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ROYCE LABORATORIES, INC. ANNOUNCES APPROVAL OF CLASS ACTION SETTLEMENT

 MIAMI, Oct. 4 /PRNewswire/ -- Royce Laboratories, Inc. (NASDAQ: RLAB) today announced that its settlement of the class action litigation which had been filed against it has been approved by the U.S. District Court for the Southern District of Florida. Under the terms of the settlement, the company will be obligated to pay the following consideration to the class members: (i) $850,000 in cash (which has been funded by the company's directors and officers liability insurer); (ii) 750,000 shares of free-trading common stock; and (iii) five year warrants to purchase 1,975,000 shares of the company's common stock at $5.00 per share.
 Patrick J. McEnany, president, commented, "We are very pleased that our settlement has been approved by the Court. While we firmly believe that the company and its officers and directors acted properly in all respects, we also believe strongly that a resolution of this suit was in the best interest of the company and its shareholders."
 Royce Laboratories, Inc. is a manufacturer of off-patent prescription and over the counter pharmaceuticals.
 -0- 10/4/93
 /CONTACT: Patrick J. McEnany, chief executive officer, of Royce Laboratories, 305-624-1500/
 (RLAB)


CO: Royce Laboratories, Inc. ST: Florida IN: MTC SU:

RK-JV -- FL008 -- 8454 10/04/93 14:51 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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