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AutoInfo, Inc. Announces New Disclosure Statement Hearing Date

10 April 2000

AutoInfo, Inc. Announces New Disclosure Statement Hearing Date Regarding its Prepackaged Chapter 11 Reorganization Plan

    STAMFORD, Conn.--April 7, 2000--AutoInfo, Inc. (OTCBB:AUTO) today announced that the hearing held on April 6, 2000 to consider compliance with the disclosure requirement was adjourned and rescheduled. At the hearing the Court and other interested parties raised issues regarding the adequacy of the disclosure statement. The Company intends to address these issues in an amended disclosure statement. A hearing to consider the amended disclosure statement is scheduled to 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, at 11:00 A.M. on May 11, 2000.
    William Wunderlich, President and Chief Financial Officer of AutoInfo stated, "We anticipate that the amended disclosure statement will satisfy the issues raised by all interested parties. We are hopeful that the acceptance of the disclosure statement will lead to the timely confirmation of our reorganization 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.