American Vantage Companies Signs Development Agreement with Big Sandy Rancheria Tribe of Western Mono Indians.

LAS VEGAS -- American Vantage Companies (the "Company") (OTCBB: AVCS) today announced that its subsidiary, Brownstone LLC ("Brownstone"), has signed a Development Agreement ("Agreement") and Credit Agreement with the Big Sandy Rancheria Tribe of Western Mono Indians ("Big Sandy" or the "Tribe").

Project plans include a world-class casino resort destination (the "Project") overlooking the San Joaquin Valley located in Friant near Fresno, California. The Project is expected to include hotel rooms and suites, a gaming space and other casino amenities including a major entertainment venue, health and wellness spa, multiple restaurants, retail space and conference and convention facilities. The Tribe currently operates the Mono Wind Casino in Auberry, California, located approximately 10 miles northeast of the proposed Project location.

Pursuant to the Agreement, Brownstone will receive fees for financial structuring and development services.

At Brownstone's recommendation, the Tribe has identified and will be engaging a nationally-recognized investment banking firm as its financial partner and Group West Companies PLLC, a Seattle, Washington firm, for master planning, architectural/engineering and interior design.

Tribal Chairperson Connie Lewis said, "The process to identify a development partner has been long, but we are very pleased with our selection of Brownstone as they truly share our vision and passion for this project."

Brownstone will develop this Project with Robert F. Gross, CEO of RFG Gaming and Hospitality LLC, who has significant expertise in tribal and non-tribal gaming and has an equity interest in this business.

"From a business perspective, we are excited at the prospect of being the development partner for Big Sandy Rancheria and will soon begin predevelopment activities," said Robert F. Gross, CEO of Brownstone.

From 1989 through 1999, the Company provided consulting services to Native American tribes, principally in California, in connection with the development, expansion and operation of tribal gaming facilities.

The Company is in various stages of discussion on gaming projects that are both tribal and non-tribal. Also, the Company continues to pursue other potential merger and acquisitions, joint ventures and other development strategies and opportunities in non-gaming sectors. However, no assurance can be given that the Company will successfully acquire other businesses or, if acquired, such businesses will prove to be profitable.

Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by words such as "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Such statements and all phases of American Vantage Companies' operations are subject to known and unknown risks, uncertainties and other factors, including overall economic conditions and other factors and uncertainties as are identified in American Vantage Companies' Amendment No. 2 to Form N-2, filed with the Securities and Exchange Commission on March 21, 2007. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. American Vantage Companies' actual results, levels of activity, performance or achievements may be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company undertakes no obligation to update the forward-looking statements in this press release.