Ag Services of America Files Proxy and Sets Shareholder Meeting.

Business Editors

CEDAR FALLS, Iowa--(BUSINESS WIRE)--June 18, 2003

Ag Services of America, Inc. (NYSE:ASV) today announced that the definitive proxy statement has been mailed to shareholders for approval of the Company's previously announced transaction with American Securities Capital Partners, L.P. (ASCP). Shareholders of record as of June 2, 2003 are entitled to notice of, and to vote at, the Annual Meeting. The Company's annual shareholder meeting has been scheduled for 9 a.m. Central Standard Time on Monday, July 14th, 2003 at the Company's corporate headquarters in Cedar Falls, Iowa.

Additionally, the Company announced it has reached an agreement with ASCP to extend the original closing date of the transaction from June 15th, to July 15th of this year. The Company has also secured extensions on its existing lines of credit as it works toward the close of the transaction with ASCP.

American Securities Capital Partners is the private-equity investment arm of American Securities, a family office founded in 1947 by the late William Rosenwald, to manage his share of his family's Sears Roebuck fortune. ASCP manages more than $1 billion of committed capital in private equity and is currently investing its third private-equity investment fund with outside investors, which has $650 million of capital committed.

Ag Services of America, Inc. is based in Cedar Falls, Iowa, and is a leading supplier of crop input financing and agricultural inputs, including seed, chemicals and fertilizers to primarily corn and soybean growers in the U.S. The Company's one-stop shopping business model includes competitive and flexible financing packages through its AgriFlex Credit(R) program combined with the most comprehensive offering of agricultural inputs from national sources such as Asgrow, BASF, Dekalb, Dow AgroSciences, DuPont, Garst, Monsanto, Syngenta and Pioneer Hi-Bred. The Company also administers additional financing programs for various suppliers, manufacturers and distributors in the agricultural industry and provides ancillary services such as crop insurance and grain marketing.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. The factors that could cause actual results to differ materially, include the following: general economic conditions within the agricultural industry; unknown risks; timing and/or probability of consummating the ASCP transaction; ability to obtain long term financing; an unexpected shareholder vote to disapprove the contemplated securities purchase agreement; an unexpected withdrawal by ASCP of the investment offered; and the risks described from time to time in the Company's SEC reports.

AgriFlex Credit is a registered trademark of Ag Services of America, Inc. All other trademarks or product names are the property of their respective owners.

For more information visit www.agservices.com or www.american-securities.com.