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Fidelity Holdings Moving to NASDAQ National Market

2 August 1999

Fidelity Holdings Moving to NASDAQ National Market; Trading to Begin August 3, 1999

    KEW GARDENS, N.Y.--Aug. 2, 1999--Fidelity Holdings, Inc. (NASDAQ SmallCap:FDHG) today announced that the Company has been accepted for listing on the NASDAQ National Market and will begin trading Tuesday, August 3, 1999.
    Bruce Bendell, Chairman, commented, "The Company has vigorously worked to achieve its strategic objectives which included NASDAQ National Market listing. The continuing contributions of Major Automotive to Fidelity and its regional acquisition strategy, we believe, will provide the Company visibility to investors that only invest in NASDAQ National Market, AMEX and NYSE companies."
    "We believe that Fidelity's recent inclusion in the Russell 2000(R)Index, coupled with our NASDAQ National Market listing, will greatly enhance our Company's profile in the investment community. We are honored to be among those select companies meriting membership in both Nasdaq National Market and the Russell 2000(R) Index. We are proud of the success achieved by our Computer Business Sciences (CBS) division, particularly in IG-2, Inc. and with our Talkie(R) products. We believe that increased visibility among major institutions and fund managers will enable Fidelity to significantly widen its horizons and help us to engage a first-tier investment banking firm," concluded Doron Cohen, President.
    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 IG-2, 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.