August 01, 2000

Lila White
(804) 692-3110

Jeffrey Volk
Fidelity Holdings
(212) 370-4500
Jill Lawrence
(804) 371-0049
Fidelity Holdings Invests Technology Operations in Henrico County
--Company Technology Division to Create 500 New Jobs and Invest $30 Million- -

Richmond - Governor Jim Gilmore today announced that Fidelity Holdings, a Nasdaq National Market company based in Queens, New York, which is developing bundled Internet, telephone, and television services to residential customers over copper telephone lines already installed in the consumer's home, will locate a new technical center in Henrico County for its IG2, Inc. and Internet Connections businesses. The company has committed to investing $30 million while creating up to 500 new jobs. Virginia successfully competed with other localities for the investment.

"We are excited to welcome Fidelity Holdings to Virginia," said Governor Gilmore. "Our growing reputation in the high tech arena is sure to serve as the catalyst for Fidelity's future expansion. We anticipate a long and successful association as the Company gains skilled and dedicated employees and develop their remarkable IG2® business."

"We are pleased to select Virginia as a major technical center from where all Mid-Atlantic operations will be driven. The growing technical infrastructure, the available academic community and skilled workforce and supportive governmental policies make Henrico County an attractive choice," said Dennis Roth, Chairman & CEO of Fidelity Holdings' technology division.

"Henrico County and Virginia will reap the rewards of Fidelity Holdings and its reputation as the 'leading edge' in developing bundled communication services," said Virginia Secretary of Commerce and Trade Barry E. DuVal. "We are honored to have Fidelity as one of our newest technology citizens."

Governor Gilmore approved a $500,000 grant from the Governor's Opportunity Fund to assist Henrico County with site preparation. The Virginia Economic Development Partnership, the Greater Richmond Partnership and Henrico County assisted the company with its decision. The Virginia Department of Business Assistance will provide workforce training services.

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 -- Technology and Automotive. The Technology Division operates primarily through Computer Business Sciences, Inc., its IG2, Inc. subsidiary, its Info Systems, Inc. subsidiary and its, Inc. subsidiary. The Automotive Division operates through Major Automotive Group, a leading consolidator of automotive dealerships in the New York Metropolitan Area and ranked number one nationwide in used car sales dollars as a percentage of overall sales. For additional information, visit Fidelity's websites at, and


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