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WTC INDUSTRIES, INC. REACHES AGREEMENT IN PRINCIPLE TO SETTLE LAWSUIT

 MINNEAPOLIS, May 20 /PRNewswire/ During its annual meeting of shareholders on May 19, 1993, WTC Industries, Inc. (NASDAQ: WTCO) announced that it has reached an agreement in principle to settle certain pending litigation. Matthew E. Gilfix, interim chief executive officer, stated that the settlement agreement relates to a previously disclosed March 1992 lawsuit filed by WTC Industries against Questech International, Inc. and a subsequent counterclaim against WTC by Questech. The company's announcement of such an agreement disclosed that WTC would pay Questech an unspecified amount in connection with Questech's counterclaim. Terms of the settlement agreement satisfy three key criteria: that the settlement be within WTC's current financial capabilities; that its magnitude would be preferable to a continuation of the related legal expenses; and finally, that it would not materially impact shareholder value.
 Gilfix noted that by agreeing to settle this litigation at this time, the company could refocus its energy and resources on achieving operational objectives. In addition, the company announced that it has reached a preliminary agreement with Sheldon A. Vermes, its former chief executive officer, that modifies Vermes' employment agreement under mutually acceptable terms.
 -0- 05/20/93
 /CONTACT: Matthew E. Gilfix, interim CEO of WTC Industries, 612-473-1625; or Tom de Petra of de Petra & Associates, Inc., 612-338-7630, for WTC Industries, Inc./
 (WTCO)


CO: WTC Industries, Inc. ST: Minnesota IN: SU:

AL -- MN012 -- 0814 05/20/93 13:31 EDT
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Publication:PR Newswire
Date:May 20, 1993
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