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Wallace Announces $8 Million Settlement Agreement

Press release from the issuing company

LISLE, Ill.--Nov. 4, 2002--Wallace today announced the settlement of a previously disclosed contract dispute with a third party. The settlement, plus other related expenses, is expected to result in a one-time pre-tax charge of approximately $8 million, or slightly less than $5 million after-tax, and will impact the Company's reported financial results for its first fiscal quarter ended October 31, 2002.