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AutoInfo, Inc. Announces Conditional Confirmation of its Reorganization Plan

2 August 2000

AutoInfo, Inc. Announces Conditional Confirmation of its Reorganization Plan

    STAMFORD, Conn. - AutoInfo, Inc. (OTCBB:AUTO) today announced that its Reorganization Plan has been conditionally confirmed by the Honorable Adlai S. Hardin, Jr., United States Bankruptcy Judge.

    The Plan will become effective without further action by the Court upon the closing of AutoInfo's merger with Sunteck Transport Co., Inc. Such closing is subject to the fulfillment (or waiver by Sunteck) of certain conditions, including AutoInfo's obligation to secure a commitment for $2 million in debt or equity financing prior to closing. A copy of the Sunteck merger agreement is filed as an exhibit to the Company's Disclosure Statement filed in the bankruptcy proceeding (case No. 00-10368).

    William Wunderlich, President and Chief Financial Officer of AutoInfo stated, "The conditional confirmation of the Plan is a significant milestone in our reorganization process. We are extremely pleased that our Plan was accepted by our creditors without a single vote of rejection and that we are now cleared to secure a financial commitment and consummate the merger with Sunteck Transport Co., Inc."

    "We have begun our quest for financing and are developing business strategies to expand Sunteck's revenue base," Mr. Wunderlich added. "Both Harry Wachtel, President of Sunteck, and I are excited about this achievement. We continue to look toward the future, the consummation of the merger and the restoration of shareholder value."