Fortune Financial Late In Filing Form 10-K

    JACKSONVILLE, Fla.--April 26, 2001--Fortune Financial, Inc. received a Nasdaq Staff Determination on April 19, 2001 indicating that Fortune's failure to timely file its Form 10-K for the year ended December 31, 2000 with the Securities and Exchange Commission amounts to failure to comply with a requirement under Marketplace Rule 4310(c)(14) for continued listing of its securities on the Nasdaq National Market. Fortune has requested a hearing before a Nasdaq Listing Qualifications Panel to appeal the Staff Determination that Fortune is subject to delisting.
    Fortune's independent auditors have completed their audit of Fortune's financial statements for the year ended December 31, 2000 and are in the process of finalizing their audit opinion. Fortune is working together with its independent auditors to complete the Form 10-K. Fortune expects to file its Form 10-K with the Securities and Exchange Commission not later than May 16, 2001.
    Fortune Financial, Inc. is an insurance holding company headquartered in Jacksonville, Florida. The company underwrites property and casualty insurance, primarily through its wholly-owned subsidiary, Fortune Insurance Company. Fortune Insurance is one of Florida's top providers of personal nonstandard automobile insurance products written through independent specialty agents.

Forward-Looking Statements
    Statements made in this informational release are forward-looking within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements describe turnarounds in performance, business expansion opportunities and expectations of future profit results, and involve risks and uncertainties which may cause actual results to differ materially from those, set forth. Investors and prospective investors are referred to the Company's Form 10-Q for the quarter ended September 30, 2000 and its most recently filed Form 10-K for the year ended December 31, 1999 for a more detailed discussion of the factors that could cause actual results to differ. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.