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PARALLEL TECHNOLOGIES FILES ANSWER TO COURT ACTION

 YONKERS, N.Y., Nov. 18 /PRNewswire/ -- Parallel Technologies, Inc. (NASDAQ: PLLK), announced that it had filed an answer, including several counterclaims, in an action against Parallel in New York Supreme Court entitled "William Levy, et al. against Parallel Technologies, Inc."
 In the action, plaintiffs sought to compel Parallel to accept stock subscriptions from certain investors or, alternatively, to rescind the transactions. In its presentation to the court, Parallel asked that the transactions be rescinded and funds previously received by Parallel from the subscribers be returned.
 Senior Vice President Martin W. Enright stated: "We regret that Baytree Associates instigated this baseless litigation in an effort to coerce Parallel Technologies to complete transactions it was under no obligation to complete and which it did not believe to be in the best interests of its shareholders. We have sought to rescind these transactions. In the interim we have made other arrangements to secure investment capital to fuel Parallel's growth."
 In another announcement, Parallel stated that it is establishing a subsidiary to explore certain opportunities in the area of medical and healthcare information systems.
 -0- 11/18/93
 /CONTACT: Martin W. Enright, senior vice president, Parallel Technologies, 914-965-7790/
 (PLLK)


CO: Parallel Technologies, Inc. ST: New York IN: SU:

BR-BN -- AT001 -- 5887 11/18/93 09:07 EST
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Publication:PR Newswire
Date:Nov 18, 1993
Words:213
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