European Micro Holdings Makes Announcement

Business Wire, August 15, 2001

Business Editors

MIAMI--(BUSINESS WIRE)--Aug. 15, 2001

European Micro Holdings, Inc. (OTCBB: EMCC), an independent, focused distributor of microcomputer products, made the following announcements today:

-- European Micro Plc's principal lender in Europe, Natwest, has restructured
its loan by lowering its borrowing base and reducing the loan amount to 620,000
pounds sterling. European Micro Plc's is a wholly-owned subsidiary of European
Micro Holdings, Inc. This restructuring will materially impair European Micro
Plc's ability to finance its operations, to purchase inventory and to continue
as a going concern.

-- Mr. John P. Gallagher has notified European Micro Holdings, Inc. that he
intends to declare his loan to European Micro Holdings in the amount of
$659,139 due and payable. This loan relates to the purchase of American Micro
Computer Center by European Micro Holdings. In such event, Mr. John B.
Gallagher, Co-President and Co- Chairman of European Micro Holdings, has
indicated that he would also declare his loan to European Micro Holdings in the
amount of $659,139 due and payable. European Micro Holdings does not have
sufficient funds to satisfy these obligations and therefore a default is likely
to occur. Upon a default, Messrs. Gallagher would, under the terms of a pledge
agreement, be entitled to take back their shares of stock in American Micro
Computer Center. This would result in European Micro Holdings no longer owning
an interest in American Micro Computer Center.

- The combination of the events described above will materially impair European
Micro Holdings ability to continue as a going concern.

Statements contained in this news release regarding its financing arrangement and ability to meet certain financial obligations are forward-looking statements, subject to uncertainties and risks, many of which are summarized under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended June 30, 2000 as filed with the Securities and Exchange Commission. Forward-looking statements by their nature involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above. The Company cautions that historical results are not necessarily indicative of the Company's future performance.