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CARDINAL REALTY SERVICES, INC. HOLDS SPECIAL MEETING OF SHAREHOLDERS

 COLUMBUS, Ohio, Oct. 28 /PRNewswire/ -- Cardinal Realty Services Inc. (OTC Bulletin Board: CNRV) held its first meeting of shareholders today. During the meeting Chairman and Chief Executive Officer Frank C. McDowell reported an estimated third-quarter operating profit of $93,000 and an estimated earning per share of $.02 for the period ended Sept. 30.
 McDowell also announced that Kemper Securities, Inc. has joined McDonald & Company as market maker for Cardinal stock.
 In the business section of the meeting, shareholders re-elected directors Robert V. Gothier, Sr., H. Jeffrey Schwartz and Gerald Wedren. Shareholders also ratified an amendment to the company's incentive equity plan and an amendment to the company's regulations regarding the date of Cardinal's annual meeting.
 In his presentation, McDowell said that Cardinal will continue to focus on property management and general partner services while expanding the company's ancillary services, which include services to tenants and other businesses. He predicted that the company will substantially complete its corporate claims settlement process by the end of this year and estimated a mid-1994 completion date for the majority of the company's partnership chapter 11 cases.
 "Putting the partnership chapter 11 and claims workout phase behind us will relieve much of the burden of Cardinal's former bankruptcy and allow us to concentrate on our core businesses," McDowell said. Approximately 71 percent of the company's partnership chapter 11 cases are either resolved or waiting court approval; 22 percent are involved in a proposed transaction with the Resolution Trust Corporation (RTC); and only 7 percent are pending resolution.
 Cardinal Realty Services, Inc. manages and has ownership interests in one of the largest portfolios of multi-family real estate in the United States. At the end of 1992, Cardinal ranked 18th in the United States with respect to the number of rental units managed, according to the National Multi-Family Housing Council.
 Cardinal and its subsidiaries offer a variety of products and services to tenants, including renters' insurance, furniture leasing and parts sales. Cardinal also offers consulting services to other companies, including judicial and non-judicial debt restructuring; lender negotiations; chapter 11 compliance reporting; preparation and filing of plans of reorganization and disclosure statements; real estate tax appeals services; and communications services.
 Cardinal Realty Services, Inc.
 Report to Special Meeting of Shareholders
 Oct. 28, 1993
 3 months 3 months
 1st Q '93 2nd Q '93
 Total Revenues $4,139,277 $4,326,713
 Total Expenses 4,288,469 4,340,172
 Income/(Loss) before
 Extraordinary Item (149,192) (13,459)
 Extraordinary Item(s) 1,035,545 0
 Equity in Net Income/
 (Loss) of Assets
 Held for Sale n/a n/a
 Net Income/(Loss) $ 886,353 $ (13,459)
 Earnings/(Loss) per Share $.23 $.00
 Estimated Estimated Prorated
 3 months 9 months 9 months
 3rd Q '93 '93 Bus. Plan '93
 Total Revenues $4,432,000 $12,898,000 $8,429,000
 Total Expenses 4,339,000 12,968,000 8,510,000
 Income/(Loss) before
 Extraordinary Item 93,000 (70,000) (81,000)
 Extraordinary Item(s) 0 1,036,000 (338,000)
 Equity in Net Income/
 (Loss) of Assets
 Held for Sale n/a n/a (625,000)
 Net Income/(Loss) $ 93,000 $ 966,000 $(1,044,000)
 Earnings/(Loss) per Share $.02 $.25 $(.27)
 -0- 10/28/93
 /CONTACT: Carol Merry of Cardinal Realty Services, Inc., 614-575-5277/
 (CNRV)


CO: Cardinal Realty Services, Inc. ST: Ohio IN: SU: ERP

BM -- CL002 -- 7836 10/28/93 11:12 EDT
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Date:Oct 28, 1993
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