European Micro Holdings Makes Announcement

Business Wire, Sept 5, 2001

Business Editors

MIAMI--(BUSINESS WIRE)--Sept. 5, 2001

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

-- As previously announced, European Micro Holdings, Inc. was

unable to meet certain obligations to the former shareholders

of American Micro Computer Center, Inc., including obligations

owed to Mr. John B. Gallagher, Co-President and Co-Chairman of

European Micro Holdings, Inc. These obligations were secured

by a pledge of the capital stock of American Micro Computer

Center, Inc. In order to settle their differences and avoid

costly litigation, on September 1, 2001, European Micro

Holdings, Inc. transferred ownership of American Micro

Computer Center, Inc. to its former shareholders. In exchange

for the transfer, American Micro Computer Center and its

former shareholders released European Micro Holdings, Inc.

from these obligations, as well as other obligations owed to

American Micro Computer Center and its former shareholders. As

a result, effective September 1, 2001, European Micro

Holdings, Inc. no longer has an ownership interest in American

Micro Computer Center, Inc.

Statements contained in this news release may be 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.