Fidelity Holdings Selected for Inclusion in Russell 2000 Index
12 July 1999
Fidelity Holdings Selected for Inclusion in Russell 2000 Index
KEW GARDENS, N.Y.--July 12, 1999--Fidelity Holdings, Inc. today announced that the Company has been selected by Russell, a preeminent provider of global investment performance measurement products and portfolio analysis tools, to be included in the Russell 2000(R) Index.The Russell 1000(R), Russell 2000(R) and Russell 3000(R) indexes, as well as midcap, and growth style indexes, are part of a family of U.S. market benchmarks that measure the leading 3,000 securities - approximately 98 percent of the investable U.S. equity market. Russell equity indexes for Australia, Canada, New Zealand and Japan (calculated with Nomura Research Institute) offer broad market or style benchmarks for investors in these regions.
Russell maintains its indexes are the only collection of comprehensive equity style indexes in these markets. Today, more than $100 billion has been invested in portfolios that use Russell's U.S. indexes as a model. In addition, futures are available for both the Russell 1000(R) and Russell 2000(R).
Doron Cohen, President of Fidelity, commented, "The Company is proud to be included in such a prestigious index. At the same time, we are excited by the prospect of the increased awareness of our Company to the institutional investment community."
Bruce Bendell, Chairman, stated, "Fidelity has accomplished significant milestones set forth in its strategic business plan. The performance of Major Automotive and our objective of aggressive acquisition, coupled with the plans for the Company's Technology division, I believe, prompted our dramatic performance. Fidelity's inclusion in the Russell 2000(R) Index is another important step for the Company."
Fidelity Holdings has been a diversified holding company that utilizes information and technology to target industries experiencing consolidation and/or deregulation. The Company has operated 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 IG2, Inc. subsidiaries, 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 the financial statements.
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.