Fidelity Holdings Inc. Retains Coleman and Company Securities
28 June 1999
Fidelity Holdings Inc. Retains Coleman and Company Securities to Act as Investment Banking and Financial Advisory Firm
KEW GARDENS, N.Y.--June 28, 1999--Fidelity Holdings Inc. today announced that it has retained New York City based Coleman and Company Securities, Inc. to act as its exclusive investment banking and financial advisory firm.Coleman will assist Fidelity Holdings in the development of its strategic and long-term plans; identification and evaluation of merger, acquisition and divestiture opportunities; location of additional capital and provision of general investment banking and advisory services. Coleman and Company Securities, a NASD member securities firm that was founded in 1951, is a full service investment banking and brokerage firm.
Doron Cohen, President of Fidelity stated: "We are excited to bring Coleman and Company aboard our team to help us attain our objectives. Our long-term growth, as well as shareholder value, remains our most important focus, and we believe that Coleman's advice, expertise, and professionalism will be a significant addition and an affirmation that we can continue our forward progress. We believe that our retention of Coleman and Company will enhance our expansion plans and strategic objectives for both the Automobile and the Technology divisions and that the CBS and IG2 operations will have the opportunity to effectively attain their goals."
"We are very pleased to be working with Fidelity Holdings, helping the Company to expand and implement its business plan," said Philip C. Puccio, Sr., President & CEO of Coleman and Company Securities. "The Automobile division of Fidelity, both new and used car operations, has recently generated record revenues with room for continued growth, and the future of Fidelity's Technology division holds much promise. We believe this will be an exciting and fruitful association."
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, its newly formed 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. Accordingly, all such non-automotive activities have been classified as discontinued operations in its financial statements.
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-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.