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Integrity Mutual Funds, Inc. Announces First Quarter 2005 Earnings

Contact: Robert Walstad or Mark R. Anderson 701/852-5292

MINOT, NORTH DAKOTA (May 17, 2005) --Integrity Mutual Funds, Inc. (IMFD.OB), a mutual fund and financial services company, today reported net income of $57,280 ($.00 per share) for the first quarter of 2005, compared to net income of $181,616 ($.01 per share) during the same period in 2004. The decrease is primarily due to a significant investment in distribution and marketing related expenses made by the Company, including the hiring of a national sales manager and several new wholesalers.

Revenues for the first quarter of 2005 were $4,548,022, compared to revenues of $4,306,668 during the same period in 2004. The increase is due primarily to the addition of several new registered representatives in the Company’s broker-dealer subsidiary, Capital Financial Services, Inc.

Integrity Mutual Funds, Inc. is publicly traded over the OTC Bulletin Board under the symbol IMFD.OB. With its subsidiaries, Integrity Money Management, Inc., Integrity Fund Services, Inc., and Integrity Funds Distributor, Inc., the firm sponsors, manages, and advises 18 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 or by calling 800/276-1262.

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