EXHIBIT 99.2

FOR IMMEDIATE RELEASE
May 21, 2004

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

                FINANCIAL INDUSTRIES CORPORATION REPORTS RECEIPT
                   OF NASDAQ NOTICE OF ADDITIONAL DELINQUENCY


Austin,   Texas,  May  21,   2004 Financial   Industries   Corporation   ("FIC")
(NASDAQ:FNINE)  today  announced  that on May 18, 2004,  it received a Notice of
Additional  Delinquency  from Nasdaq  stating that the Company  failed to timely
file its Form 10-Q for the quarterly period ended March 31, 2004, as required by
Nasdaq  Marketplace  Rule 4310(c)  (14).  This Notice of  Additional  Deficiency
relates to the Nasdaq  Staff  Determination  letter that was  received by FIC on
April 2, 2004,  pertaining  to the late filing of FIC's  Report on Form 10-K for
the year ended December 31, 2003. The Nasdaq Staff  Determination  letter stated
that the  Company's  common  stock was  subject  to  delisting  from The  Nasdaq
National  Market  as a result  of the  Company's  failure  to file its Form 10-K
Annual Report, as required by Nasdaq Marketplace Rule 4310(c) (14).

Following  receipt of the initial  notification  from  Nasdaq,  FIC  requested a
hearing before a Nasdaq Listing  Qualifications Panel, which hearing was held on
April 29, 2004.  The Panel has not  rendered its decision on FIC's  request that
Nasdaq continue the listing of the Company's common stock pending remediation of
its late filings.

On May 19,  2004,  FIC filed a Form 12b-25  (Notification  of Late  Filing) with
respect  to its  Form  10-Q  for  the  quarter  ended  March  31,  2004.  In its
Notification,  FIC  stated  that  the  work  related  to the  completion  of its
consolidated  financial  statements for the year 2003 has adversely affected its
ability to complete its consolidated  financial statements for the quarter ended
March 31, 2004,  and to file its Form 10-Q for the quarter ended March 31, 2004,
within  the  prescribed   period  without   unreasonable   effort  and  expense.
Information regarding the status of the Company's work to complete the filing of
its Form 10-K is included in FIC's  Reports on Form 8-K filed on March 23, 2004,
March 26, 2004,  and April 23, 2004.  There can be no assurance that the Listing
Qualifications  Panel will agree with FIC's  request to continue  the listing of
FIC's common stock on The Nasdaq National Market.



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Statements  in this  press  release,  including  those  which may  relate to the
completion of our Form 10-K for the year ended December 31, 2003, the completion
of our Form 10-Q for the quarter  ended March 31, 2004,  FIC's ability to become
current on its reporting obligations,  the outcome of the Listing Qualifications
Panel hearing, FIC's ability to list on the Over-the-Counter Bulletin Board, and
any other  expectations  or anticipated  events may  constitute  forward-looking
statements  within the meaning of the Private  Securities  Litigation Reform Act
and are based on a number of risks and uncertainties.  If any of these risks and
uncertainties  materializes,  actual results could differ  materially from those
indicated in the forward-looking statements.

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



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