American Locker Group Incorporated Announces Changes to Board of Directors.

Business Editors

JAMESTOWN, N.Y.--(BUSINESS WIRE)--March 5, 2003

American Locker Group Incorporated announced that James E. Ruttenberg has resigned as a Director and Lawrence J. Goldstein has been appointed by the Board of Directors to serve the remainder of James Ruttenberg's term.

Mr. Goldstein has also been nominated with the slate of Directors to stand for election by the shareholders at the Company's May 2003 Annual Meeting. The Company stated that the changes bring its Board of Directors into compliance with the independent Board composition requirements of the Sarbanes-Oxley Act of 2002.

James E. Ruttenberg served on the Board of Directors since 1994 and is the brother of the Company's Chairman and Chief Executive Officer, Edward F. Ruttenberg.

Lawrence J. Goldstein is the President and sole equity holder of SMP Asset Management, LLC of Larchmont, New York. SMP Asset Management, LLC is the General Partner of Santa Monica Partners, LP, which was founded by Mr. Goldstein in 1982 as a value focused, long-term investment partnership. Santa Monica Partners is a holder of in excess of 10% of the common stock of American Locker Group Incorporated. Chairman and Chief Executive Officer Edward Ruttenberg stated, "Larry Goldstein provides our Board with additional, experienced, independent investor and shareholder point of view. He brings the knowledge and experience of over forty years as a security analyst, fund manager and investor. We look forward to his contribution to the Board."

Safe Harbor Statement under the Private Securities Litigation Reform Act Of 1995

Except for historical information contained in this press release, the matters discussed herein 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 risks and uncertainties including without limitation the following: (i) the Company's plans, strategies, objectives, expectations, and intentions are subject to change at any time at the discretion of the Company, (ii) the Company's plans and results of operations will be affected by the Company's ability to manage its growth and inventory, and (iii) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission.