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AJAY SPORTS ANNOUNCES RENEGOTIATION OF FEE TO EQUITEX

 ENGLEWOOD, Colo., Nov. 23 ~PRNewswire~ -- Ajay Sports Inc. (NASDAQ: AJAY) announced the renegotiation of the fee to Equitex Inc. (NASDAQ-NMS: EQTX) related to its April 1992 financial restructuring. Two million of the 2,500,000 stock purchase warrants issued to Equitex have been cancelled and the exercise price of the remaining warrants is $1 and $1.43 per share. The remaining 500,000 warrants will be cancelled if the Equitex guarantee of Ajay's loan from BankAmerica Business Credit Inc. is replaced prior to Feb. 15, 1993. Ajay's board is in the process of exploring various possible options for replacing the Equitex guarantee.
 In addition, the $250,000 fee to be paid to Equitex has been reduced to a fee of $10,000 per month while the guarantee is outstanding, with a minimum of $100,000 which has been paid, and no other fees are owed to Equitex. As part of the agreement, Ajay has lowered the conversion price of the 29,500 shares of Series A 8 percent Cumulative Convertible Preferred Stock issued to Roadmaster Corp. from $2.25 to $1.50 per share effective Jan. 1, 1993, and from $3 to $2.25 per share effective Jan. 1, 1994.
 Ajay Sports, through its 100 percent wholly owned subsidiary, Ajay Leisure Products Inc. is one of the largest distributors of golf accessories as well as one of the nation's largest manufacturers of retail golf bags and hand-pulled golf carts.
 -0- 11~23~92
 ~CONTACT: Joseph W. Hovorka of Ajay Spr?ts, 414-728-5521~
 (AJAY EQTX)


CO: Ajay Sports Inc.; Equitex Inc. ST: Colorado IN: SU:

BB -- DV003 -- 0641 11~23~92 14:38 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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