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American Vantage Companies Announces Results for Q1

21 December 2000

LAS VEGAS, Nevada --(Press Release)--Dec. 21, 2000--American Vantage Companies (NASDAQ:AVCS) announced today the results of its operations for the three months ended October 31, 2000, its first quarter of Fiscal 2001.

Loss from operations for the period totaled $76,000 as compared to a loss of $315,000 for the first quarter of Fiscal 2000. Net loss for the first quarter of Fiscal 2001 was $577,000 ($0.12 loss per basic and diluted share) versus a $537,000 loss ($0.11 loss per basic and diluted share) for the same period in Fiscal 2000.

During Fiscal 2000, the Company began a corporate restructuring to divest itself of its non-core assets. Although the restructuring has not been finalized, it will involve the sale of land held by the Company and the disposition of other existing operations/investments and may include the acquisition of new subsidiaries or a merger transaction.

As a part of the restructuring the Company discontinued its WCW Nitro Grill restaurant operation in Fiscal 2000 and has begun to explore alternatives for its recruiting/internet operation, which could include the sale or closure of the operation. The recruiting/internet operation had an operating loss of $ 81,000, net of income tax benefits, for the first quarter of Fiscal 2001. The Company also recorded a $352,000 expense, net of income tax benefits, in the first quarter of Fiscal 2001, related to the planned discontinuance of this subsidiary.

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