1
                               EXHIBIT 99.1

Naperville, IL 12/3/96:

Chicago Rivet & Machine Co. (AMEX, symbol CVR) announced today that it has
closed the previously announced purchase of substantially all of the operating
assets of H & L Tool Company, Inc. of Madison Heights, Michigan.  As previously
announced, the purchase price, subject to certain post-closing adjustments,
was approximately $19 million.  The transaction was financed by a combination
of outside borrowing of $9 million, approximately $4.9 million of available
cash, a $4.8 million credit against the purchase price in consideration of H &
L Tool's retention of all cash and cash equivalents and the assumption of
certain liabilities of approximately $300,000.  The assets purchased include
all of H & L Tool's production equipment and facilities located in Madison
Heights Michigan.  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,
manufactures 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.
630-357-8500