AMCON Distributing Company Announces $0.18 Quarterly Dividend, Common Stock Repurchase Program Replenishment, and Conversion of Series A and B Convertible Preferred Stock

OMAHA, Neb.–(BUSINESS WIRE)–AMCON Distributing Company (“AMCON”) (NYSE MKT:DIT), an Omaha, Nebraska
based consumer products company is pleased to announce that the Board of
Directors of AMCON declared a quarterly cash dividend of $0.18 per
common share. This cash dividend is payable on August 29, 2016 to
shareholders of record as of August 8, 2016.

At the same time, the Board of Directors replenished the number of
shares authorized for repurchase under AMCON’s existing Common Stock
repurchase program. The program provides for the purchase of up to
50,000 shares of AMCON’s common stock; the shares may be purchased from
time to time in open market or negotiated transactions.

On July 26, 2016, the holders of the Company’s Series A and B
Convertible Preferred Stock converted 100,000 and 16,000 shares of
Series A and B Convertible Preferred Stock, respectively, into 82,481
and 16,226 common shares of AMCON pursuant to their conversion rights.
There are no longer any shares of the Company’s Preferred Stock
outstanding. After these conversions, the Company has 685,892 common
shares issued and outstanding.

AMCON is a leading wholesale distributor of consumer products, including
beverages, candy, tobacco, groceries, foodservice, frozen and chilled
foods, and health and beauty care products with locations in Illinois,
Missouri, Nebraska, North Dakota, South Dakota and Tennessee. AMCON also
operates fifteen (15) health and natural product retail stores in the
Midwest and Florida. The retail stores operate under the names
Chamberlin’s Market & Cafe www.chamberlins.com
and Akin’s Natural Foods Market www.akins.com

This news release contains forward-looking statements that are
subject to risks and uncertainties and which reflect management’s
current beliefs and estimates of future economic circumstances, industry
conditions, Company performance and financial results. A number of
factors could affect the future results of the Company and could cause
those results to differ materially from those expressed in the Company’s
forward-looking statements including, without limitation, availability
of sufficient cash resources to conduct its business and meet its
capital expenditures needs and the other factors described under Item
1.A. of the Company’s Annual Report on Form 10-K. Moreover, past
financial performance should not be considered a reliable indicator of
future performance. Accordingly, the Company claims the protection of
the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 with respect to all such
forward-looking statements.

Visit AMCON Distributing Company’s web site at: www.amcon.com

Contacts

AMCON Distributing Company
Christopher H. Atayan, 402-331-3727