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AutoInfo Announces Claims Bar Date

18 February 2000

AutoInfo, Inc. Announces Claims Bar Date, Disclosure Statement Hearing and Confirmation Hearing Date Regarding its Prepackaged Chapter 11 Reorganization Plan

    STAMFORD, Conn.--Feb. 17, 2000--AutoInfo, Inc. (OTCBB:AUTO) today announced that a hearing to consider compliance with the disclosure requirements, any objections to the disclosure statement (the "Disclosure Compliance Hearing"), and any other matter that may properly come before the Bankruptcy Court, will be held before the Honorable Adlai S. Hardin, Jr., United States Bankruptcy Judge, in Room 520 of the United States Bankruptcy Court, 300 Quarropas Street, White Plains, New York 10601, on March 15, 2000 at 11:00 o'clock a.m.
    A hearing to consider confirmation of the reorganization plan (the "Plan"), any objections thereto, and any other matter that may properly come before the Bankruptcy Court will be held before the Honorable Adlai S. Hardin, Jr., United States Bankruptcy Judge, in Room 520 of the United States Bankruptcy Court, 300 Quarropas Street, White Plains, New York 10601, immediately following the Disclosure Compliance Hearing referred to above.
    The United States Bankruptcy Court has established 4:00 p.m. Eastern Standard Time on March 3, 2000 as the General Bar Date for all persons and entities that assert a claim, with the exception of governmental units whose Bar Date is 4:00 p.m. Eastern Standard Time on March 14, 2000, to file a written proof of such Claim with the Clerk of the Bankruptcy Court (the "Clerk") by mailing the proof of such claim to the Clerk at the United States Bankruptcy Court, S.D.N.Y., 300 Quarropas Street, White Plains, New York 10601.
    In addition, the first meeting of creditors pursuant to a section 341(a) of the Bankruptcy Code shall be held at the U.S. Trustee Meeting Room, Room 243a, 300 Quarropas Street, White Plains, New York 10004, on March 1, 2000, at 1:00 o'clock p.m.
    All documents on file on this case, Case No. 00-10368, can be viewed on the Bankruptcy Court's InterNet site as follows: http://ecf.nysb.uscourts.gov/index.html
    William Wunderlich, President and Chief Financial Officer of AutoInfo stated, "we are moving forward with the Plan and are appreciative of the consideration received from the Bankruptcy Court in keeping us on a fast track. We look forward to the confirmation of our Plan so that we may proceed toward the consummation of a transaction in our continuing efforts 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.