1
                                 EXHIBIT 99.1




Naperville, IL  9/18/96:

Chicago Rivet & Machine Co. (AMEX, symbol CVR) announced today that it has
executed a purchase and sale agreement related to its previously announced
intention to acquire substantially all of the assets and assume certain
liabilities of H & L Tool Company, Inc. of Madison Heights, Michigan.  The
agreement contemplates a closing date of October 31, 1996 and is subject to
conditions typical in transactions of this type.  While the exact purchase
price will be adjusted by any changes in the values of certain assets acquired
as of the closing date, the purchase price is expected to be approximately
$19.1 million, in a combination of cash and the assumption of certain
liabilities.  The transaction is expected to be financed by a combination of
available cash, a $4.8 million credit against the purchase price in
consideration of H & L's retention of all cash and cash equivalents, the
assumption of certain liabilities and outside borrowing of between $8 and $9
million.  The assets to be purchased include all of H & L Tool's production
equipment and facilities located in Madison Heights, Michigan.  Upon completion
of the transaction, Chicago Rivet intends to continue operations at that
location under the H & L Tool name.

Chicago Rivet & Machine Co. is a manufacturer of rivets, cold-formed fasteners
and automated assembly equipment primarily for the automotive and appliance
industries.  H & L Tool Company, Inc., established in 1946, is a privately held
manufacturer of specialty cold-formed fasteners and screw machine products
primarily serving the automotive industry.


For further information, contact:

John C. Osterman
President, Chicago Rivet & Machine Co.
708-357-8500