Allied Devices Receives Delisting Notice From Nasdaq

    HICKSVILLE, N.Y.--Sept. 13, 2002--Allied Devices Corporation , today reported that it had received a Nasdaq Staff Determination on September 6, 2002, indicating that the Company has failed to comply with the minimum bid price requirement for continued listing on the Nasdaq SmallCap Market as set forth in Marketplace Rule 4310(c)(4), and, therefore, its securities are subject to delisting from the Nasdaq SmallCap Market.
    Accordingly, the Company's Common Stock will be delisted from the Nasdaq SmallCap Market as of the opening of business on September 16, 2002.
    The Company expects its Common Stock (ALDV) will trade on the Over-the-Counter Bulletin Board (OTC BB) under the same symbol following its delisting from The Nasdaq SmallCap Market.
    Allied Devices is a leading manufacturer and distributor of high precision mechanical assemblies and components used in industrial and commercial equipment. These products, manufactured to exacting tolerances, provide precision motion control in such products as factory automation, robotics, aerospace and scientific instrumentation, semiconductor equipment, and medical diagnostic and operating room equipment.

    All statements contained herein that are not historical facts, including but not limited to statements regarding the Company's current business strategy and the Company's plans for future development, operations and capital raising, are based upon current expectations. For factors, which could affect the realization of those expectations, see the Company's current annual report on Form 10-K.