---

Riviera Tool Company Announces Issuance of Preferred Stock And Redemption and Retirement of Common Stock

13 October 1997

Riviera Tool Company Announces Issuance of Preferred Stock And Redemption and Retirement of Common Stock

    GRAND RAPIDS, Mich., Oct. 13 -- Grand Rapids, Michigan-based
Riviera Tool Company (Amex: RTC) today announced the completion of a private
placement and issuance of 60,200 shares of 8% Convertible Preferred Stock
convertible at $6.00 per share.  Of the $6,020,000 proceeds from the sale of
the 8% Convertible Preferred Stock, $3.0 million will be used to redeem and
retire 730,000 common shares (a per share price of $4.11) owned by Motor Wheel
Corporation.  The remaining proceeds will be used for future capital equipment
expenditures.
    "The completion of the Preferred Stock offering and redemption of the
Motor Wheel common shares is consistent with our continuous focus toward
increasing shareholder value in that the redemption and retirement of these
common shares is accretive to our shareholders," President Kenneth K. Rieth
said.  "Adding that the remaining proceeds allow us the opportunity to
continue to grow our business on an equity basis, rather than incurring
additional indebtedness."
    Riviera designs, develops and manufactures custom large scale metal
stamping die systems used in the high speed production of sheet metal stamped
parts and assemblies for the automobile industry.  Riviera's common stock
trades on the American Stock Exchange under the symbol "RTC" and closed
Friday, October 10, 1997 at 6 1/8.

SOURCE  Riviera Tool Company