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E-Z SERVE SETTLES TENNECO DISPUTE

 E-Z SERVE SETTLES TENNECO DISPUTE
 HOUSTON, Sept. 16 /PRNewswire/ -- E-Z Serve Corporation (AMEX: EZS)


("the company") of Houston today announced that its wholly-owned subsidiary, TOC Retail, Inc. ("TOC"), and Tenneco Inc. (NYSE: TGT) ("Tenneco") have agreed to settle all outstanding claims and counterclaims related to environmental indemnification provisions contained in the stock purchase agreement dated Oct. 7, 1988 ("stock purchase agreement") whereby TOC acquired 451 convenience stores from Tenneco.
 According to the agreement, TOC immediately assumes sole responsibility for the performance of all environmental assessment and remediation obligations of the locations acquired from Tenneco. In exchange for TOC's release of Tenneco's environmental assessment and remediation obligations, Tenneco has paid TOC $3 million and has agreed to pay TOC 50 percent of all reimbursements received by Tenneco after Sept. 2, 1992, from state agencies for costs and expenses previously incurred by Tenneco in connection with environmental assessment and remediation of sites designated in the stock purchase agreement. TOC's portion of those reimbursements are estimated by the company to be approximately $3.5 million, collectible over the next several years. The company believes that the amounts received from Tenneco in connection with this settlement will be sufficient to cover all future costs to assess and remediate the designated sites.
 E-Z Serve Corporation is a distributor of motor fuels through 417 retail outlets and 535 company-owned convenience stores located predominantly in rural areas in 21 Southern states.
 -0- 9/16/92
 /CONTACT: John Miller, senior vice president of E-Z Serve, 1-800-256-0600 or 713-591-1111/
 (EZS TGT) CO: E-Z Serve Corporation; Tenneco Inc. ST: Texas IN: OIL SU:


GK -- NY048 -- 0189 09/16/92 13:59 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
Words:272
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