Alliance Laundry Systems Withdraws Initial Public Offering of Trust Units and Terminates Offer To Purchase.

Business Editors

RIPON, Wis.--(BUSINESS WIRE)--Nov. 14, 2002

Alliance Laundry Systems LLC and Alliance Laundry Systems Income Fund ("the Fund") today announced that plans for an initial public offering of trust units of the Fund on the Toronto Stock Exchange have been withdrawn. The Fund was created to consummate an equity offering of the units in Canada, and to acquire an indirect ownership interest in Alliance Laundry Systems LLC. The decision to withdraw plans for the initial public offering of trust units was based on current income trust market conditions and the desire of Alliance Laundry Systems to maximize subscription proceeds from the sale, said the company.

Concurrently, Alliance Laundry Systems and Alliance Laundry Corporation are terminating today an offer to purchase the company's Senior Subordinated Notes due 2008 for cash and related solicitation of consents. As previously announced, the offer to purchase and solicitation of consents was conditioned upon the completion of the offering of units by the Fund, and the company's receipt of sufficient funds from the sale of an indirect ownership interest to the Fund.

About Alliance Laundry Systems LLC

Alliance Laundry Systems LLC is a leading designer, manufacturer and marketer of commercial laundry equipment in North America and worldwide. The Company's equipment is used in laundromats and multi-housing laundries, universities, military installations and on-premise laundries under the brands of Ajax, Huebsch, Speed Queen and UniMac.

About Alliance Laundry Corporation

Alliance Laundry Corporation is a wholly-owned subsidiary of the Company that was incorporated for the sole purpose of serving as co-issuer of the Notes in order to facilitate the offering of the Notes. Alliance Laundry Corporation does not have any business operations or assets and does not have any revenues.

About Alliance Laundry Systems Income Fund

Alliance Laundry Systems Income Fund is an open-ended, limited purpose trust established under the laws of the Province of Ontario. The Fund was created to consummate an initial public offering of its trust units in Canada and to acquire an indirect ownership interest in Alliance Laundry Systems LLC.

Forward Looking Statements

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Alliance Laundry Systems Income Fund or Alliance Laundry Systems LLC, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use words such as "may," "will," "expect," "anticipate," "project," "believe," "plan" and other similar terminology. The risks and uncertainties with respect to the Fund are detailed from time to time in reports filed with the securities regulatory authorities in all of the provinces and territories of Canada. The risks and uncertainties with respect to the Company are detailed from time to time in reports filed with the United States Securities and Exchange Commission. New risk factors may arise from time to time and it is not possible for management to predict all of those risks factors or the extent to which any factor or combination of factors may cause actual results, performance or achievements of the Fund or Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

More information about potential factors which could affect the Company's business and financial results is included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001, Quarterly Reports on Form 10-Q and other periodic filings. More detailed information regarding the initial public offering and the other transactions related thereto is set forth in each of the Company's Current Report on Form 8-K filed on October 1, 2002 and Current Report on Form 8-K filed on October 9, 2002. All forward-looking statements are based on information available to the Company and the Fund on the date hereof, and neither company assumes any obligation to update such statements. Investors and security holders may obtain a free copy of the Annual and Quarterly Reports and other documents filed by the Company with the Securities and Exchange Commission at the Commission's web site at http://www.sec.gov.