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ALCO INTERNATIONAL

 SAN DIEGO, March 23 /PRNewswire/ -- The following is being issued by Alco International Group Inc. (NASDAQ: ALIG):
 Alco International Group Inc. (the "company") today announced that on March 12, 1993, a counterclaim was filed against it in the company's pending lawsuit against several members of the brokerage community, which counterclaim the company believes to be baseless. The company's lawsuit is based upon RICO and other violations stemming from the alleged manipulation of the company's stock by various brokerage firms believed by the company to be engaged in short selling of the company's stock. Filed in the United States District Court for the Southern District of California late last year, the lawsuit is in the preliminary stages of discovery. The counterclaim, filed by Sovereign Equity Management Corp. alleged violations of the Federal Securities Laws and defamation, and seeks an unspecified amount of compensatory damages, and punitive damages in excess of $10,000,000. The company believes the counterclaim to be devoid of any merit and is in the process of preparing its response and intends to vigorously contest the claim and seek all legal and equitable relief available to the company as a consequence of the defendant's counterclaim.
 Philip Gurian has been named as a defendant in the federal case brought by Alco International which alleges various violations of securities laws as well as causes of action arising from the disparagement of Alco International and its product. In addition to the above, the suit alleges that Gurian is a control person of Sovereign Equity Management Corp. within the meaning of Section 20 of the Exchange Act of 1934 and that he was barred from the securities industry for non-payment of fines related to a NASD complaint.
 The company through its subsidiaries, operates two primary businesses: the marketing of medical products for infection control and women's health; and the transportation of containerized cargo from South Florida to the Caribbean.
 -0- 3/23/93
 /CONTACT: William Spencer of Alco International Group, 619-695-9555/
 (ALIG)


CO: Alco International Group Inc. ST: California IN: HEA MAR SU:

KJ-JL -- SD006 -- 8875 03/23/93 18:14 EST
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Publication:PR Newswire
Date:Mar 23, 1993
Words:350
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