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DEVELOPED TECHNOLOGY RESOURCE, INC. ANNOUNCES SECOND QUARTER RESULTS

 MINNEAPOLIS, June 24 /PRNewswire/ -- Developed Technology Resource, Inc. (NASDAQ-NMS: DEVT), a development-stage company formed to create business, technology and investment partnerships within the former Soviet Union, announced today revenues of $96,000 for the six months ended April 30, 1993. The company had no revenues for the same period last year. Developed Technology Resource (DTR) reported a net loss for the first half of fiscal 1993 of $652,348, or $.38 per share, compared to a loss of $79,719, or $.24 per share, for the first six months of last year.
 For the three months ended April 30, 1993, DTR reported revenues of $6,000 compared to no revenues for the same period one year ago. The company posted a net loss for the second quarter of $371,784, or $.22 per share, compared to a net loss of $79,719, or $.15 per share, for the second quarter last year.
 DTR Chairman and Chief Executive Officer Richard Barr said, "I am delighted to report that we are on plan and well positioned to be the leader in developing technologies and business partnerships in the countries of the former Soviet Union. We are continuing to invest significant time and resources on developing and enhancing our network of key contacts in the former Soviet Union and those efforts are beginning to show results," he commented.
 "In addition, we are encouraged by our sales of airport security equipment. During the first half of the current fiscal year, we generated orders totalling $1,325,000," Barr said. "We have also seen an increase in orders for the first month of the new quarter," he added.
 DTR recently announced an agreement to form a joint venture with the State Investment Corporation of the Russian Federation. The State Investment Corporation was established by presidential decree earlier this year to help secure industrial and technological growth in the former Soviet Union, according to Barr. "This joint venture has the potential of being the key to successful participation by Western investors in the development of Russia," Barr said. "The State Investment Corporation expects to deposit its assets in Western banks to provide insurance to guarantee foreign investments against risk arising from a changing political situation and other contingencies."
 Developed Technology Resource, Inc. is a Minneapolis-based company engaged in technology transfer, manufacturing joint ventures, investment services and product distribution within the former Soviet Union. On May 5, 1993, the company completed an initial public offering of 977,500 shares of common stock at $5 per share. The common stock is trading on the National Market System under the NASDAQ symbol DEVT.
 DEVELOPED TECHNOLOGY RESOURCE, INC.
 Three Months Ended
 4/30/93 4/30/92
 Total Revenues $ 6,000 --
 Net Earnings (Loss) $(371,784) $(79,719)
 Net Earnings (Loss) Per Share $(.22) $(.15)
 Weighted Average Number of 1,700,000 538,562
 Common Shares Outstanding
 Six Months Ended
 4/30/93 4/30/92
 Total Revenues $ 96,000 --
 Net Earnings (Loss) $(652,348) $(79,719)
 Net Earnings (Loss) Per Share $(.38) $(.24)
 Weighted Average Number of 1,695,844 327,172
 Common Shares Outstanding
 -0- 6/24/93
 /CONTACT: David Neuger, 612-333-6621 or (Home) 612-699-6730, or


Errin Kratochwill, 612-333-6621 or (Home) 612-224-2462, both of Edwin Neuger & Assoc., for Developed Technology/
 (DEVT)


CO: Developed Technology Resource, Inc. ST: Minnesota IN: SU: ERN

AL -- MN010 -- 5354 06/24/93 13:19 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
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