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                                                                    EXHIBIT 99.1


WEDNESDAY, AUGUST 22, 2001, 7:00 AM EASTERN TIME

PRESS RELEASE

SOURCE: American Financial Holding, Inc.

AMERICAN FINANCIAL HOLDING, INC. ACQUIRES ISOLAGEN TECHNOLOGIES, INC.

HOUSTON, TX. - - (PRNewswire) - - August 22, 2001 - - American Financial
Holding, Inc. (OTCBB:ANFC) today announced that it acquired Isolagen
Technologies, Inc. in a stock-for-stock transaction. The Certificate of Merger
was filed August 13, 2001. Simultaneously with the merger, American Financial
raised over $2 million in equity in a private placement of common stock and
converted $1.45 million principal amount of Isolagen debt and approximately
$625,000 of accrued liabilities of Isolagen to equity. The net cash proceeds of
the private placement will be used to fund Isolagen's research and development
projects, to fund the initial FDA trials of the Isolagen process, to explore the
viability of entering foreign markets, to provide additional working capital and
for general corporate purposes.

Isolagen is an emerging biotechnology company specializing in the development
and commercialization of autologous cellular system ("ACS") for hard and soft
tissue regeneration and other therapies. Isolagen currently holds four patents
with one additional patent pending. Representing breakthrough technology in the
overall approach to cosmetic and medical therapy, ACS is a process whereby a
patient's own cells are extracted, reproduced through Isolagen's proprietary
process, and then reintroduced back into the patient for specific cosmetic and
medical applications. Unlike other collagen development companies, Isolagen uses
only the patient's unique living cells for the source of its collagen
production.

Isolagen's goal is to become the industry leader in the research, development
and commercialization of ACS tissue regeneration.

ABOUT AMERICAN FINANCIAL HOLDING, INC.

American Financial Holding, Inc. (OTCBB:ANFC) is the holding company of Isolagen
Technologies, Inc. Founded in 1995, Isolagen has focused its efforts in the
development of cellular technology that has specific application for cosmetic
dermatology, cosmetic surgery, periodontal disease, reconstructive dentistry and
other health related markets. Isolagen's corporate headquarters are located in
Houston, TX with manufacturing and research facilities in Paramus, NJ. For
further information, please see www.isolagen.com.

Contact:
Isolagen Technologies, Inc.
Michael Macaluso, CEO 713-780-4754
Michael Avignon, President 713-780-4754