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SECURITY ENVIRONMENTAL SYSTEMS ANNOUNCES PRELIMINARY SHAREHOLDER LAWSUIT SETTLEMENT

 GARDEN GROVE, Calif., Dec. 30 /PRNewswire/ -- Security Environmental Systems (SENV) (NASDAQ: SENV) announced today that it has reached a preliminary settlement of a shareholder lawsuit brought against the company and certain of its officers in March 1992.
 The settlement is subject to the Chancery Court of Delaware approval and requires that an annual shareholders' meeting take place within 60 days of such approval. Pursuant to the terms of the settlement, plaintiff and his associates have agreed to abandon their threatened proxy contest and to vote in favor of a board of directors nominated by management and in favor of certain management proposals to be resubmitted to shareholders for approval. The settlement also provides that SES will pay plaintiff's legal fees and other costs related to the action in the approximate amount of $330,000, that plaintiff will be retained as a financial consultant to SES for approximately seven years, that 976,146 shares issued to certain SES officers and directors be canceled, bringing the number of shares outstanding to approximately 9,635,177, and that SES will adopt certain formula to determine future compensation for certain corporate executives.
 Stephen Grossman, president of Security Environmental Systems, commented on the proposed settlement saying, "We believe this settlement is in the best interests of all shareholders, and allows management to refocus its attention on the business opportunities presently available to Security Environmental Systems. The settlement will also help to effectuate a more meaningful and open dialogue between the company and its public shareholders in the future."
 Security Environmental Systems, founded in 1972, disposes of biomedical and hazardous waste by incineration and steam sterilization and conducts inter-state transportation of hazardous waste. The company operates from facilities in Garden Grove, Vernon and Long Beach, Calif. Most recently, the company has expanded into Albuquerque, N.M.
 -0- 12/30/92
 /CONTACT: Stephen Grossman, president of Security Environmental Systems, 213-262-3722; or William F. Coffin of Financial Relations Board, 818-783-2400, for Security Environmental Systems/
 (SENV)


CO: Security Environmental Systems ST: California IN: SU:

JB-MS -- LA019 -- 0626 12/30/92 13:03 EST
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Publication:PR Newswire
Date:Dec 30, 1992
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