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BOARD REPORT CLEARS REXENE EXECUTIVES

 DALLAS, March 29 /PRNewswire/ -- Rexene Corporation (NYSE: RXN) announced today that a special committee of its board of directors found no evidence of unethical, illegal or tortious conduct by executives of the company following an investigation conducted with the aid of outside counsel.
 On Feb. 5, 1993, Rexene announced that its board of directors had appointed a special committee to investigate allegations made by William J. Gilliam, its former chairman, of wrongdoing by certain executive officers of the company. At that time the company said its board had examined the charges and a preliminary report and expressed confidence in management.
 The independent counsel, Weil, Gotshal & Manges, in a report to the special committee, advised that its investigation begun in January is now complete and that nothing with any significance to current Rexene operations has been found.
 Art Goeschel, chairman of Rexene, said, "The work of the special committee has confirmed the belief of the board of directors that Rexene's management team has conducted the business of the company with integrity and in the best interests of our stockholders. We are confident in the present management's ability to provide added value to the customers of Rexene while building the long term value of Rexene Corporation."
 Rexene Corporation manufactures thermoplastic resins and petrochemical products including polyethylene and polypropylene resins and plastic films. Rexene, headquartered in Dallas has manufacturing facilities in Texas, Wisconsin, Georgia, Delaware and Utah.
 -0- 3/29/93
 /CONTACT: Neil J. Devroy of Rexene Corporation, 214-450-9101/
 (RXN)


CO: Rexene Corporation ST: Texas IN: CHM SU: PER

SM -- NY049 -- 0457 03/29/93 11:16 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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