Castle Brands Receives an Audit Opinion Containing a Going Concern Qualification

NEW YORK--(Business Wire)--
Castle Brands Inc. (AMEX: ROX), an emerging international spirits
company, announced today that its financial statements for the fiscal
year ended March 31, 2008 contain a going concern qualification. This
announcement is made in compliance with Section 610(B) of the American
Stock Exchange Company Guide, which requires listed companies to make
a public announcement disclosing the receipt of an audit opinion that
contains a going concern qualification.

As noted in the Company's Report on Form 10-K filed as of June 30,
2008, and as required under applicable American Stock Exchange rules,
the Company notes that its audit report on its financial statements
for the fiscal year ended March 31, 2008, contain a going concern
qualification from its Independent Registered Public Accounting Firm,
Eisner LLP. Further information regarding the going concern
qualification can be found in the Company's Report on Form 10-K filed
with the Securities and Exchange Commission as of June 30, 2008.

In May 2008, the Company engaged Miller Buckfire & Co., LLC, a
nationally recognized investment banking firm, as its exclusive
financial advisor in connection with the evaluation of various
prospective transactions, including the raising of additional equity
from prospective investors, and the evaluation of the potential sale
of one or more assets. In addition, the Company continues to implement
a plan supporting the continued growth of existing brands that will be
supported by a variety of sales and marketing initiatives that it
expects will generate cash flows from operations. As part of this
plan, the Company expects to grow its business through continued
expansion to new markets and within existing markets, as well as
strengthening existing distributor relationships. Castle Brands is
also seeking additional brands and agency relationships to leverage
the existing distribution platform, as well as a systematic approach
to expense reduction, improvements in routes to market and production
cost containment to improve existing cash flow. There can be no
assurance that the Company can successfully implement its business
plan or raise sufficient capital on acceptable terms. Without
sufficient additional capital or long term debt and ultimately
profitable operating results the Company will not be able to continue
as a going concern.

More about Castle Brands Inc.

Castle Brands is an emerging developer and international marketer
of premium branded spirits within four growing categories of the
spirits industry: vodka, rum, whiskey and liqueurs. Castle Brands'
portfolio includes Boru(R) Vodka, Gosling's Rum(R), Sea Wynde(R) Rum,
Knappogue Castle Whiskey(R), Clontarf(R) Irish Whiskey,
Jefferson's(TM) and Jefferson's Reserve(R) Bourbon, Sam Houston(R)
Bourbon, Tierras Tequila, Celtic Crossing(R) Liqueur, Pallini(R)
Limoncello(TM), Raspicello(TM) and Peachcello(TM) and Brady's(R) Irish
Cream. www.castlebrandsinc.com

Forward Looking Statements

This press release includes statements of our expectations,
intentions, plans and beliefs that constitute "forward looking
statements" within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 and are
intended to come within the safe harbor protection provided by those
sections. These statements, which involve risks and uncertainties,
related to the discussion of our business strategies and our
expectations concerning future operations, margins, profitability,
liquidity and capital resources and to analyses and other information
that are based on forecasts of future results and estimates of amounts
not yet determinable. We have used words such as "may," "will,"
"should," "expects," "intends," "plans," "anticipates," "believes,"
"thinks," "estimates," "seeks," "expects," "predicts," "could,"
"projects," "potential" and other similar terms and phrases, including
references to assumptions, in this press release to identify forward
looking statements. These forward looking statements are made based on
expectations and beliefs concerning future events affecting us and are
subject to uncertainties, risks and factors relating to our operations
and business environments, all of which are difficult to predict and
many of which are beyond our control, that could cause our actual
results to differ materially from those matters expressed or implied
by these forward looking statements. More information about these and
other factors are described under the caption "Risk Factors" in Castle
Brands' Annual Report on Form 10-K for the year ended March 31, 2008
filed with the Securities and Exchange Commission.

When considering these forward looking statements, you should keep
in mind the cautionary statements in this press release and the
documents incorporated by reference. New risks and uncertainties arise
from time to time, and we cannot predict those events or how they may
affect us. We assume no obligation to update any forward looking
statements after the date of this press release as a result of new
information, future events or developments, except as required by the
federal securities laws.

ROX-G

For Investor Relations:
ICR Inc.
Kathleen Heaney, 203-803-3585
ir@castlebrandsinc.com

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