AMC Financial Holdings, Inc. Announces Name Change, Reinstatement of Plan of Liquidation and Liquidating Dividend

AMC Financial Holdings, Inc. Announces Name Change, Reinstatement
of Plan of Liquidation and Liquidating Dividend 


HOUSTON, April 23  /PRNewswire-FirstCall/ -- On April 13, 2004, AMC Financial
Inc. (Pink Sheets: ACFL), a Delaware corporation, changed its name to AMC
Financial Holdings, Inc. (the "Company").

On April 20, 2004, a private investment group acquired 1,953,949 shares of the
Company held by Aegis Mortgage Company and 2,819,620 shares held or controlled
by the majority stockholder of Aegis Mortgage Company (the "change in
control").  The private investment group and persons affiliated with it
presently own or control over 80% of the issued and outstanding shares of the
Company.

On April 22, 2004, the Company reinstated the plan of liquidation and
dissolution which was adopted on September 12, 2000 and rescinded on September
8, 2003.

On April 22, 2004, the Company declared a liquidating cash dividend in the
amount of $1.75 per share, to be distributed on May 5, 2004 to shareholders of
record on the close of business on April 30, 2004.

The audited consolidated financial statements of the Company and its
subsidiaries for the fiscal year ending December 31, 2003 have been issued and
will be distributed to all shareholders of the Company.

Effective on the change in control of the Company, the existing directors of
the Company resigned and the following persons were elected to the board of
directors of the Company:  J. Heyward Taylor, Bill Goss, R. T. Gray and Martin
Schwartz.

Effective on the change in control of the Company, the existing executive
officers of the Company resigned and J. Heyward Taylor was elected Chairman of
the Board and Bill Goss was elected President and Chief Executive Officer of
the Company.

  Contact:

  Michael C. Balog
  AMC Financial Holdings, Inc.
  3250 Briar Park, Suite 400
  Houston, TX  77042
  Telephone:  [phone]



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DATASOURCE: AMC Financial Holdings, Inc.



CONTACT:  Michael C. Balog, AMC Financial Holdings, Inc.,

[phone]

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