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SOUTHEASTERN PUBLIC SERVICE COMPANY REPORTS CONTRACT TO SELL TREE MAINTENANCE BUSINESS

 WEST PALM BEACH, Fla., Sept. 2 /PRNewswire/ -- Southeastern Public Service Company (PSE) today announced that it has entered into a definitive agreement to sell substantially all of the assets of its tree maintenance services businesses for approximately $70 million plus the assumption by the purchaser of up to $5 million in current liabilities. Consummation of the sale is subject to the satisfaction of a number of standard conditions, including regulatory approvals. The sale is not, however, conditioned upon the purchaser obtaining financing.
 SEPSCO is a subsidiary of DWG Corporation (AMEX: DWG). As previously announced, in July 1993 SEPSCO's board of directors authorized the sale or discontinuance of all of SEPSCO's operating businesses and assets other than the LP gas business conducted by SEPSCO's subsidiary, Public Gas Company. The sale announced today is the first disposition made in the execution of the strategic decision made by the board of directors in July.
 SEPSCO has been involved actively in negotiations with a number of potential purchasers with respect to additional dispositions.
 -0- 9/2/93
 /CONTACT: John Cohlan, senior vice president of Corporate Development of Southeastern Public Service Company, 407-653-4095/
 (DWG)


CO: Southeastern Public Service Company ST: Florida IN: SU: CON

RC-AW -- FL003 -- 8329 09/02/93 10:23 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
Words:208
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