AMCON Announces Reverse Stock Split.

Business Editors

OMAHA, Neb.--(BUSINESS WIRE)--Jan. 20, 2004

AMCON Distributing Company (AMEX:DIT), an Omaha, NE based consumer products distributor, announced today that its board of directors approved a one-for-six reverse stock split of its common stock which will result in the cashing-out of all stockholders holding less than six shares. The reverse stock split is subject to approval by stockholders at AMCON's annual meeting to be held on March 11, 2004. If approved by stockholders, AMCON expects to effect the reverse stock split as soon as practicable following the annual meeting.

The board of directors is recommending the reverse stock split primarily (i) to reduce administrative and mailing costs associated with the maintenance of small stockholder accounts and (ii) to provide small stockholders with an opportunity to liquidate their shares easily.

William F. Wright, Chairman of AMCON, described the transaction as "a win-win situation for AMCON and all of its stockholders."

"Back in 1995, Cable Car Beverage Corporation, a public company who owned approximately 12% of the shares of AMCON common stock, distributed our common stock to their stockholders on a one-for-33 basis, resulting in a large number of small AMCON stockholders. Today, we estimate that approximately 66% of our stockholders of record hold fewer than six shares of common stock and that those stockholders constitute only 0.04% of the outstanding shares of AMCON common stock. The cost of administering each of these stockholder accounts is disproportionately high when compared to the total number of shares involved. On the other hand, these small stockholders have virtually no liquidity due to the disproportionately high brokerage costs when compared to a stockholding of less than $30."

Wright added, "We are pleased to offer our small stockholders an opportunity to liquidate their holdings without incurring brokerage costs while at the same time benefiting AMCON and its continuing stockholders by reducing costs associated with administering so many small stockholder accounts."

AMCON is a leading wholesale distributor of consumer products including beverages, candy, tobacco, groceries, food service, frozen and chilled foods, and health and beauty care products with distribution centers in Illinois, Missouri, Nebraska, North Dakota, South Dakota and Wyoming. Chamberlin's Natural Foods, Inc. and Health Food Associates, Inc., both wholly-owned subsidiaries of The Healthy Edge, Inc. (formerly Food For Health Co., Inc.), operate health and natural product retail stores in central Florida (7), Kansas, Missouri, Nebraska and Oklahoma (3). The retail stores operate under the names Chamberlin's Market & Cafe and Akin's Natural Foods Market. Hawaiian Natural Water Company, Inc., which was acquired in December of 2001, produces and sells natural spring water under the Hawaiian Springs label. The water is bottled at the source on the Big Island of Hawaii. The Beverage Group, Inc. markets and distributes Hawaiian Springs and other premium beverage products, including HYPE Energy Drink, Kona Coffee, Bottle Green and Bahia drinks, and Xterra, a line of sports beverages and energy bars, in the United States, Canada and Mexico.

This news release may contain forward looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in our forward looking statements. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward looking statements.

Visit AMCON Distributing Company's web site at: www.amcon.com