Gibraltar Packaging Group, Inc. Files to Terminate its SEC Reporting Obligations And Delist its Shares

Business Wire, June 29, 2004

HASTINGS, Neb. -- Gibraltar Packing Group, Inc. (OTCBB:PACK) announced today that it has voluntarily filed a Form 15 with the Securities and Exchange Commission to terminate registration of its common stock under the Securities Exchange Act of 1934. Gibraltar expects the Form 15 to be effective within 90 days after filing. Immediately upon filing of the Form 15, the company's reporting obligations with the SEC, including annual, quarterly and current reports, were suspended. Gibraltar expects to realize significant cost and time savings as a result of deregistration, particularly in light of the substantial increased risks and expenses of compliance with the Sarbanes-Oxley Act of 2002 and related SEC rules and regulations.

In connection with Gibraltar's deregistration, Walter E. Rose, the company's chairman and CEO, stated, "After careful consideration, our directors unanimously decided to deregister our stock because we believe the burdens associated with remaining a public reporting company far outweigh any benefits to Gibraltar and our stockholders. As a non-reporting company we will be able to realize significant cost savings. Deregistration will also allow our management team to devote all of its efforts to enhancing long-term value to benefit all of our stockholders."

Gibraltar's common stock should continue to be eligible for quotation on Nasdaq's Over-the-Counter Bulletin Board for approximately 120 days. After that, the company's shares may be quoted on the Pink Sheets LLC, a private provider of pricing and financial information for the over-the-counter securities markets. Gibraltar will also continue to hold annual meetings of its stockholders in compliance with Delaware law.

This press release includes forward-looking statements that involve risks and uncertainties. Actual results might differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to the Company's ability to execute its business plan. For a description of other factors that could cause actual results to differ materially from those in the forward looking statements, reference is made to the Company's filings with the Securities and Exchange Commission, including the Company's annual report for fiscal 2003 on Form 10-K and other periodic filings.