Fidelity Holdings Declares Three-for-Two Split of its Common Stock
1 December 1999
Fidelity Holdings Declares Three-for-Two Split of its Common Stock
KEW GARDENS, N.Y.--Dec. 1, 1999--Fidelity Holdings, Inc. today announced that the Board of Directors has declared a 3-for-2 split in the form of a dividend of its common stock. Shareholders of record as of December 17, 1999 will be entitled to receive one additional share of common stock for every two shares held as of the record date.Doron Cohen, President of Fidelity, stated, "We believe that the stock split will provide greater liquidity for our shareholders and will help attract additional institutional investors. We believe Computer Business Sciences, Inc. (CBS) and IG2, Inc. (IG2) have made significant progress in their plan to enter the DSL bundled services market. We are pleased with our recent accomplishments, including Competitive Local Exchange Carrier (CLEC) licenses in 54 of the 62 targeted markets, (with the balance expected in the first quarter of 2000), contracts with Bell Atlantic and Realtech, Open Video System initiative and Interconnection agreements. As we continue along the path outlined in our business plan, we move closer to completing the prerequisites to offering services."
Bruce Bendell, Chairman and CEO of Fidelity, noted, "We are very proud of the strides made by Fidelity and its subsidiaries this year. We believe that the success of our both of our divisions has added significant value to the Company, with such notable achievements as Major Automotive's record used vehicle sales results and our recent dealership acquisitions. We, the Board of Directors, would like to thank our shareholders for their continued loyalty and interest in the future of Fidelity and feel that an appropriate way to reward this support is through the issuance of a stock dividend."
The distribution date is expected to be on or about January 3, 2000 and the additional shares will be mailed on or about that date by the Company's transfer agent.
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 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-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.