Exhibit 99.1 [GRAPHIC OMITTED] [GRAPHIC OMITTED] First Montauk Financial Corp. and Olympic Cascade Financial Corporation Execute Revised Merger Agreement June 28, 2005 -- Red Bank, NJ and New York, NY -- First Montauk Financial Corp. (OTCBB: FMFK) and Olympic Cascade Financial Corporation (OTCBB: OLYD) announced today that they have signed an amended definitive merger agreement consistent with the revised terms that were previously announced in May 2005. Pursuant to the amended agreement, First Montauk will issue 1.75 shares of its common stock for all outstanding shares of common stock of Olympic Cascade. Outstanding Series A Preferred Stock, options and warrants of Olympic Cascade will also reflect the new exchange ratio. The completion of the transaction is subject to several conditions that are usual and customary for transactions of this nature, including shareholder and regulatory approval and completion of the financing in an amount of at least $4.0 million. The parties expect to file a joint proxy registration statement with the SEC in July and close the transaction during the fourth calendar quarter of 2005. First Montauk Financial Corp. is the parent company of First Montauk Securities Corp., a registered securities broker/dealer headquartered in Red Bank, NJ. First Montauk conducts securities brokerage, insurance, investment banking and advisory business with approximately 61,000 retail and institutional accounts. Olympic Cascade Financial Corporation is a holding company for National Securities Corporation, based in Seattle, Washington. National Securities conducts securities brokerage, and investment banking business with approximately 55,000 retail and institutional accounts. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. This press release may contain certain statements of a forward-looking nature relating to future events or future business performance. Any such statements that refer to the Company's estimated or anticipated future results or other non-historical facts are forward-looking and reflect the Company's current perspective of existing trends and information. These statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, risks and uncertainties detailed in each Company's Securities and Exchange Commission filings, including each Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements speak only as of the date of this release. Each of the Companies undertake no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Contact: First Montauk Financial Corp. Olympic Cascade Financial Corp. Victor K. Kurylak, CEO and Pres. Mark Goldwasser, CEO and Pres. (800) 876-3672, ext. 4230 (212) 417-8210 info@montaukfinancial.com