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WESTGROUP ANNOUNCES PLANS FOR RESTRUCTURING

 WESTGROUP ANNOUNCES PLANS FOR RESTRUCTURING
 CALGARY, Alberta, Oct. 26 /PRNewswire/ -- Westgroup Corporations


Inc. (Alberta: WI.A) ("Westgroup") announced that, effective Oct. 27, 1992, its operating focus will be towards refocusing the operating assets in its portfolio. This may include the potential for divestiture and/or refinancing of any such assets.
 Westgroup also announced the following managerial changes and board appointments, which it believes are necessary to successfully restructure the company and provide for long-term growth and increased shareholder value. All operational activites will be the sole responsibility of the newly appointed management group headed by Joseph D. Couillard:
 Couillard has been appointed to the board of directors and will serve as managing director. Couillard will assist Peter W. Kreutzer in Westgroup's day-to-day activities. Couillard is a successful Calgary business leader and brings 25 years of operational experience to Westgroup.
 Kreutzer has been named chief operating officer and will hold such office concurrently with his present positions as chief financial officer and vice president, finance. Kreutzer has also been appointed to the board of directors.
 Lawrence G. Ryckman will remain as chairman of the board.
 T.F. Stibbard will remain as president.
 Daniel P. Shapiro has been appointed to the board of directors. Shapiro has extensive business interests in Western Canada and will serve to provide corporate finance and operational restructuring expertise to Westgroup.
 As of Oct. 27, 1992, the directors of Westgroup will be Couillard, Kreutzer, J.R. MacDonald, Ryckman, Shapiro and Stibbard.
 Westgroup is a diversified management corporation dedicated to building well-managed, highly valued, autonomous enterprises that serve North American and specialized global markets. Westgroup's strength derives from the diversity and synergy of its individual corporations, and from a sharing of management skills and financial resources.
 The Alberta Stock Exchange has neither approved nor disapproved the contents of this release.
 -0- 10/26/92
 /CONTACT: Investor Relations of Westgroup Corporations, 403-269-1868, or (fax) 403-265-7318/
 (WI.A.) CO: Westgroup Corporations Inc. ST: Alberta IN: SU: RCN


BP -- LA021 -- 4720 10/26/92 11:09 EST
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Date:Oct 26, 1992
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