potential can now be fully exploited."
Fidelity Holdings is a diversified holding company that utilizes information and technology to target industries experiencing consolidation and/or deregulation. The Company operates three divisions - Automotive, Technology and Plastics. The Automotive Division operates through Major Automotive Group, a leading consolidator of automotive dealerships in the New York Metropolitan Area.
Fidelity Holdings, Inc. is presently exploring the divestiture of its non-automotive activities by way of sale, merger consolidation or other divestiture.
For additional information, visit our website at www.fdhg.com, www.majorautomotive.com and www.majorworld.com.
The information contained in this press release, including any "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities 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.