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Integrity Mutual Funds, Inc. Adds Two New Senior Executives

Tuesday May 20, 11:41 AM EDT

MINOT, N.D., May 20, 2003 /PRNewswire-FirstCall via COMTEX/ -- Integrity Mutual Funds, Inc., (OTC Bulletin Board: IMFD) a mutual fund management and financial services company, has hired Mark R. Anderson to fill the position of President and Chief Operating Officer, replacing Robert Walstad, founder of the company. Walstad will continue as Chief Executive Officer and Chairman of IMFD's board of directors. The company has also hired Jerry J. Szilagyi as Senior Vice President for Business Development.

A former employee of Integrity Mutual Funds, Inc., Anderson most recently was employed with Wells Fargo Bank North Dakota, NA as a personal trust officer. He previously worked for Integrity in various executive positions from 1995 to 1999. Prior to that, he was a trust accountant with the Piper Trust Company. Anderson holds NASD Series 7, 63, and 65 licenses. He received a Bachelor of Business Administration degree in Marketing from the University of North Dakota. "We are extremely pleased to have Mark Anderson return to the company in a senior management role. He knows the business and is vitally acquainted with Integrity's operations," said Walstad.

In addition to serving as Senior Vice President of Integrity, Szilagyi will continue to serve as President of Abbington Capital Group LLC, which he founded in 1998 to provide strategic advisory and corporate finance services to businesses in the financial services industry. From 1998 to early 2003, he was the Executive Vice President of Orbitex Financial Services Group, Inc., a global asset management company. He has also worked for KPMG Peat Marwick LLP, Price Waterhouse, American Express, and National Westminster Bank USA. He received his B.S. in Industrial Management and Engineering from Rensselaer Polytechnic Institute and his M.B.A. from New York University Stern School of Business. He is a Chartered Financial Analyst and holds a Series 7 General Securities License. He is also a speaker and author on topics related to business strategy, mergers and acquisitions and performance measurement in financial institutions.

"The addition of Mark Anderson and Jerry Szilagyi is designed to position Integrity for growth," Walstad said. "While Mark will manage the day-to-day operations of the company, Jerry will focus on developing strategic growth initiatives. Jerry has assisted in guiding Integrity in the past as a consultant, and it naturally follows that his close involvement and broad industry contacts will be very valuable in his efforts to help Integrity grow."

With assets under management of $289 million, Integrity Mutual Funds, Inc. is publicly traded over the OTC Bulletin Board under the symbol IMFD. With its subsidiaries, ND Capital, ND Money Management, ND Resources and Ranson Capital Corporation, the firm sponsors, manages, and advises nine mutual funds. These include state-specific tax-exempt municipal bond funds in Montana, North Dakota, South Dakota, Nebraska, Kansas and Oklahoma, as well as two equity funds of funds that invest in stock mutual funds managed by other firms. IMFD also owns two small brokerage firms.

SOURCE Integrity Mutual Funds, Inc.

CONTACT: Robert Walstad of Integrity Mutual Funds, Inc., +1-701-852-5292

The Integrity Funds are sold only to persons residing in the United States and are offered by prospectus only. For more complete information about any of the Integrity Mutual Funds, investors should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. The prospectus includes this and other information about each fund. Investors may obtain the applicable prospectus from their financial advisor or from our website at Please read the prospectus carefully before you invest or send money.

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