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AutoInfo Announces the Filing of a Prepackaged Chapter 11 Reorganization Plan

3 February 2000

AutoInfo, Inc. Announces the Filing of a Prepackaged Chapter 11 Reorganization Plan

    STAMFORD, Conn.--Feb. 3, 2000--AutoInfo, Inc. (OTC BB:AUTO) today announced it has filed a disclosure statement and reorganization plan ("the Plan") pursuant to Chapter 11 of title 11 of the United States Bankruptcy Code. The Plan provides for the issuance of one share of Common Stock and a cash payment of $ 0.03 for each dollar of approximately $9.5 million of unsecured debt.
    The Company further announced that the requisite number and dollar amount of the unsecured creditor group has voted to support of the Plan.
    William Wunderlich, President and Chief Financial Officer of AutoInfo, stated, "we appreciate the cooperation received from the unsecured creditor group in supporting the Board of Directors and management in this restructuring effort. Once the Plan is confirmed by the Bankruptcy Court, AutoInfo will have no remaining debt. This will enable us to seriously pursue opportunities to consummate a transaction with an operating business and maximize the benefit of our tax loss carryforward of approximately $26 million. We view this development as a significant step in our continuing effort to restore shareholder value."

    This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expected or implied. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company, including the ultimate confirmation of the Bankruptcy Plan Therefore, there can be no assurance that forward-looking statements will prove to be accurate