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DWG CORPORATION ANNOUNCES SETTLEMENT AND DISMISSAL AGREEMENT EXECUTED

 MIAMI, Feb. 17 /PRNewswire/ -- DWG Corporation (AMEX: DWG) announced today that a definitive agreement has been executed for the settlement and dismissal with prejudice of certain proceedings pending in the United States District Court for the Northern District of Ohio, Eastern Division. Such settlement and dismissal are conditions precedent to the consummation of the previously announced transactions among DWG, DWG Acquisition Group, L.P. (a limited partnership of which Nelson Peltz and Peter W. May are general partners) and/or Victor Posner and certain related entities.
 A written notice describing the settlement in detail will be mailed to shareholders and a hearing will be held by the court to determine whether the proposed settlement should be approved as fair, reasonable and adequate and, if the settlement is approved, to consider the application of the plaintiffs for an award of attorney's fees. No date has yet been set by the court for such hearing. If the court does not approve the settlement or if the settlement is approved by the court and the previously announced transactions with DWG Acquisition Group fail to close, then the settlement and any releases delivered pursuant thereto will be of no further force or effect.
 -0- 2/17/93
 /CONTACT: Jack Coppersmith, executive vice president of DWG Corporation, 305-866-7771/
 (DWG)


CO: DWG Corporation ST: Florida IN: SU:

SS-JJ -- FL014 -- 7579 02/17/93 18:06 EST
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Publication:PR Newswire
Date:Feb 17, 1993
Words:230
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