Fidelity Holdings Acquiring Hempstead Mazda
29 April 1999
Fidelity Holdings Acquiring Hempstead Mazda
KEW GARDENS, N.Y.--April 29, 1999--Fidelity Holdings, Inc. today announced that through its wholly-owned subsidiary Major Automotive, the Company has entered into an agreement to acquire Hempstead Mazda, to be renamed Major Mazda of Hempstead.
This acquisition will increase Major's expansion into the Nassau County, Long Island area, following the recently announced proposed acquisition of Major of the Five Towns.
Bruce Bendell, Chairman and CEO of Fidelity, stated, "We are pleased that Hempstead Mazda will be joining the Major Automotive Group. The expertise of management, who will remain with the Company, will only be enhanced through this affiliation. Significant to this transaction is our growing Nassau County, Long Island presence, in line with Major's ongoing regional acquisition strategy."
"Major Automotive is a highly respected innovator and trend-setter in the automotive industry. We believe that being part of the Major Automotive Group will lend our activities increased visibility, credibility and revenue stream. It is with great pleasure that we will join Major Automotive in building an infrastructure of dealerships in the New York metropolitan area," commented Gary Ain, Chief Operating Officer of Hempstead Mazda.
Doron Cohen, President of Fidelity, added, "Major Automotive is demonstrating continued momentum in its endeavor to become a leading regional consolidator in the automotive industry. I am most enthused with the progress of both divisions and expect this to garner great value for our shareholders."
Fidelity Holdings has been a diversified holding company that utilizes information and technology to target industries experiencing consolidation and/or deregulation. The Company operates two divisions - Automotive and Technology. The Automotive Division operates through Major Automotive Group, a leading consolidator of automotive dealerships in the New York Metropolitan area. The Technology Division operates under Computer Business Sciences and its IG2, Inc. subsidiary, and its plastics subsidiary.
Fidelity Holdings, Inc. is presently exploring the divestiture of its non-automotive activities by way of sale, merger, consolidation or other opportunities.
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 statements" 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-KSB 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.