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American Vantage Cuts Costs, Looks for Deal

30 August 2002

LAS VEGAS – American Vantage Cos. of Las Vegas, which formerly operated a California Indian casino, formed a special committee to seek acquisition opportunities and has retained investment banking firm Gerard Klauer Mattison Inc. to assist the company in its selection of candidates.

A Form 8-K filed Wednesday with the Securities and Exchange Commission said American Vantage initiated a complete corporate restructuring on July 29 that resulted in the severance of all executive and administrative staff, with the exception of Chief Executive Ronald J. Tassinari.

The company also terminated its lease for its executive offices and reduced other administrative expenses. The cost of this restructuring is a one-time charge of $1.5 million, and the company estimates annual cost savings of more than $1 million, according to the filing.

Roy K. Keefer, the company's former chief financial officer, has agreed to provide consulting services for the company in connection with the audit and preparation of its annual report for the year ended July 31, the filing said.

American Vantage Cos., based in Las Vegas, owns a stake in the Border Grill, located in Las Vegas' Mandalay Bay hotel-casino.

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