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Integrity Mutual Funds, Inc. Announces Second Quarter 2004 Results

Contact: Mark R. Anderson, 701/852-5292

MINOT, NORTH DAKOTA (August 16, 2004) -- Integrity Mutual Funds, Inc. (IMFD.OB), a mutual fund and financial services company, today reported a net loss of $10,773 ($.00 per share) for the second quarter of 2004 compared to net income of $5,432 ($.00 per share) during the same period in 2003. The Company reported a net loss from continuing operations of $10,773 ($.00 per share) for the second quarter of 2004 compared to a net loss from continuing operations of $3,052 ($.00 per share) for the same period in 2003. The decrease in net income year over year is primarily due to increased distribution expenses associated with the addition of several new wholesalers that have been retained to market the Company’s funds.

The Company reported net income of $170,843 for the six months ended June 30, 2004 ($.01 per share), an increase of 97% compared to net income of $86,832 ($.01 per share) during the same period in 2003. The Company reported net income from continuing operations of $170,843 ($.01 per share), an increase of 89% compared to net income from continuing operations of $90,498 ($.01 per share) during the same period in 2003.

Revenues from continuing operations for the second quarter of 2004 were $4,251,239, an increase of 39% compared to revenues from continuing operations of $3,054,734 during the same period in 2003. Revenues from continuing operations for the six months ended June 30, 2004 were $8,557,907, an increase of 32% compared to revenues from continuing operations of $6,474,200 during the same period in 2003. The increases in revenue are due primarily to three mutual fund acquisitions and restructuring efforts completed in 2003.

Integrity Mutual Funds, Inc. is publicly traded over the OTC Bulletin Board under the symbol IMFD.OB. With its subsidiaries, ND Capital, Inc., Integrity Money Management, Inc., Integrity Fund Services, Inc., and Integrity Funds Distributor, Inc., the firm sponsors, manages, and advises 17 mutual funds. IMFD also owns Capital Financial Services, Inc., a full-service brokerage firm that specializes in providing investment products and services to independent investment representatives, financial planners, and investment advisors in parts of the Midwest and California. More information is available at www.integritymf.com or by calling 800/276-1262.




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