USA: Fidelity Holdings to Improve Focus of Its Technology Business Unit
Fidelity Holdings, Inc. (Nasdaq NM: FDHG) today announced that it is reviewing various options with respect to its corporate structure, including the relationship with IG2, the company's telecommunications subsidiary. Based on advice from Rodman & Renshaw, its recently engaged financial advisor, a New York based investment banking firm, as well as its own extensive analysis, Fidelity is considering the appropriate actions to maximize shareholder value, which may include selecting a strategic partner/investor or sale or spin-off of IG2. The Company believes that establishing IG2 as a separate company would clarify its status, attract investment and allow Fidelity's rapidly growing automotive activity, Major Automotive Group, to continue its growth unencumbered by the start-up expenses attributable to establishing IG2. While no decision has been made to date, it is anticipated that a decision regarding IG2 will be reached within the next 30 to 60 days and such decision implemented by late 2000 or early 2001.
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