Michael Anthony Jewelers, Inc. in Preliminary Negotiations With Bel-Oro International, Inc. Concerning Business Combination MOUNT VERNON, N.Y., May 31 /PRNewswire-FirstCall/ -- Michael Anthony Jewelers, Inc. (MAJJ.PK), a leading marketer and manufacturer of gold jewelry, today announced that it is engaged in preliminary negotiations for the possible combination of its jewelry design, marketing and manufacturing business with Bel-Oro International, Inc. a New York-based company that operates the Bel-Oro, Pace and Sardelli group of companies which import and distribute fine jewelry including gold, silver and precious stone items to leading retailers. Any proposed transaction between the Company and Bel-Oro is subject to due diligence as well as the negotiation and execution of definitive agreements. In addition, there are no assurances that any transaction will result or, if a transaction does result, as to any of the terms or conditions, including transaction structure or exchange of consideration. Michael Anthony Jewelers is a leading designer, marketer and manufacturer of branded affordable fine jewelry and watches, whose customers include jewelry chain stores, discount stores, department stores, television shopping networks and wholesalers. Forward Looking Statements Except for the historical information herein, the matters discussed in this news release include forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements that are based on various assumptions (some of which are beyond the Company's control) may be identified by the use of forward-looking terminology, such as "may," "can be," "will," "expects," "anticipates," "intends," "believes," "projects," "potential," "are optimistic," "view" and similar words and phrases. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors. Except as may be required by law, the Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such forward-looking statements. Michael Anthony and the Michael Anthony logo are registered trademarks and registered service marks of Michael Anthony Jewelers, Inc. DATASOURCE: Michael Anthony Jewelers, Inc. CONTACT: Michael W. Paolercio, Chief Executive Officer of Michael Anthony Jewelers, Inc., +1-914-699-0000 Ext. 290 Web site: http://www.michaelanthony.com/

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