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DWG CORPORATION'S SEPSCO UNIT SELLS CONSTRUCTION OPERATIONS; SALE OF TREE MAINTENANCE BUSINESS GAINS REGULATORY APPROVAL

 WEST PALM BEACH, Fla., Oct. 8 /PRNewswire/ -- DWG Corporation's (AMEX: DWG) Southeastern Public Service Company (SEPSCO) unit announced today the sale of two of its subsidiaries, Wright & Lopez, Inc. and Pressure Concrete Construction Co., to an affiliate of Perkerson, Patton Management Corporation. The sales are part of a program authorized by the DWG and SEPSCO boards to dispose of or discontinue all of SEPSCO's operating businesses and assets other than the LP gas business.
 Wright & Lopez provides underground cable and conduit installation, pole setting and manhole installation services, while Pressure Concrete refurbishes concrete structures. Terms of the transaction were not disclosed. However, the company indicated that it will record neither a gain nor a loss from the transactions and that these two sales would result in the elimination of negative cash flow associated with these operations.
 SEPSCO also announced that all required regulatory approvals have been received concerning the previously announced sale of its tree maintenance businesses for $70 million, plus the assumption by the purchaser of up to $5 million in current liabilities, and that the transaction should close later this month. The company earlier had stated that the sale is not conditioned upon the purchaser obtaining financing.
 SEPSCO is a 71 percent owned subsidiary of DWG. Perkerson, Patton Management Corporation is a Nashville-based management company with interests in the construction business.
 -0- 10/8/93
 /CONTACT: Jerry Hostetter of DWG, 212-230-3185/
 (DWG)


CO: DWG Corporation; Southeastern Public Service Company; Perkerson, Patton Management Corporation ST: Florida, Tennessee IN: CST SU:

SH-PS -- NY016 -- 0120 10/08/93 11:36 EDT
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Publication:PR Newswire
Date:Oct 8, 1993
Words:260
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