Algo Group announces resignation of Chairman

    MONTREAL, Dec. 24 /CNW Telbec/ - Algo Group Inc. (TSX: AO) ("Algo" or the
"Company") today announced that Dan Elituv has resigned as Chairman of the
Board of Directors, effective immediately. Mr. Elituv will continue to serve
as a Director of the Company. No immediate replacement has been named.


    Algo Group Inc is a Canadian importer of ladies' fashion apparel, as well
as men's, boy's and children's sportswear that is marketed throughout North
America. The Company also imports home furnishings that it markets to
retailers in North America, and holds licenses to sell various brands
including Levi's Home in Canada and the United States.

    Forward-looking statement

    Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of Algo. These statements are based on suppositions and
uncertainties as well as on management's best possible evaluation of future
events. Such factors may include, without excluding other considerations,
evolution in customer demand for Algo's products and services, the impact of
price pressures exerted by competitors, and general market trends or economic
changes. As a result, readers are advised that actual results may differ from
expected results.

For further information:

For further information: ALGO GROUP INC.: Ken Labelle, C.A., Chief
Financial Officer, (514) 908-7804; INVESTOR RELATIONS: Rick Leckner,
MaisonBrison, (514) 731-0000

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