American Claims Evaluation, Inc. Reports Fourth Quarter and Year End Results.

Business Editors

JERICHO, N.Y.--(BUSINESS WIRE)--May 29, 2002

American Claims Evaluation, Inc. (NASDAQ:AMCE) announced revenues of $1,260,913 and net earnings of $302,839 ($.07 net earnings per share) for the year ended March 31, 2002.

By comparison, revenues for the year ended March 31, 2001 were $1,151,006 with a net loss of $937,222 ($.22 net loss per share).

Net earnings for the year ended March 31, 2002 included a gain of $450,069 ($.11 net earnings per share) on the sale of IVC Industries, Inc. ("IVCO") common stock. The Company received $2.50 in cash for each share of IVCO common share owned as a result of the merger of IVCO and Inverness Medical Innovations, Inc. During the year ended March 31, 2001, the Company had recorded an impairment charge of $916,976 ($.21 net loss per share) related to this investment when it was determined that the IVCO common shares had experienced an other than temporary decline in value.

                            3 Months ended               Year Ended
                        --------------------      --------------------
                        03/31/02    03/31/01      03/31/02    03/31/01
                        --------    --------      --------    --------
                             (Unaudited)

Revenues                $300,634    $318,164    $1,260,913  $1,151,006

Operating loss          (134,882)   (129,369)     (506,270)   (487,759)

Earnings (loss) before
 income tax expense
 (benefit)               357,894     (20,911)      208,839    (934,222)

Net earnings (loss)      417,894     (19,911)      302,839    (937,222)

Net earnings (loss) per
share:
 Basic                     $0.10       $0.00         $0.07      ($0.22)
                       =========   =========     =========     =======
 Diluted                   $0.10       $0.00         $0.07      ($0.22)
                       =========   =========     =========     =======

Weighted average common
shares outstanding:
 Basic                 4,273,500   4,273,500     4,273,500   4,273,500
 Diluted               4,312,591   4,273,500     4,283,273   4,273,500

Excluding the gain on sale of marketable securities, the Company had a net loss before income tax benefit of $241,230 for the year ended March 31, 2002. An income tax benefit of $94,000 was recorded to recognize the utilization of the carryback of such net operating losses for tax purposes.

Except for the historical information contained herein, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic and market conditions, the potential loss or termination of existing clients and contracts and the ability of the Company to successfully identify and thereafter consummate one or more acquisitions.

American Claims Evaluation, Inc., through its wholly owned subsidiary, RPM Rehabilitation & Associates, Inc., offers a full range of vocational rehabilitation and disability management services.

For further information contact: Gary J. Knauer, Chief Financial Officer, American Claims Evaluation, Inc., One Jericho Plaza, Jericho, NY 11753; telephone number [phone].