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DEVELOPED TECHNOLOGY RESOURCE, INC. ANNOUNCES THIRD QUARTER RESULTS

 MINNEAPOLIS, Sept. 16 /PRNewswire/ -- Developed Technology Resource, Inc. (NASDAQ-NMS: DEVT), founded to create businesses, technology and investment partnerships in the former Soviet Union, announced a significant increase in sales for the third quarter ended July 31, 1993. The company also reported that it has received advance refundable deposits of $921,988 against future orders of $1,462,000. Revenues for the three months were $619,373, compared with revenues of $96,000 for the second quarter ended April 30, 1993. Developed Technology Resource (DTR) moved from a development stage company to an operating company in the third quarter of 1993. There were no revenues to report through the third quarter of fiscal 1992.
 DTR reported a net loss of $376,327, or $.14 per share, for the three months ended July 31, 1993. This compares with a net loss of $181,872, or $.11 per share, for the same period one year ago. For the first nine months of fiscal 1993, DTR reported a net loss of $1,028,675, or $.51 per share on sales of $715,373, compared with a net loss of $261,591, or $.34 per share, for the same period last year.
 DTR Chairman and Chief Executive Officer Richard Barr said, "We are pleased to have achieved such significant increases in revenues over the past three months. We are progressing on plan and we look forward to continuing this trend as we build a solid foundation for the long term for DTR shareholders."
 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
 7/31/93 7/31/92
 Total Revenues $619,373 --
 Net Earning (Loss) $(376,327) $(181,872)
 Net Earnings (Loss) Per Share $(.14) $(.11)
 Weighted Average Number of
 Common Shares Outstanding 2,635,000 1,636,087
 Nine Months Ended
 7/31/93 7/31/92
 Total Revenues $715,373 --
 Net Earnings (Loss) $(1,028,675) $(261,591)
 Net Earnings (Loss) Per Share $(.51) $(.34)
 Weighted Average Number of
 Common Shares Outstanding 2,012,414 764,015
 -0- 9/16/93
 /CONTACT: David Neuger, home, 612-699-6730; or Errin Kratochwill, home, 612-224-2462, both of Edwin Neuger and Associates, 612-333-6621/ CO: Developed Technology Resource, Inc. ST: Minnesota IN: SU: ERN


KH-DB -- MN011 -- 2755 09/16/93 14:48 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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