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Riviera Tool Company Responds to Summit Venture Partners Tender Offer

22 December 1998

Riviera Tool Company Responds to Summit Venture Partners Tender Offer

    GRAND RAPIDS, Mich., Dec. 21 -- Grand Rapids, Michigan-based
Riviera Tool Company (Amex: RTC) announced today that, in response to an
unsolicited tender offer by Summit Venture Partners to purchase up to 2% of
Riviera's shares for $4.125 a share, that Riviera Tool Company is recommending
that shareholders reject the tender offer as the price is inadequate, noting
that the $4.125 price is approximately 23% below the $5.375 closing price of
Riviera's common stock on the American Stock Exchange on December 18, 1998, as
well as 19% below book value as of November 30, 1998.
    Summit Venture Partners did not inform Riviera Tool Company about the
tender offer, and Riviera only learned about it when contacted by brokers and
shareholders.
    The offeror has not disclosed any facts concerning its financial condition
or resources.