Newly-Formed Fidelity National Information Solutions (FNIS)
Adds MLS Powerhouse RISCO and REEZ.com Transaction Management System and Approves Refinance Plan to Reduce Company Debt by $9.5 Million

FNIS’ expanded MLS Systems division and Agent-Broker enterprise suite
deliver unequaled service

SANTA BARBARA, CA, August 8, 2001 -- Fidelity National Information Solutions (NASDAQ: FNIS) announced today the additions of RISCO and REEZ.com to its organization, rounding out the newly formed company’s Multiple Listing Service (MLS) Systems division and transaction management offerings. A key player in the Internet-based MLS systems industry, RISCO was acquired by FNIS majority shareholder Fidelity National Financial (NYSE: FNF) in June, which contributed the company’s assets to FNIS following today’s board approval. Real estate technology company REEZ.com, the creator of a transaction management technology system, was also acquired by FNF in June and subsequently contributed to FNIS following today’s board approval. With the additions of RISCO and REEZ.com, FNF now holds approximately 80 percent of FNIS’ stock.

During today’s meeting, the FNIS board also approved a refinancing plan that would consolidate all of the Company’s outstanding debt and preferred stock securities and take advantage of discount purchases of these securities by FNF, resulting in debt reduction and annual interest savings of approximately $9.5 million and $800,000 respectively, strengthening the company’s financial standing and increasing free cash flow.

FNIS is the first company to effectively address the full range of database information and services required by lenders and real estate professionals to complete a property transaction. As the premier data and services source for real estate professionals, FNIS formed its MLS Systems division to serve North America’s growing multiple listings service organizations. With the addition of REEZ.com, FNIS will also have the ability to provide Realtors®, consumers and service providers with an online platform for scheduling, tracking and closing real estate transactions, complementing the company’s broker-agent enterprise suite.

“FNIS is committed to bringing superior technology and vital business intelligence to the Realtor® desktop, and our enhanced presence in the MLS systems arena will play a vital role in this effort,” said FNIS President and Chief Operating Officer Eric Swenson. “As the nation’s leading MLS systems provider and the single source provider for all real estate-related data services, FNIS has the ability to provide real estate professionals with the data and services they need to speed transactions without added risk.”

With the addition of RISCO’s expansive customer base, FNIS now serves nearly one out of every two Realtors® nationwide, providing a unique distribution channel for all of the Company’s real estate-related products and services. 

The executive management for FNIS’ MLS Systems Division includes: 
· Garry Wright, Executive Vice President
· Tim Harrison, Senior Vice President, Operations
· Richard Jacobson, Senior Vice President, Sales

“FNIS possesses the resources and commitment needed to proactively respond to clients’ needs and develop the best MLS technology in the industry,” said Garry Wright, Executive Vice President, FNIS, MLS Systems Division. “The requirements of small MLS services differ from their larger counterparts; our Internet browser-based technology will enable us to serve the unique needs of all MLS segments, regardless of size.”

For more information regarding FNIS or the company’s MLS Systems division, visit our Web site at www.fnis.com.

About Fidelity National Information Solutions (FNIS)

Fidelity National Information Solutions (FNIS) is redefining the property transaction management process for the nation’s most respected lenders and real estate professionals. It increases its clients’ productivity and revenues by delivering vital business intelligence to speed property transactions and eliminate risk throughout the entire life cycle of homeownership. Mortgage and commercial lenders and risk management professionals depend on FNIS for credit reporting services, flood compliance services, automated valuation and appraisal services, real estate tax services and other products and services that utilize the industry’s most comprehensive, current and accurate databases. Nearly half of North America’s real estate professionals use FNIS multiple listings service (MLS) systems. FNIS is uniquely capable of helping all sizes of MLS systems in analyzing and mining their own databases, generating new business, managing sales transactions with productivity tools, and accessing other relevant data, such as public records and disclosure information, from their desktops.

About Fidelity National Financial

Fidelity National Financial, Inc. is the nation's largest title insurance and diversified real estate related services company. The Company's title insurance underwriters – Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title -- together issue approximately 30 percent of all title insurance policies nationally. The company provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada. In addition, Fidelity, through its principal subsidiaries, performs other real estate-related services such as escrow, flood certifications, real estate tax services, credit reporting, property appraisal services, exchange intermediary services in connection with real estate transactions, loan portfolio services, field services, default services, foreclosure publishing and posting services, reconveyances, home warranty insurance and real estate information and technology services. More information about the Company can be found on Fidelity's website, located at www.fnf.com.

Forward Looking Statements

This press release contains forward-looking statements. The words “believe," "expects," "intend," "anticipate," "will," and "project," and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, competition and other risks detailed from time to time in each company's filings with the Securities and Exchange Commission. SOURCE: Fidelity National Information Solutions. 

CONTACT: Daniel Kennedy Murphy, Director of Investor Relations of Fidelity National Financial, Inc., 805-696-7218, dkmurphy@fnf.com; Darcy Patch, Vice President of Marketing, Fidelity National Information Solutions, 949-477-1173, dpatch@fnf.com. 

return to headlines page