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Inventor Lawrence J. Hardge Joins Fidelity Holdings Team

21 September 1999

Inventor Lawrence J. Hardge Joins Fidelity Holdings Team; Company Forms Cryogenix, Inc. Subsidiary in Technology Division

    KEW GARDENS, N.Y.--Sept. 21, 1999--Fidelity Holdings Inc. , today announced it has engaged Lawrence J. Hardge to facilitate the development and marketing of several of his patented and patent-pending products. Mr. Hardge, President and CEO of New Millennium Environment Research, is an inventor of more than 80 products to be utilized primarily in the field of environmental research and development. Mr. Hardge will serve as a consultant to Fidelity within the Company's Technology division.
    Mr. Hardge plans to work with Fidelity to leverage several of his recent inventions, including a patented fire extinguisher, Knockout(TM), that is expected to improve upon existing fire agents by terminating fires instantaneously without leaving residue or causing harm to the environment, the human body or machinery. The product has been successfully demonstrated for companies and governmental agencies that expressed great interest in the potential of Knockout(TM). The Company has formed a new subsidiary, Cryogenix, Inc., to capitalize upon the promise of Knockout(TM), and will proceed toward immediate development of the product. Mr. Hardge will serve as president of Cryogenix.
    "I am excited to be a member of the Fidelity team, to develop our products and bring them to market. The important part of my decision was the Company's commitment to not merely exploit inventions, but to achieve an important goal of mine: the protection of the environment," Mr. Hardge said.
    Mr. Hardge has been involved in the field of environment research and development for more than 10 years. In 1996, he formed his privately owned consulting practice, Lawrence Hardge Research & Development, specializing in the areas of chemical production and hazardous materials. He has served as independent contractor to a number of leading organizations, including Texas State Technical Institute, American Fire & Safety Corp., March Air Force Base, Unocal Refinery, On-Site Engineering, Inc., Precision Environmental, Inc., Ogden Environmental, Inc., and Environmental Management Corporation. Mr. Hardge has also worked as a chemical technician for General Electric, in the company's Plastics Division in Oxnard, California.
    "We believe Cryogenix has tremendous potential," said Doron Cohen, President of Fidelity. "With Lawrence Hardge's involvement, we are confident we can gain greater development and market penetration of the Company's existing products, and accelerate the deployment of new products for use in the growing field of environmental engineering and safety. This, we believe, will help create a greater shareholder value, which then must be assessed as we contemplate the future of the Technology division."
    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 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.
    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 and 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.