American Vantage Cos.

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International Guild of Hospitality & Restaurant Managers

6787 West Tropicana , Suite 200
Las Vegas , NV 89103
Phone: (702) 227-9800
Fax: (702) 227-8525
http://www.americanvantage.com

American Vantage Companies currently has minimal operations. The Company had been engaged in providing gaming consulting services to Table Mountain Casino & Bingo, a tribal gaming enterprise on a Federal Indian Rancheria in Friant, California (the Table Mountain Casino) until May 1999, when its contract to provide consulting services to the Table Mountain Casino was prematurely terminated by the Table Mountain Band of Indians (the Table Mountain Tribe). The Company sold its 20-acre parcel of land in Fiscal 2001 and intends to sell certain of its other principal assets in order to provide cash resources sufficient to acquire, merge into or make an investment in an existing business or businesses. The Company is currently reviewing opportunities in order to maximize its resources. The Company was incorporated in 1979, under the name Western Casinos, Inc.

In May 1999, Sitka Restaurant Group, Inc. (Sitka), a majority-owned subsidiary of the Company, opened the WCW Nitro Grill (the Nitro Grill), a themed restaurant, in the Excalibur Hotel and Casino in Las Vegas, Nevada. The Company closed the Nitro Grill in September 2000.

In February 1999, Vantage Bay Group, Inc. (Vantage Bay), a wholly owned subsidiary of the Company, purchased a 49% interest in the Border Grill (the Border Grill), a restaurant located in the Mandalay Bay Hotel and Casino in Las Vegas, Nevada. In June 2001, the Company sold to P.T. Corporation, approximately 20 acres of undeveloped real property located in North Las Vegas , Nevada .

Table Mountain Casino

On February 1, 1996 , the Company entered into a new consulting agreement (the 1996 Agreement). The 1996 Agreement required that the Company consult and provide technical assistance, training and advice to the Table Mountain Tribe concerning all matters relating to the operation and business activities of the Table Mountain Casino, including, but not limited to, organization and administration, planning and development, gaming activities, internal controls and accounting procedures, cage operations, engineering and maintenance, housekeeping, human resources, management information services, marketing and advertising, purchasing, surveillance, security and food and beverage operations.

WCW Nitro Grill

On November 12, 1998 , Sitka entered into a license agreement (the License Agreement) with World Championship Wrestling, Inc. (WCW) to develop one or more themed restaurants to be named the WCW Nitro Grill. The Company agreed to guarantee all payments due from Sitka to WCW.

The License Agreement commenced on May 1, 1999 , and was to remain in effect so long as Sitka continued to open a minimum number of restaurants or, in the alternative, met certain minimum royalties. The License Agreement provided for Sitka to make certain minimum guaranteed payments upon the opening of each restaurant and annually thereafter to WCW against royalties payable to WCW based on gross sales of food and beverages, merchandise and fee-based attractions and/or promotions. The License Agreement was terminable by either party upon 120 days' written notice to the other party.

On May 17, 1999 , the first WCW Nitro Grill opened in the Excalibur. On September 28, 2000 , the Company announced its closing of the Nitro Grill effective September 30, 2000 , due to operating results.

Border Grill

On November 12, 1998 , Vantage Bay entered into an operating agreement (the Operating Agreement) with TT&T, LLC (TT&T) to develop a restaurant named the Border Grill. The Operating Agreement provides that Vantage Bay, in exchange for a 49% interest in the Border Grill, contribute $251,000 upon the execution of the Operating Agreement and, thereafter, contribute further capital, up to an aggregate of $2,750,000, all of which was contributed by the Company through the year ended July 31, 2000, to fund the development of the restaurant subject to the terms and conditions of the Operating Agreement. Vantage Bay also agreed to loan to TT&T up to $175,000 for development and operation of the restaurant. The Company agreed to guarantee all payments due from Vantage Bay to TT&T. The Border Grill opened in the Mandalay Bay Hotel and Casino in Las Vegas , Nevada on June 17, 1999. Since inception, the Company received a return of capital in the amount of $700,000, all of which was received in Fiscal 2001.

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Disclaimer:
The data included within the Financial section is solely for information and does not construe a recommendation and/or endorsement by IGHRM or its members to invest funds with any of the companies listed. You are strongly urged to obtain professional advice with qualified individuals or corporations for any investments of funds.