Ambassador Eyewear Group Announces License Agreement With Renowned Fashion Designer Joseph Abboud.

BENSALEM, Pa.--(BUSINESS WIRE)--Sept. 2, 1998--Ambassador Eyewear Group, Inc. (Chicago Stock Exchange: AEY), designer, marketer and distributor of prescription eyeglass frames and nonprescription sunglasses, announced today that they have been granted an exclusive license from Joseph Abboud Worldwide to produce and distribute a comprehensive collection of Joseph Abboud men's optical eyewear and sunglasses for the Spring 1999 season.

Joseph Abboud Worldwide was formed in 1996 and operates under Mr. Abboud's solely owned umbrella company Houndstooth Corporation, which owns the rights to the designer's name and trademarks worldwide.

"We are looking forward to working with Ambassador in distributing our line of optical eyewear and sunglasses to the marketplace," said Joseph Abboud. "This is an important license for me and I am confident that Ambassador's extensive distribution network will give us great recognition in retail outlets around the country."

In addition to Joseph Abboud, Ambassador has established relationships with various fashion designers, fashion celebrities and marketing organizations including Kathy Ireland, Harve Benard, Oscar De La Renta, Halston, and the John Lennon Estate as well as highly recognizable consumer product brands such as Playskool, Nintendo and international jewelry designer Kenneth Jay Lane.

According to Barry Budilov, President and CEO of Ambassador Eyewear Group, "We are pleased about the addition of such a prestigious designer as Joseph Abboud. We are looking forward to expanding the Abboud line and working to create wider distribution channels for the optical eyewear and sunglasses line."

Ambassador distributes its products to a broad and substantial customer base, including Wal-Mart, K-Mart, National Vision Associates and U.S. Vision, as well as to many regional chain stores and local outlets. The Company intends to continue to identify and license trade names and trademarks from various high profile brand sources in an effort to target and capture additional segments of the eyewear market.

For more information, contact Investor Awareness, Inc., at 847-945-2222.

Except for the historical information contained herein, this news release contains forward-looking statements which involve risks and uncertainties, including the acceptance and pricing of new and existing products, general economic conditions as they affect Ambassador's customers, substantial indebtedness, dependence upon licenses, substantial inventory and accounts receivable balances dependence upon certain major customers, an extremely competitive market, as well as other risks detailed from time to time in Ambassador's SEC filings, including the report on Form 10 KSB for the fiscal year ended March 31, 1998 and the Form 10-QSB for the period ending June 30, 1998. In addition, the quarterly information contained herein is derived from the Company's unaudited consolidated financial statements. The results of operations for the three months ended June 30, 1998 are not necessarily indicative of the results that may be expected for the entire fiscal year ending March 31, 1999 or any future period.

CONTACT: Investor Awareness, Inc.

Tony Schor, 847/945-2222

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or

Ambassador Eyewear Group, Inc.

John Lancaster, 800/862-2020