<HTML>Baldwin Piano & Organ Co. Announces Intent to Reorganize Under Chapter 11 of The United States Bankruptcy Code   MASON, Ohio, May 30 /PRNewswire/ -- Baldwin Piano & Organ Company today announced its intent to file for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.  Previously, the Company announced on April 24, 2001, a liquidity squeeze that was having a negative impact on the Company.  Subsequently, Baldwin hired Robert Jones as the new chief executive officer and announced that Kenneth W. Pavia was elected chairman of the board of directors. In a statement, Pavia said that while he had full confidence in Jones and his ability to return the Company to profitability, the liquidity squeeze coupled with certain legacy issues made the operation of Baldwin, as presently defined, virtually impossible. Pavia commented, "The legacy of past management makes the day-to-day operations of our core business impossible.  Disproportionate severance agreements, excessive inventory, excess administrative expenses in relation to historical Company performance, internal control issues, executive compensation arrangements that seem to exceed reasonable standards, and an extensive list of substantial payables are some examples of the factors we can not overcome." "Other factors that led to our decision to file for protection," Pavia added, "included unduly burdensome lease arrangements entered into under past administrations, restrictive borrowing arrangements with our lender, and the inability to secure concessions in regard to our liquidity crisis." "The dealers, factory personnel, and the new management deserve the opportunity to bring Baldwin back to its glory without the added pressure of past mismanagement," Pavia emphasized.  "All attempts to resolve this matter informally were explored and given due consideration.  Unfortunately, the pressures caused by the lack of liquidity and the demand of our creditors, including prior management's demand for the immediate payment under certain change of control agreements, made any recovery impossible.  In the end, for the benefit of all concerned, including our shareholders, a formal, orderly reorganization became the only viable alternative." In a statement, Jones said that he looked forward to leading the Company out of bankruptcy and working diligently to restore the Baldwin name and maintain the Company's relationship with its dealers and customers.  He continued, "Despite being CEO for only three weeks, I am convinced that the personnel at our factories have the ability, desire, and loyalty to make quality pianos and achieve enhanced values.  I firmly believe that the Baldwin name stands for our loyal employees and dealers.  With their continued support and the implementation of our strategic plan, Baldwin can return to profitability within a relatively short period." Baldwin Piano & Organ Company, the maker of America's best selling pianos, has marketed keyboard musical products for over 140 years. "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:  This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, reliance on key strategic alliances, fluctuation in operating results and other risks detailed from time-to-time in the Company's filings with the Securities and Exchange Commission. Bill Bremmer RPT Madison, Wisconsin</HTML>