Major Automotive Discusses Plans for Future of CarsTV
17 February 2000
Major Automotive Discusses Plans for Future of CarsTV
NEW YORK--Feb. 17, 2000--Fidelity Holdings, Inc. , which today announced that it has completed the acquisition of CarsTV.com, Inc. ("CarsTV"), discussed plans for CarsTV's cable television services, supplying automotive content for the cable industry, within Major Automotive. The Company previously outlined strategy within Fidelity's technology division.The CarsTV division (www.carstv.com) provides software that enables the easy assimilation and distribution of data in the database of an automotive dealer company to the local cable operator for content distribution. Currently operating throughout Virginia, providing Cable TV content to Media One, Adelphia, Comcast and Cox Communication systems, CarsTV generates all of its information from the Internet and through its proprietary software converts the information into a video signal, broadcasted via local cable outlets to more than 700,000 households in the Virginia area.
Bruce Bendell, Chairman of Fidelity Holdings, said: "CarsTV's system is another important tool to be able to sell cars, new and used, to a wider audience. We have always been at the forefront of integrating technology in our generating sales, but while our Internet sales increase, the audience is necessarily limited to those already browsing the Internet. The CarsTV product gives an automotive company access to the households in its regional area with cable television or Internet, and the ease to the consumer is significant. The customer is able to shop for vehicles from the comfort of his own home."
Jack Singer, President of CarsTV, continued: "The CarsTV product enables our customers to broaden the scope of their advertising efforts from just the Internet or just traditional television broadcast by taking advantage of their convergence. The ability to bring the car into a home via television or Internet with immediate updates is important. We believe that the combination of the Major team's expertise and the CarsTV products can increase Major Automotive's sales abilities. In today's marketplace, the importance of one more tool in the competition for the interest of the consumer cannot be underestimated."
James Wallick, Executive Vice President of Fidelity commented: "As we work to expand CarsTV's presence from local to regional and ultimately throughout the United States, we expect to extend the reach of Major World to customers nationally. In the Internet Age, a local dealership can have sales far outside its local area. This feature of the Major World brand provides additional incentive to our acquisition candidates. CarsTV is already contributing to our local dealerships in website design and management, as well as streamlining our international operations."
Fidelity Holdings is 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 its IG2, Inc., subsidiary, its Info Systems, Inc. subsidiary, its CarsTV subsidiary and its plastics subsidiary.
For additional information, visit our website at www.fdhg.com, www.ig2.com, www.infotalkie.com, www.majorautomotive.com, www.majorworld.com, www.carstv.com and www.internetconnections.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.
