FOR IMMEDIATE RELEASE
July 9, 2004



FOR MORE INFORMATION CONTACT
Investor Relations Department
512-404-5128





                    FINANCIAL INDUSTRIES CORPORATION CONFIRMS
                             NASDAQ DELISTING ACTION


Austin,  Texas, July 9, 2004 - Financial  Industries  Corporation  ("FIC") today
announced  that it has  received  a  letter  from  Nasdaq  confirming  that  the
Company's  common stock was delisted from The Nasdaq Stock Market effective with
the open of business on Thursday, July 1, 2004.

In a press  release  dated June 29,  2004,  the  Company  disclosed  that it had
received  notification  from Nasdaq regarding the requirements that it needed to
satisfy in order to  continue to be  eligible  for  listing on The Nasdaq  Stock
Market.  At that time, the Company  disclosed that it would not be in a position
to satisfy those requirements,  and that it anticipated that Nasdaq would delist
the  Company's  common  stock  effective as of the open of business on Thursday,
July 1, 2004.

Quotations  for the  Company's  common  stock  are  currently  available  on the
National  Quotation  Bureau's  Pink Sheet  quotation  service,  under the symbol
"FNIN".  The website for the National  Quotation  Bureau's Pink Sheets quotation
service is www.pinksheets.com.

For more information on FIC, go to http://www.ficgroup.com on the Internet.