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Fidelity Holdings Names James Wallick as Executive Vice President

20 October 1999

Fidelity Holdings Names James Wallick as Executive Vice President; To Advance Automotive & Finance Activities Throughout the Region

    KEW GARDENS, N.Y.--Oct. 20, 1999--Fidelity Holdings, Inc. today announced that James Wallick, a member of the Board of Directors, has been named Executive Vice President of Fidelity.
    In addition to overseeing the operations of the Company, Mr. Wallick will assist in seeking to expand the business through the acquisition of automotive dealerships, finance and leasing companies. With the Company's aggressive acquisition strategy, Fidelity intends to maintain its focus of creating a strategic position within the regional automotive marketplace. Including the completion of the previously announced Brunner Cadillac, Oldsmobile and Pontiac dealership, Fidelity will hold 12 different auto franchises throughout the New York metropolitan region.
    Mr. Wallick has been involved in automotive, finance and leasing businesses since 1971, as an officer and director of both public and private companies. During his career, he has held several new car franchises representing various manufacturers. Mr. Wallick has been a member of the GMAC Dealer Council, and has been a Director of the Tri-State Chevrolet Dealers Advertising Association. Most recently he serves as president of MIC Leasing. A Director of Fidelity since May 1998, Mr. Wallick has been instrumental in identifying and facilitating several acquisition opportunities for the Company, including the recent acquisition of Essex County, New Jersey-based Compass Lincoln-Mercury.
    Bruce Bendell, Chairman of Fidelity Holdings stated, "James Wallick has a strong track record in revenue-generating acquisitions and mergers. Jim's expertise and professionalism allow him to identify potential acquisition candidates and effectively close and integrate their operations with those of the company. We are excited to bring Jim to our team. We are confident he will continue to be an asset to the Company in his new and expanded role. His background and skills in this field will enhance our expansion goals and, we expect, will help us to achieve significant revenues."
    "In my almost thirty years in the industry, I have seen the evolution to dealership consolidation create great opportunities for revenue growth, and see Major's track record of higher margins in both new and used cars as evidence that we are moving in the right direction. The added attraction is having a chance to apply my automotive experience with Fidelity's technology, which can add even more value to shareholders. I am excited to be a part of Fidelity's expansion, and look forward to a long and successful future at Fidelity," said Mr. Wallick.
    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 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.