AutoInfo, Inc. Announces Second Quarter 1999 Results.

STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 16, 1999--

AutoInfo, Inc. (OTC BB:AUTO) today announced results of its operations for the six months and quarter ended June 30, 1999. For the six months ended June 30, 199, the Company reported revenues of $50,000 and a net loss of $1,021,000 or $ .13 per share, as compared with revenues of $52,000 and a net loss of $4,837,000, or $ .61 per share, for the six months ended June 30, 1998, which included a loss from discontinued operations of $5,613,000 and an extraordinary gain on debt extinguishment of $1,703,000. For the three months ended June 30, 1999, the Company reported revenues of $15,000 and a net loss of $541,000 or $ .07 per share as compared with revenues of $27,000 and a net loss of $4,268,000, or $ .53 per share, for the three months ended June 30, 1998, which included a loss from discontinued operations of $5,427,000 and an extraordinary gain on debt extinguishment of $1,703,000.

During 1998, the Company ceased to operate as an automobile finance company. In January 1999, the Company's wholly-owned non-prime automobile subsidiary filed a voluntary petition under Chapter 7 of the United States Bankruptcy Code. Accordingly, the net liabilities of this subsidiary have been reclassified as Investment in and advances to subsidiary subject to compromise as they may be affected by the outcome of this bankruptcy filing. Accordingly, the results of operations for its non-prime automobile operations have been reclassified as discontinued operations for the period ended March 31, 1998.

At June 30, 1999, the Company had cash and short term investments of approximately $1.1 million.

William Wunderlich, President and Chief Financial Officer of AutoInfo, stated, "we have continued to significantly reduce operating overhead during the second quarter by negotiating a termination of our lease as well as other cost reductions. In addition, we are continuing to work toward the further restructuring of our remaining debt. We have a tax loss carryforward of approximately $27 million and are seeking a transaction that will maximize the benefit of this asset and enable us to begin to rebuild shareholder value."

However, based upon the Company's poor financial condition, the are no assurances that the Company will be able to continue as a going concern.

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 expected or implied. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions 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 forward-looking statements will prove to be accurate. -0-

                            AUTOINFO, INC.
            CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                              (Unaudited)

                          Six Months Ended        Three Months Ended
                               June 30,                 June 30,
                        1999           1998         1999        1998
                      ---------     --------      -------     --------

Revenues             $   50,000  $    52,000  $    15,000  $    27,000
                     ----------  -----------  -----------  -----------

Costs and expenses:
  Interest expense      484,000       34,000      238,000       19,000
  Operating expenses    586,000      945,000      318,000      552,000
                     ----------  -----------  -----------  -----------
Total operating
  expenses            1,071,000      979,000      556,000      571,000
                     ----------  -----------  -----------  -----------

Loss from continuing
  operations         (1,021,000)    (927,000)    (541,000)    (544,000)
Loss from
  discontinued
  operations                 --   (5,613,000)          --   (5,427,000)
                     -----------  -----------  ----------  -----------

Loss from operations
  before
  extraordinary item (1,021,000)  (6,540,000)    (541,000)  (5,971,000)
Extraordinary item
  - gain on debt
  extinguishment             --    1,703,000           --    1,703,000
                     ----------  -----------  -----------  -----------

Net (loss) income   $(1,021,000) $(4,837,000) $  (541,000) $(4,268,000)
                     ==========  ===========  ===========  ===========

Basic and diluted
  (loss) income per
  share:

From continuing
  operations         $     (.13) $      (.12) $     (.07)  $      (.07)

From discontinued
  operations                 --         (.70)         --          (.67)
Extraordinary item           --          .21          --           .21
                       --------  -----------  -----------  -----------
Basic and diluted
  net (loss) income
  per share                (.13)        (.61)       (.07)         (.53)
                       ========  ===========  ===========  ===========

Weighted average number
  of common and
  common equivalent
  shares              7,997,000    8,008,000   7,997,000     8,019,000
                     ----------    ---------   ---------     ---------


                 CONDENSED CONSOLIDATED BALANCE SHEETS

                                    June 30,         December 31,
                                      1999               1998
                                   ---------------- ------------------
                                   (Unaudited)         (Audited)

Cash and short-term investments     $    1,150,000    $     2,399,000
Investment in subsidiaries                (742,000)          (742,000)
Other assets                                17,000            353,000
                                   ---------------- ------------------
Total assets                       $       425,000     $    2,010,000
                                   ---------------- ------------------

Subordinated notes and other debt   $    9,400,000   $     10,038,000
Other liabilities                          602,000            536,000
Stockholders' (deficit) equity          (9,577,000)        (8,564,000)
                                   ---------------- ------------------
Total liabilities and
 stockholders' (deficit) equity     $      425,000   $      2,010,000
                                   ---------------- ------------------