American Stone Board of Directors Approves Private Placement of Shares.

Business Editors

AMHERST, Ohio--(BUSINESS WIRE)--July 12, 2000

American Stone Industries, Inc. (OTCBB:AMST), a supplier of building stone products, announced that its board of directors has approved the private placement of 200,000 shares of newly issued common stock with Roulston Venture Capital Limited Partnership. The limited partnership fund acquired the shares at an aggregate price of $900,000, or $4.50 per share. The cash will be used primarily to purchase new equipment for the company's Cleveland Quarries operation in Amherst, Ohio.

"This cash infusion represents a vote of confidence in American Stone and helps maintain a strong capital structure," said Jim Rallo, interim president and chief executive officer of American Stone. "We believe the new equipment will enable us to add profitable sales in a segment of the market where supply has not kept pace with demand."

Roulston Venture Capital Limited Partnership is a new venture capital fund of Roulston & Co., a Cleveland-based money management and investment advisory firm. The investment gives Roulston Venture Capital Limited Partnership a 10 percent ownership position in American Stone. Another Roulston & Co. fund, Roulston Ventures Limited Partnership, owns 460,000 shares of American Stone common stock, or 24 percent of the total shares outstanding. Thomas H. Roulston II, chairman of the board of American Stone, is a general partner in both funds.

American Stone Industries is a holding company that quarries and sells stone predominantly for the building stone market through its wholly owned subsidiary, American Stone Corporation. American Stone Corporation owns and operates the Cleveland Quarries in Amherst, Ohio, one of the world's largest sandstone quarries. The Company's stock is traded on the OTC Bulletin Board under the symbol AMST. For additional information, see the American Stone Web site at http://www.amst.com.

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statement "will enable us to add profitable sales" is forward-looking in nature. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Such risks include, but are not limited to, trends in the building construction industry; actions by competitors; equipment and operational problems; and changes in relationships with major customers or in the financial condition of those customers. Other risks include the adequacy of the Company's financial resources and general economic, business and market conditions. Further information about these matters is set forth in the Company's Form 10-KSB annual report filed with the Securities and Exchange Commission.