SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 16157 / May 20, 1999

SECURITIES AND EXCHANGE COMMISSION v. WILLIAM E. WILLOUGHBY, Civil Action No. 1:99CV01221 (GK ), (D.D.C.) (filed May 20, 1999)

On May 20, 1999, the Commission filed a settled complaint in the United States District Court for the District of Columbia against William E. Willoughby, former President and Chairman of Wedco Technology, Inc., and a current director of ICO, Inc., alleging violations of the beneficial ownership reporting provisions of the Securities Exchange Act of 1934. The complaint alleges that, in connection with his beneficial ownership of the equity securities of Wedco and ICO, Willoughby violated Sections 13(d), 13(g) and 16(a) of the Securities Exchange Act of 1934 and Rules 13d-1, 13d-2, 16a-2, 16a-3 and former Rule 16a-1 thereunder by failing to file or failing to timely file seventeen amendments to Schedules 13D and 13G, and by failing to file or failing to timely file thirty-seven Forms 3, 4 and 5 in transactions worth approximately $3.69 million. Without admitting or denying the allegations in the complaint, Willoughby consented to the entry of a final judgment imposing a $10,000 penalty. Prior to Wedco’s acquisition by ICO, the shares of Wedco were listed on the American Stock Exchange and thereafter on the NASDAQ National Market System. The shares of ICO are listed on NASDAQ.

In a related matter, the Commission issued an administrative Order pursuant to Section 21C of the Exchange Act finding that Willoughby violated the provisions of the Exchange Act as set forth above. Without admitting or denying the allegations in the Commission’s Order, Willoughby consented to the entry of the Order requiring him to cease and desist from committing or causing any violations or any future violations of the beneficial ownership reporting provisions of the Exchange Act cited above.