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DRUG SCREENING SYSTEMS WARRANT EXERCISE EXCEEDS $5.2 MILLION

    DRUG SCREENING SYSTEMS WARRANT EXERCISE EXCEEDS $5.2 MILLION
    BLACKWOOD, N.J., March 4 /PRNewswire/ -- Drug Screening Systems, Inc. (NASDAQ: DRUG), announced today that its outstanding warrants, issued in connection with its public offering in May 1988, expired on Feb. 28, 1992.  Prior to expiration, the company received $5,290,449 from the exercise of 1,172,250 purchase warrants, representing 99.2 percent of the warrants issued.  Each warrant, exercisable at $4.50, entitled holders to 1.744 shares of common stock.  The exercise increased the number of shares outstanding by 2,076,880, to a total of 8,877,752 shares.
    "The success of the warrant exercise demonstrates investor enthusiasm for the future of our company," Gary Nacht, chief financial officer, said.  "The proceeds will be used for aggressive marketing of our present products and ongoing development of new diagnostic tests in the area of drugs of abuse," he added.
    Drug Screening Systems is a biochemical diagnostic company engaged in the development, manufacture and marketing of on-site screening tests for drugs of abuse.  The company's products are currently sold under the trademarks MACH TV SCREEN(R) and MICROLINE SCREEN(R) in the United States and throughout Europe, South America and the Far East through distributors and sales agents.
    -0-                      3/4/92
    /CONTACT:  Gary Nacht of Drug Screening Systems, 609-228-8500/
    (DRUG) CO:  Drug Screening Systems, Inc. ST:  New Jersey IN: SU: SB-SM -- NY073 -- 5042 03/04/92 15:09 EST
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Publication:PR Newswire
Date:Mar 4, 1992
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