C.E.C. Industries Announces New Majority Shareholder.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--June 16, 2003

C.E.C. Industries, Inc. (OTC:CECC) has announced today that Victory Capital Holdings Corporation (OTCBB:VTYC) has opened escrow to acquire control of the Company through the acquisition of approximately 80% of the outstanding shares of the Company in a private transaction.

"We are pleased to have Victory Capital as a major shareholder and strategic partner," said Brian Dvorak, Chairman and CEO of C.E.C. Industries, Inc. "This transaction should enhance the value of our proposed acquisition target and enable us to achieve profitability sooner. We expect to be making additional announcements in the coming weeks," added Mr. Dvorak.

C.E.C. Industries, Inc. is a Nevada Corporation which has recently entered into a Memorandum of Proposed Terms to acquire 50.8% of a company that provides a suite of cash-based debit cards and stored value cards for ATM and debit "point of sale" transactions.

Victory Capital Holdings Corporation, organized and domiciled in Nevada, provides long-term investment capital to support the expansion of emerging growth companies. Victory Capital leverages the assets of existing, proven technology and infuses those assets with marketing, management and financial support to become the recognized leader in its space.

Certain statements contained herein are ``forward-looking'' statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.