EXHIBIT 99.1

                               ACORN HOLDING CORP.

599 Lexington Avenue                                           107 Cherry Street
New York, NY  10022                                         New Canaan, CT 06840
(212) 536-4089                                                    (203) 966-8220
(212) 536-3901 (FAX)                                        (203) 966-1704 (FAX)



                                            Contact:  Stephen A. Ollendorff
                                                               212-536-4089

FOR IMMEDIATE RELEASE
- --------------------------------------------------------------------------------
ACORN ANNOUNCES RECTICON ENTERPRISES, INC. WILL SHUT DOWN ITS OPERATIONS

NEW YORK, NEW YORK, JUNE 23, 2003--Acorn Holding Corp. (the "Company") announced
today  that  its  sole  operating   subsidiary,   Recticon   Enterprises,   Inc.
("Recticon"), which manufactures monocrystalline silicon wafers that are used in
the semiconductor  industry,  will close down its operations upon fulfillment of
its existing orders.

Absent any special  circumstance,  neither Acorn nor Recticon expect to seek any
protection under  bankruptcy  laws.  Acorn is presently  exploring all strategic
alternatives.

Stephen A.  Ollendorff,  Chairman  and Chief  Executive  Officer of the Company,
stated that "the closing of the  operations  of Recticon was  necessitated  by a
sharp  acceleration  in the  decline of sales and the erosion of pricing for its
products."

From time to time in both written  reports and oral  statements by the Company's
senior  management,  we may express our expectations  regarding future events by
the Company.  These "forward-looking  statements" are inherently uncertain,  and
investors must  recognize that events could turn out to be materially  different
from what senior management expected.

The Company's stock is traded on the OTC Bulletin Board under the symbol AVCC.