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American Vantage Companies reports casino resort plans

3 July 2007

LAS VEGAS, Nevada -- (PRESS RELEASE) -- American Vantage Companies (AVCS.OB), today announced that its majority-owned subsidiary, Brownstone GoldTown, LLC ("Brownstone GoldTown"), is finalizing pre-development and reviewing financing proposals from various institutional funding sources for the permanent financing of a hotel and casino project to be located in Douglas County (within minutes of Nevada's capital, Carson City). This northwestern Nevada project is a joint venture with RFG Gaming & Hospitality, LLC, as well as certain non-affiliated investors.

In addition to Brownstone GoldTown's equity ownership in the Brownstone GoldTown Hotel and Casino Resort, Brownstone GoldTown is expected to receive to-be negotiated development and management fees from the hotel and casino operations.

Construction is expected to begin by late-2007 and to open in 2009 with an estimated Phase I construction cost of $125 million.

The preliminary plans for Phase I of the GoldTown Hotel and Casino Resort project (the "Project") includes:

* 300 hotel rooms and suites

* 92,000 square feet of casino space

* 1,000 slot and video poker machines with further expansion to 2,500 machines

* 24 to 30 table games

* 350-seat Bingo parlor

* 6-table Poker room

* Race and Sports Book

* 250-seat celebrity concert stage and lounge

* Restaurants

* Convention facility and other recreational and support amenities

* 50,000 square feet of retail indoor outlet shopping

Phase II of the Project is expected to include:

* Additional rooms

* Twelve-screen multi-digital cinema complex

* Special events center

* Parking structure

* Additional 50,000 to 100,000 square feet of commercial retail space, multi-use space and multiple family and specialty restaurants

Brownstone GoldTown has also entered into an option agreement, expiring in January 2008, for the planned Project site located on a 45+ acre parcel. The site has been approved for gaming purposes and is located in Douglas County on Interstate Highway 395, the east/west route between Sacramento and San Francisco, California and Reno, with nearby access to State Highway 50 (to Lake Tahoe).

Brownstone GoldTown has engaged the law firm of Lionel Sawyer & Collins of Las Vegas, Nevada as its representative in all legal aspects of the Project development including the Nevada gaming licensing process.

In addition to the GoldTown Hotel and Casino Resort and the previously-announced Big Sandy Rancheria Tribe of Western Mono Indians' hotel and casino development project, the Company continues to pursue other potential merger and acquisitions, joint ventures and other development strategies and opportunities in non-gaming and gaming sectors. However, no assurance can be given that: (i) Brownstone will be successful in completing the GoldTown Hotel and Casino Resort project financing or that rates will be favorable; (ii) Brownstone will successfully complete this Project development; (iii) the Company and Brownstone will successfully obtain licensing and regulatory approvals; and, (iv) the Company will acquire other businesses or, if acquired, such businesses will prove to be profitable.

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