Amstar Financial Services, Inc. enters into an Assignment for the Benefit of its Creditors.

Amstar Financial Services, Inc. announced that as a result of the previously-announced discontinuation of its mortgage lending operations, the Company has entered into an Assignment for the Benefit of Creditors (the Assignment").

Miami, FL (PRWEB) March 8, 2004 --Amstar Financial Services, Inc. (OTCBB:AMAF) today announced that, as a result of the previously-announced discontinuation of its mortgage lending operations (see prior PR and 8K releases) the Company has entered into an Assignment for the Benefit of Creditors (the Assignment"). The Assignee is charged with the orderly liquidation of the Companys assets and distribution of any proceeds to its creditors. The Assignee is Moecker & Associates, Inc. of Miami, Florida. All inquiries related to this action should be addressed to Mr. Michael Phelan at 954-252-1560. Mr. Phelan can be faxed at 954-252-2791.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:    
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. This news release contains forward-looking statements that reflect the Companys entering into an Assignment for the Benefit of Creditors. This statement speaks only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.

Contact Information:

Michael Phelan

Michael.phelan@moecker.com