SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C.

     LITIGATION RELEASE NO. 15458/August 22, 1997

     SECURITIES AND EXCHANGE COMMISSION V. WEDGEWOOD FINANCIAL GROUP, INC.,
ET.
     AL., Case No. 97-6350-CIV-RYSKAMP (S.D. Fla.)

          The Securities and Exchange Commission announced that on April
10,
     1997, the Honorable Kenneth L. Ryskamp, United States District Judge
for
     the Southern District of Florida, preliminarily enjoined defendants
     Wedgewood Financial Group, Inc. ("Wedgewood"), its president, William
     Scrak, Paul Iwankowski, JPI Site Management, Inc. ("JPI"), and
Colorado
     Paging Group Partners ("Colorado Paging"), from offering or selling
     interests in what the SEC alleges are fraudulent paging license
     partnerships, and also freezing defendants' assets.  The preliminary
     injunction enjoins the defendants from violating Section 17(a) of the
     Securities Act of 1933 and Section 10(b) of the Securities Exchange Act
of
     1934 ("Exchange Act") and Rule 10b-5 thereunder and, additionally,
     Wedgewood from violating Section 15(a) of the Exchange Act.
Iwankowski
     consented to the Court's actions, and Scrak did not dispute the SEC's
     allegations.

          In an earlier coordinated effort, on April 4, 1997, the SEC sought
and
     obtained a temporary restraining order and asset freeze and the
Federal
     Bureau of Investigation executed a search warrant for Wedgewood's
offices.
     The SEC and a court-appointed receiver secured the premises and the
     receiver is now in possession of the office and all company records
have
     been seized.

          According to the SEC's complaint, Wedgewood, a Florida-based
company,