American HealthChoice Announces First Half Results.

Business & Health Editors

IRVING, Texas--(BUSINESS WIRE)--May 15, 2001

American HealthChoice, Inc. (OTCBB:AMHI) today announced financial results for the quarter ended March 31, 2001.

Net income for the six months ended March 31, 2001 was $73,000 compared to a net income of $74,000 for the same period in 2000. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $454,000 in 2001 compared to $152,000 in 2000. The primary difference between net income and EBITDA for the March 2001 six month period is goodwill amortization of $194,000. This non-cash charge, which will continue in future quarters, amortizes over a ten year term the excess in purchase price over the fair value of clinic assets acquired in September 2000.

Chairman and CEO Dr. J. W. Stucki stated "We are pleased with our financial results for the first half of fiscal 2001 measured in terms of EBITDA. Historically, the quarters ending in June and September have been the strongest for patient revenues. Based on this assumption, we fully expect to meet our goal of $1,000,000 in EBITDA for the fiscal year ended September 30, 2001."

Dr. Stucki also stated "The Company plans to acquire additional established clinics that are profitable and cash flow positive. Specifically, in the current quarter, a letter of intent will be finalized to acquire an established chiropractic clinic in Brownsville, Texas.

American HealthChoice, Inc. is a provider of healthcare services and operates primary care clinics located in Texas and Louisiana. Its stock is quoted on the OTC Bulletin Board under the symbol "AMHI". The Company's web site is www.americanhealthchoice.com. The site has recent press releases, SEC filings and other information on the Company.

"Safe Harbor" Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2000 filed with the Securities and Exchange Commission.

                      American HealthChoice, Inc.

            Condensed Consolidated Statements of Operations

                                       Six Months ended March 31
                                      ---------------------------
                                        2000                2001
                                       ------              ------
Net patient revenues                $ 1,922,000         $ 2,640,000
Operating expenses excluding
 depreciation & amortization          1,813,000           2,293,000
Depreciation & amortization              58,000             293,000
Other income, net                        23,000              63,000
Taxes                                        --              44,000
                                 ---------------    ----------------
Net income                          $    74,000         $    73,000
                                 ===============    ================

Basic and diluted net
 income per share                   $        --         $        --
Weighted average common
 shares outstanding                  28,144,000          80,821,000



                                       Three Months ended March 31
                                      ----------------------------
                                        2000                2001
                                       ------              ------
Net patient revenues                $   907,000         $ 1,404,000
Operating expenses excluding
 depreciation & amortization            839,000           1,187,000
Depreciation & amortization              34,000             158,000
Other income, net                        12,000              39,000
Taxes                                        --              37,000
                                 ---------------    ----------------
Net income                          $    46,000         $    61,000
                                 ===============    ================

Basic and diluted net income
 per share                          $        --         $        --
Weighted average common shares
 outstanding                         28,144,000          81,502,000


                 Condensed Consolidated Balance Sheet

                                               March 31,
                                              ----------

                                                 2001
                                                ------

Cash                                        $     5,000
Accounts receivable, net                      7,913,000
Other current assets                            123,000
                                          -------------------
 Total current assets                         8,041,000
Property and equipment, net                     429,000
Goodwill, net                                 3,624,000
Other assets                                    355,000
                                          -------------------
 Total assets                               $12,449,000
                                          ===================

Current liabilities                         $   981,000
Convertible debentures (1)                    3,375,000
Other long-term liabilities                   1,704,000
                                          -------------------
 Total liabilities                            6,060,000

Stockholders' equity                          6,389,000
                                          -------------------
 Total liabilities and
  stockholders' equity                      $12,449,000
                                          ===================

(1)      Convertible into 18,631,000 shares of common stock