ALGIE American Locker Grp. (MM)

American Locker Group Incorporated recently reported that it filed its Annual Report on Form 10-K for its fiscal year ended December 31, 2004, amended Quarterly Reports with respect to its first three fiscal quarters of 2004 and its Quarterly Report on Form 10-Q for its fiscal quarter ended March 31, 2005. As set forth in its Form 10-K for the 2004 fiscal year, the Company's independent registered public accounting firm included a going-concern modification in its report on the Company's consolidated financial statements as of and for the fiscal year ended December 31, 2004. The Company currently is working to complete and file its Quarterly Report on Form 10-Q for its fiscal quarter ended June 30, 2005. The Company also recently reported a change in the composition of its Board of Directors, with four new directors having been appointed. With the addition of the four new directors, the Board is now comprised of a total of seven directors, a majority of whom are independent, with the Audit Committee consisting of three independent directors. The matters discussed in this press release which contain forward-looking statements, including without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve certain known and unknown risks, some of which are beyond the Company's control, including, among others, risks related to (i) the Company's plans, strategies, objectives, expectations, and intentions, which are subject to change at any time at the discretion of the Company, (ii) the successful implementation of the Company's restructuring plan, including a significant reduction of annual selling, general and administrative expenses, the relocation of the Company's headquarters in Texas, and the restructuring of its bank debt on acceptable terms, (iii) new product development by the Company, (iv) the Company's liquidity and capital resources, (v) the Company's competition, and (vi) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company's actual results could differ materially from those expressed in any forward-looking statement made by or on the Company's behalf. In light of these risks and uncertainties, there can be no assurance that the forward-looking information will, in fact, prove to be accurate. The Company has undertaken no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.