To: StockDung who wrote (7813 ) 5/14/2000 3:04:00 AM From: afrayem onigwecher Read Replies (1) | Respond to of 10354
Fidelity Holdings, Inc. Announces Plans to Buy Back Up to 1,000,000 of its Outstanding Shares KEW GARDENS, N.Y.--(BUSINESS WIRE)--May 11, 2000--Fidelity Holdings, Inc. (NASDAQ: FDHG) today announced that its Board of Directors has authorized the repurchase of up to 1,000,000 shares of the Company's outstanding common stock. The Company believes that at current levels, the stock is greatly undervalued. In light of the Company's business prospects and existing plans for future growth in both its automotive and technology divisions, the Board determined to repurchase shares. The Company intends to repurchase shares depending on market conditions and the price per share. 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. For additional information visit our website at www.fdhg.com, www.majorautomotive.com, www.majorworld.com, www.ig2.com, www.carstv.com, www.internetconnections.com, www.infotalkie.com and www.talkie.co.il. 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. -------------------------------------------------------------------------------- Contact: Wolfe Axelrod Weinberger Assoc. LLC Jeffrey Volk, 212-370-4500; 212-370-4505 (Fax) e-mail: jeff@wolfeaxelrod.com