Heat oven to 400 degrees F. Combine powdered sugar and shortening in a large bowl; beat on medium speed until light and fluffy. Beat in egg, salt, water, vanilla and almond extracts. Using a spoon, stir in flour until well mixed. Stir in ground nuts.
Fit cookie press with desired template. Fill cookie press; press dough onto ungreased baking sheets. Press almond slices onto the center of the cookies, if desired.
Bake 7 to 9 minutes or until set, but not brown. Cool one minute. Remove to cooling rack.