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APPLIED INNOVATION INC. ANNOUNCES PRIVATE SALE OF COMMON STOCK

 WORTHINGTON, Ohio, Aug. 17 /PRNewswire/ -- Applied Innovation Inc. (NASDAQ: AINN) today announced completion of a private placement of common stock with the Independent Order of Foresters (Toronto) totaling $1.455 million, net of expenses. Specific terms of the transaction were not announced. The proceeds will be used for general corporate purposes.
 Applied Innovation's business has been increasing in recent periods, necessitating increased personnel, additional research and development and expanded facilities.
 Applied Innovation recently reported second quarter 1993 results. Total revenues for the three months ended June 30, 1993, rose 174 percent to $3,123,107 from $1,139,853 for the same quarter ended June 30, 1992, due to substantially higher sales to an increased number of Regional Bell Operating Companies as well as significant field service revenues. Net income increased 329 percent to $888,269 for the second quarter of 1993 compared to $206,926 a year ago. Net income per share was $0.23 for the three months ended June 30, 1993, versus $0.06 last year.
 For the six months ended June 30, 1993, total revenues increased 197 percent to $5,169,057 compared to $1,740,072 a year ago. Net income totaled $1,257,160 versus $260,494 for the comparable period last year. Net income per share was $0.33 for the first six months of 1993 compared to $0.07 a year ago.
 Applied Innovation designs, manufactures and markets local and wide- area networking systems for the telecommunications industry.
 -0- 8/17/93
 /CONTACT: John Spiegel, controller of Applied Innovation Inc., 614-846-9000, or Robert A. Lentz of Robert A. Lentz and Associates, 614-228-2142, for Applied Innovation Inc./
 (AINN)


CO: Applied Innovation Inc. ST: Ohio IN: TLS SU:

AR -- CL008 -- 3460 08/17/93 10:21 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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