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DWG REPORTS REVISED SETTLEMENT OF EHRMAN LITIGATION

 WEST PALM BEACH, Fla., Sept. 13 /PRNewswire/ -- DWG Corporation (AMEX: DWG) today announced revised terms of settlement of litigation brought derivatively on behalf of Southeastern Public Service Company against the company and other defendants. Pursuant to the proposed settlement, Southeastern, which is approximately 71 percent owned by the company, would become a wholly owned subsidiary of the company on the following terms: each holder of common stock of Southeastern other than the company would receive in exchange for each share of common stock of Southeastern .8 of a share of the company's Class A Common Stock. This would result in the issuance of approximately 2,691,822 shares of the company's Class A Common Stock. The proposal is set forth in a Memorandum of Understanding signed today by the company and the plaintiff in the litigation.
 Under a prior agreement between the company and the plaintiff, Southeastern stockholders other than the company would have received in exchange for each share of Southeastern common stock .55 shares of the company's Class A Common Stock and a note payable by the company or Southeastern having a principal amount of $6.00.
 The settlement of the litigation is conditioned, among other things, upon approval of the United States District Court for the Southern District of Florida.
 -0- 9/13/93
 /CONTACT: Leon Kalvaria, vice chairman of DWG Corporation, 407-653-4060/
 (DWG)


CO: DWG Corporation; Southeastern Public Service Company ST: Florida IN: SU:

AW-PC -- FL009 -- 1518 09/13/93 17:55 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
Words:247
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