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Integrity Mutual Funds, Inc. Announces First Quarter 2007 Results

Contact: Mark R. Anderson 701/852-5292

MINOT, NORTH DAKOTA (May 14, 2007) --Integrity Mutual Funds, Inc. (IMFD.OB), a mutual fund and financial services company, today reported a net loss of $231,571 for the first quarter of 2007, compared to a net loss of $118,064 during the same period in 2006.  On January 24, 2007, the Company announced the retirement of Robert E. Walstad, the Company’s founder, chief executive officer and chairman of the board of directors, effective February 1, 2007.  In connection with Mr. Walstad’s retirement, the Company entered into a separation agreement with Mr. Walstad.  Under the terms of the separation agreement, subject to Mr. Walstad meeting his obligations thereunder in all respects, Mr. Walstad is entitled to receive a cash payment in the amount of $274,500, options to purchase 60,000 common shares, and certain commission payments.  The $274,500 separation payment was expensed in February of 2007, which was the primary reason for the increased net loss in 2007 as compared to 2006.

Revenues for the first quarter of 2007 were $8,271,398, compared to revenues of $6,347,664 during the same period in 2006.  The increase in revenues was due to increased fee income derived from share sales in the Company’s sponsored mutual funds.  The increase was also due to increased commission and fee income in the Company’s broker-dealer division resulting from recruiting efforts. 

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 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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