UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 18, 2005
American Locker Group Incorporated
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(Exact name of registrant as specified in its charter)
Delaware 0-439 16-0338330
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
608 Allen Street, Jamestown, New York 14701
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (716) 664-9600
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement
On March 18, 2005, American Locker Group Incorporated (the "Company")
received a letter from Manufacturers and Traders Trust Company ("M&T Bank"), the
Company's bank lender, stating that M&T Bank believes that an event of default
has occurred under the Term Loan Agreement between the Company and M&T Bank (the
"Term Loan Agreement") as a result of a material adverse change in the
"business, operations or condition (financial statement or otherwise)" of the
Company stemming from the non-renewal of the Cluster Box Unit contract between
the Company and the United States Postal Service. As of March 21, 2005, the
Company and its subsidiaries were indebted to M&T Bank in the principal amount
of approximately $6,400,000.
The letter from M&T Bank further states that "while the Bank is not
declaring an Event of Default at this time and is not exercising its rights and
remedies as set forth in the General Security Agreement, other loan documents
executed in connection with the Term Loans, or rights and remedies the Bank may
otherwise have at law or equity, the Bank is reserving any and all rights it may
have to declare this or any other default at a later date."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN LOCKER GROUP INCORPORATED
By: /s/ Edward F. Ruttenberg
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Edward F. Ruttenberg
Chairman and
Chief Executive Officer
Dated: March 22, 2005
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