"Next generation" Israel Mutual Fund Launched in New York -- The AMIDEX Israel Technology Fund Tracks Israeli Tech Companies on the NASDAQ.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 15, 2001

AMIDEX Mutual Funds, Inc. has launched the AMIDEX Israel Technology Fund, which invests in an index of 35 technology Israeli companies listed on the NASDAQ. Israel is now third in the world in the number of companies trading on the NASDAQ, and is second only to the US in the number of hi-tech start up companies per year.

"The story behind the success of Israeli technology companies is so compelling that we decided to launch our second Israel focused fund to include the smaller, newer "next generation" Israeli tech companies", said Cliff Goldstein, President of AMIDEX Funds. The first AMIDEX Mutual Fund, the AMIDEX35 (NASDAQ: AMDEX) was launched in 1999.

"While many Israeli companies such as Check Point (NASDAQ: CHKP) and Comverse Technology (NASDAQ: CMVT) are already recognized as market leaders, there is a whole new generation of companies bringing exciting technologies to the marketplace" said Boaz Rahav, Portfolio Manager. "We believe that current market conditions present a great investment opportunity for growth-seeking investors, and that recent price declines make some of the smaller companies an attractive buy" he added. Included in the AMIDEX Israel Technology Fund are M-systems (NASDAQ: FLSH), a leading provider of flash memory chips, Ectel (NASDAQ: ECTX) a provider of equipment and services to global telecommunications carriers, and TTI Team Telecom (NASDAQ: TTIL) a provider of integrated software products.

The AMIDEX Israel Technology Fund is not diversified and has a high industry concentration. It could entail greater risk than a fund with more diversified holdings. Market conditions, interest rates, economic or regulatory developments could significantly affect a single industry, a group of related industries or a specific issuer more adversely than other securities in the market as a whole. The Fund includes only smaller technology companies trading on the NASDAQ. Investing in small sized companies involves greater risk than is customarily associated with investments in larger more established companies due to their lack of experience, product diversification, cash reserves and lack of management depth. These factors may adversely affect the value of an investment.

For more information about the AMIDEX Israel Technology Fund, or for a free prospectus, visit www.amidex.com or call 888-876-3566.

This is not an offering, which can be made only by prospectus. To obtain a copy of the prospectus, and for a complete discussion of risks, charges and expenses, write to the Fund's distributor, Declaration Distributors, Inc., 555 North Lane, Suite 6160, Conshohocken, PA 19428, or call 1-888-876-3566. Please read the prospectus carefully before sending your money. An investor's investment return and principal value will fluctuate, so that your shares when redeemed may be worth more or less than your initial cost. The Fund charges a redemption fee for no-load shares redeemed within 1 year of purchase. There are other expenses that apply to a continual investment in the fund. The Fund is not available to residents of all states.