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SOFTWARE TOOLWORKS SETTLES SEC INVESTIGATION WITH NO FINANCIAL IMPACT; WIRE SERVICE ISSUES MISLEADING REPORT

 NOVATO, Calif., Oct. 1 /PRNewswire/ -- The Software Toolworks Inc. (NASDAQ: TWRX), a leading publisher of education, edutainment and multimedia software, disclosed almost one year ago in its Quarterly Report on Form 10-Q for the period ended Sept. 30, 1992, and in subsequent filings since that date, that it had submitted an offer of settlement to the staff of the Securities and Exchange Commission (SEC) of a confidential investigation of the events surrounding the company's July 1990 public stock offering. The offer of settlement involved no financial impact to the company and was made to bring all significant, potential litigation and related matters with respect to those events to a close.
 Last fall, the staff of the SEC forwarded the offer of settlement to the full commission with a recommendation for approval. In a positive development, on Sept. 14, 1993, the SEC finally adopted the staff's recommendation and agreed to settle the three-year-old matter. As part of the formal implementation of the settlement, on Sept. 30, 1993, the SEC filed a complaint against the company setting out certain allegations, and simultaneously, the company agreed, without admitting any liability or any allegations in the complaint, to a consent decree requiring compliance with certain securities laws. This brings the matter to a close.
 Unfortunately, yesterday a wire service issued an abbreviated, inaccurate and misleading report of these developments, making them appear to be a new event rather than the desirable end to matters originating three years ago. Bob Lloyd, president and chief executive officer of the company, stated, "The wire service's inaccurate and misleading report released yesterday afternoon regarding the culmination of an SEC investigation which the company disclosed 11 months ago is extremely frustrating. This relates to old news and, if anything, the commission's approval two weeks ago of a settlement which involves no financial impact to the company is positive news for the company."
 -0- 10/1/93
 /CONTACT: Vincent Turzo of Software Toolworks, 415-883-3000, ext. 568/
 (TWRX)


CO: The Software Toolworks Inc. ST: California IN: CPR SU:

PK-TM -- SF006 -- 7602 10/01/93 07:00 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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