Fidelity Holdings, Inc. Names Former Congressional Telecommunications Committee Chairman Jack M. Fields, Jr. to Head Technology Advisory Board

Business Wire, Sept 9, 1999

KEW GARDENS, N.Y.--(BUSINESS WIRE)--Sept. 9, 1999--

-Former Texas Congressman To Join Fidelity Team-

Fidelity Holdings Inc. announced today that the Honorable Jack M. Fields, Jr., former Congressman from Texas, Chairman of the House Commerce Committee's Telecommunications and Finance Subcommittee and chief architect of the Telecommunications Act of 1996, has agreed in principle to accept the position of Chairman of Fidelity's Technology Advisory Board.

The Technology Advisory Board was established to counsel Fidelity Holdings on ways to improve its technology operations. In this capacity, the Technology Advisory Board will meet regularly with management to discuss strategies and recommendations. The advisory board will also work closely with Fidelity's Board of Directors and, through its advice and strategies, will help determine the future of Computer Business Sciences, particularly IG2, Inc.

"Jack Fields is known as a telecommunications visionary. He brings a unique insight to how technology is changing the economic landscape. His 16 years in Congress, particularly as Chairman of the House Telecommunications Committee, have enabled him to become an important facilitator of the Information Age. His singular ability and qualities make Congressman Fields an ideal choice as Chairman of our Technology Advisory Board," said Doron Cohen, President of Fidelity Holdings.

Kimberly Peacock, Chief Executive Officer of Fidelity's IG2, Inc. subsidiary, commented: "Congressman Fields will set a course for IG2's future, assist us to seek out telecommunications companies who wish to partner in order to provide the next generation Internet services which are real-time in nature and require consumer broadband. This, we believe, will serve to accelerate our service deployment. We are building the IG2(TM) network to enable these advanced services. We look forward to working with other leading telecommunications companies in offering these services."

Contributing to the IG2 platform are a series of consumer electronic manufacturers, software developers and companies seeking additional exposure utilizing e-Commerce.

Fidelity Holdings has been a diversified holding company that utilizes information and technology to target industries experiencing consolidation and/or deregulation. The Company has operated 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 under Computer Business Sciences and its IG2, Inc. subsidiary and its plastics subsidiary.

Fidelity Holdings, Inc. is presently exploring the divestiture of its non-automotive activities by way of sale, merger, consolidation or other opportunities.

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 and 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.