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American Vantage Reports Loss

14 December 2001

LAS VEGAS, Nevada – Dec. 14, 2001 --American Vantage Cos. of Las Vegas reported a loss of $277,000, or 6 cents per share, for the quarter ending Oct. 31.

The company reported no revenues for the quarter. In the year-ago period, it lost $577,000, or 12 cents per share, with no revenues.

American Vantage's only remaining operating asset is a 49 percent ownership interest in the Border Grill restaurant at the Mandalay Bay hotel-casino on the Las Vegas Strip, though this is reported as an unconsolidated affiliate. American Vantage reported income of $98,000 from the restaurant operation.

The company also has 60 acres of land in North Las Vegas as an asset held for sale.

American Vantage said it is pursuing an acquisition or merger strategy, and has hired an investment banker.

"Prospects have been presented to the investment banker for review," the company said. "Currently, preliminary due diligence is being conducted to determine if any of the candidates present a viable opportunity for the company."

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