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EQUITEX REPORTS MID-YEAR FINANCIAL RESULTS; TOTAL ASSETS INCREASE AND NET ASSETS PER SHARE REACH $2.16

 ENGLEWOOD, Colo., Aug. 20 /PRNewswire/ -- Equitex Inc. (NASDAQ-NMS: EQTX) announced today its unaudited financial results for the quarter and six months ended June 30, 1993. The company's total assets at June 30, 1993 were $19.3 million as compared to $15.4 million at Dec. 31, 1992. Net asset value at June 30, 1993 was $12.8 million compared to $9.6 million at Dec. 31, 1992. Net asset value per share increased to $2.16 on 5,914,468 shares at June 30, 1993 from $1.63 on 5,921,168 shares at Dec. 31, 1992. As a comparison, for the quarter ended June 30, 1992, total assets were $13.2 million and net asset value was $8.2 million or $1.40 per share as restated to account for the 1 for 25 reverse split which took effect on Aug. 3, 1992.
 The company's net assets increased $3,031,095 from operations in the second quarter and $3,134,015 for the six months ended June 30, 1993, as compared to a loss of $2,643,353 and a gain of $1,579,586 for the like quarter and six month periods in 1992. The company posted net investment loss and net realized gain on investments (similar to net income) of $223,984 and $276,241 for the quarter and six months ended June 30, 1993, respectively, which compares to $116,315 and $1,086,857 for the similar 1992 periods.
 Equitex is a business development company under the Investment Company Act of 1940, as amended.
 -0- 8/20/93
 /CONTACT: Thomas B. Olson of Equitex, 303-796-8940/
 (EQTX)


CO: Equitex Inc. ST: Colorado IN: SU: ERN

BB -- DV003 -- 8680 08/20/93 12:07 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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