American Fire Retardant Corp. Schedules Annual Shareholder Meeting.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--April 29, 2002

American Fire Retardant Corp. (OTCBB:AFRC) (www.americanfireretardant.com), a fire protection company that specializes in fire prevention and fire containment is pleased to announce to all shareholders that the company has scheduled its annual shareholder meeting for 12:00 p.m., May 23, 2002 in Vista, Calif.

"The company has achieved some very large milestones over the past 12 months. More importantly, the company is headed in a direction that should prove to be very favorable for stockholders," stated American Fire Retardant Corp. President Stephen Owens.

Shareholders of record at the close of business on April 15, 2002, are entitled to notice of, and to vote at the meeting or any adjournments thereof. The items to be voted on at the meeting include the following:

To elect three (3) directors to the Board of Directors.

To approve an amendment to Article V of our Certificate of Incorporation for the purpose of effecting a one-for-ten reverse stock split of our common stock as of the "Effective Date."

To approve an amendment to Article V of our Certificate of Incorporation to authorize 10,000,000 shares of preferred stock, par value $.001 per share, and to permit such shares of preferred stock to be designated and issued from time to time, and the rights of such preferred stock to be fixed from time to time, by the Board of Directors without shareholder approval.

To ratify the appointment of HJ Associates & Consultants, LLP as independent auditors for the company for the year ending Dec. 31, 2001

To transact such other business as may properly come before the meeting or any adjournments thereof.

"The officers of American Fire Retardant Corp. are dedicated to enhancing shareholder value through the management of its underlying businesses, to the extent that they produce positive cash flows and earnings per share. American Fire Retardant Corp. believes that as our current business continues to develop, the share price of AFRC common stock will begin to reflect the value of the company," stated Owens.

"With regard to the proposed reverse split in the recent SEC filing, it is the intent of AFRC management to consider utilizing this financial tool at the appropriate time as a means to upgrade to a listed exchange on which AFRC's common stock is traded," commented American Fire Retardant Corp. CEO, Raoul Carroll.

About American Fire Retardant Corp.

American Fire Retardant Corp. is in the business of developing, manufacturing and marketing a line of interior and exterior fire retardant chemicals. The company provides fire resistive finishing services through its "Textile Processing Center" for commercial users.

American Fire Retardant Corp. also designs new technology for future fire resistive applications that are being mandated by local, state and governmental agencies. Additionally, the company is active in the construction industry as sub-contractors for fire stop and fire film installations.

Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this new release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results.