Fidelity Holdings Chairman Reaffirms Positive Direction
15 June 1999
Fidelity Holdings Chairman Reaffirms Positive Direction
KEW GARDENS, N.Y.--June 15, 1999--Bruce Bendell, Chairman and CEO of Fidelity Holdings, Inc. today announced: "I am pleased with our Company's recent performance. The Company announced record first quarter results on May 17, 1999 and rewarded our long-term shareholders with a dividend in the form of common stock, which became effective June 1, 1999. We have grown rapidly, and expect to continue our progress. We continue to move forward with our strategic regional acquisition policy and management intends to continue our efforts to maintain our record-breaking pace of selling more than 400 used cars each month. Our Technology Division continues with its plans. We expect to produce long-term growth resulting in additional shareholder value."Mr. Bendell further noted the recent drop in price of the Company's common stock, and reiterated that "We are aware of no negative or adverse developments affecting the Company or its operations."
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 risk factors and uncertainties related to that are unpredictable and outside of the influence and/or control of the Company.