Ameritrans Capital Corporation Announces Auditor Change.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 2, 2003

Ameritrans Capital Corp. (Nasdaq: AMTC, AMTCP) today announced that it has retained Rosen Seymour Shapps Martin & Company, LLP ("RSSM") as its independent auditors, effective immediately. Rosen Seymour replaces

The decision to change accountants was not the result of any disagreement between the Company and M&K on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. "M&K has provided Ameritrans with a high level of professionalism and excellent service throughout its tenure with the Company," stated Gary Granoff, President of Ameritrans. "We interviewed several companies throughout this process, including M&K, and ultimately the audit committee determined that RSSM would be the best choice for us going forward."

Rosen Seymour Shapps Martin & Company, LLP is a full service, diversified, 125 person accounting firm founded in 1956. They are the 19th largest independent accounting firm in the New York metro area.

Ameritrans Capital Corporation is a specialty finance company engaged in making loans to and investments in small businesses. Ameritrans' wholly-owned subsidiary, Elk Associates Funding Corporation, has been licensed by the United States Small Business Administration (SBA) as a Small Business Investment Company since 1980. The company maintains its offices at 747 Third Avenue, 4th Floor, New York, NY 10017.

This announcement contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those presently anticipated or projected. Ameritrans Capital Corporation cautions investors not to place undue reliance on forward-looking statements, which speak only as to management's expectations on this date.