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CAPX CORPORATION ANNOUNCES FINANCIAL RESULTS

 CAPX CORPORATION ANNOUNCES FINANCIAL RESULTS
 ALBUQUERQUE, N.M., June 11 /PRNewswire/ -- CAPX Corporation


(NASDAQ: CPXL) today announced financial results for the quarter and fiscal year ended March 31, 1992.
 Since April 1, 1991, the company's business, through its wholly- owned subsidiary Living Benefits, has been the purchase of life insurance policies of persons facing life-threatening illnesses, also referred to as viatical settlements. During the fiscal year, the company purchased policies with a face value of $24.2 million at a cost of $15.5 million, including purchases during the quarter ended March 31, 1992 of policies with a face value of $5.6 million at a cost of $3.5 million.
 The company's portfolio of policies at March 31, 1992, net of maturities during the year, totaled $21.1 million, at a cost of $13.7 million. The $7.4 million difference between the face value and cost of the policies represents net revenues which will be realized upon maturity of the policies.
 During the fiscal year ended March 31, 1992, the company's revenues from policy maturities totaled $3.1 million, including $1.9 million in the quarter ended March 31, 1992. Operating loss, net loss and net loss per share for the year ended March 31, 1992, were $581,000, $1,643,000 and $.31 per share, respectively, compared to operating loss, net loss and net loss per share of $433,000, $28,000 and $.01 per share, respectively in the prior fiscal year.
 The increase in net loss for the year relates to interest expense of $2,986,000 on the company's $55 million, 9.5 percent convertible debentures which were issued in September 1991 and which was only partially offset by $1,924,000 of interest income during the year. The company's only source of revenues in the prior fiscal year was interest. As a result, and because the company only commenced its viatical settlements business in April 1991, the financial results for the fiscal year ended March 31, 1992 are not necessarily comparable to the financial results for the prior fiscal year. Moreover, because revenues are recognized upon the maturity of purchased policies and such policies typically do not mature until six months to two years after their purchase date, net revenues from policy maturities have not yet been adequate to cover operating expenses.
 For the quarter ended March 31, 1992, the company had an operating loss, net loss and net loss per share of $347,000, $953,000 and $.18 per share, respectively, compared to an operating loss, net loss and net loss per share in the fourth quarter of the prior fiscal year of $295,000, $158,000 and $.03 per share, respectively. The fourth quarter fiscal 1992 loss includes costs associated with increased advertising efforts in the last half of the fiscal year of approximately $160,000 and certain non-recurring costs associated with the company's reincorporation in the United States of approximately $425,000.
 CAPX CORPORATION AND SUBSIDIARY
 (In thousands, except per share data)
 March 31
 1992 1991
 Cash and cash equivalents $ 1,075 $ 8,389
 Marketable securities 43,385 --
 Accounts receivable 1,667 --
 Purchased insurances policies,
 face value $21,152 13,744 --
 Other assets 5,991 21
 $65,862 $ 8,410
 Accounts payable and accrued liabilities $ 3,812 $ 179
 Convertible debentures 55,000 --
 Stockholders' equity 7,050 8,231
 $65,862 $ 8,410
 Quarter ended Year ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Revenues $ 1,929 -- $ 3,072 --
 Cost of matured policies 1,274 -- 1,940 --
 Net revenues 655 -- 1,132 --
 Operating expenses 1,002 295 1,713 433
 Operating loss (347) (295) (581) (433)
 Interest income 787 137 1,924 405
 Interest expense (1,393) -- (2,986) --
 Net loss $ (953) $ (158) $(1,643) $ (28)
 Shares outstanding 5,310 5,150 5,309 4,200
 Loss per share $ (.18) $ (.03) $ (.31) $ (.01)
 -0- 6/11/92
 /CONTACT: Vincent Villanueva of CAPX Corporation, 505-761-6161/
 (CPXL) CO: CAPX Corporation ST: New Mexico IN: SU: ERN


PS -- NY079 -- 9425 06/11/92 16:57 EDT
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Date:Jun 11, 1992
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