Fidelity Holdings Announces Key Management Changes
27 June 2000
Fidelity Holdings Announces Key Management Changes
KEW GARDENS, N.Y.--June 27, 2000--James Wallick, COO, Named President
Fidelity Holdings, Inc. (Nasdaq NM: FDHG - news) today announced that Doron Cohen has resigned as the company's president, chief executive officer and a director in order to pursue other interests. Consequently, Bruce Bendell, chairman of Fidelity Holdings, will assume the position of chief executive officer. Additionally, James Wallick, chief operating officer and a director of the company, has been named president.
Doron Cohen stated, "I am proud to have played a key role in helping Fidelity grow from a small bulletin board listed company to a Nasdaq National listed company and will continue to assist the company in any way possible. I am grateful to my colleagues, the staff and shareholders of Fidelity Holdings for their support and dedication and leave the company in the very capable hands of Bruce Bendell and Jim Wallick at Major Automotive and Dennis Roth and Kimberly Peacock at IG2, Inc. I continue to believe in the company and its outstanding prospects and, as I remain a shareholder, look forward to sharing in its success," said Mr. Cohen.
Bruce Bendell, Chairman and CEO of Fidelity Holdings, noted, "Doron Cohen has played an integral role in helping Fidelity achieve its goals and objectives since founding the company in 1995. While he will be missed, we look forward to his support and wish him well in his new endeavors.
Fidelity Holdings is 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 primarily through Computer Business Sciences, its IG2, Inc. subsidiary, its Info Systems, Inc. subsidiary and its CarsTV.com, Inc. subsidiary.
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.