Hometown Auto Retailers Appeals Nasdaq Delisting Determination

28 December 2000

Hometown Auto Retailers Appeals Nasdaq Delisting Determination

    WATERTOWN, Conn.--Dec. 28, 2000--Hometown Auto Retailers (Nasdaq NM: HCAR) Thursday announced that Nasdaq's Listing Qualification Staff had decided to delist Hometown's common stock on Dec. 29, 2000 for failure to maintain the minimum market value criteria for continued listing on the Nasdaq National Market System.
    Hometown has been granted a hearing on Feb. 1, 2001 before a Nasdaq Listing Qualifications Panel to review the Staff's determination. Delisting of Hometown's common stock will be deferred pending the Panel's decision. There can be no assurance that the Panel will grant Hometown's request for continued listing.

    About Hometown

    Hometown Auto Retailers sells new and used cars and light trucks, provides maintenance and repair services, sells replacement parts and provides related financing, insurance and service contracts through 10 dealerships located in Connecticut, Massachusetts, New York and Vermont.
    Hometown's dealerships offer 13 American and Asian automotive brands, including Chevrolet, Chrysler, Daewoo, Dodge, Ford, Isuzu, Jeep, Lincoln, Mazda, Mercury, Oldsmobile, Plymouth and Toyota.
    It is active in two "niche" segments of the automobile market: the sale of Lincoln Town Cars and limousines to livery car and livery fleet operators and the maintenance and repair of cars and trucks at a Ford and Lincoln Mercury factory authorized free-standing service center.

    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 expressed or implied.
    Hometown's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, its ability to consummate, and the timing of acquisitions 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. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.