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DEVELOPED TECHNOLOGY RESOURCE, INC. AND THE STATE INVESTMENT CORPORATION OF THE RUSSIAN FEDERATION AGREE TO FORM JOINT VENTURE

 MINNEAPOLIS, June 18 /PRNewswire/ -- Developed Technology Resource, Inc. (DTR) (NASDAQ: DEVT) today announced that it has entered into a general agreement with the State Investment Corporation of the Russian Federation (SIC) to form a joint venture "for the purpose of complex development of industrial and scientific collaboration with the countries of the Commonwealth of Independent States, Baltic Countries, and other states (of the former Soviet Union) in the field of external economic activities, development, commercialization, output and sales of up-to-date technologies, information systems, radioelectronic devices and other intellectual products, and manufacturing equipment."
 The general agreement contemplates that the joint venture will be formed under applicable American laws no later than Oct. 1, 1993, and will be owned 50 percent by SIC and 50 percent by DTR. The joint venture will promote development across a broad range of industrial and commercial enterprises by securing foreign investment and providing guarantees and non-commercial risk insurance to approved development projects. The non-commercial risk insurance, including political risk and force majeur, will be issued by international insurance companies and secured by collateral furnished by SIC. SIC, which was formed by presidential decree on Feb. 5, 1993, has been described by Commersant, Russian Business Weekly Magazine (February 23, 1993) as "potentially Russia's biggest firm."
 The joint venture will also furnish necessary information and data to foreign investors, publish a scientific and technical newsletter within the United States and Canada, market products, and conduct scientific research.
 "This agreement," said Richard Barr, DTR's chief executive officer, "is the culmination of many months of discussions, planning and negotiations which we believe will begin to open the doors of Russia to western investors who have been concerned with the political and non- commercial risks of investments in Russia and the other Republics of the former Soviet Union. We are excited with the role we will have as partners with SIC in he redevelopment of Russian industry."
 DTR's common shares are traded on NASDAQ under the symbol "DEVT." Its common shares were issued on an initial public offering in April 1993 underwritten by Equity Securities Trading Co., Inc., Minneapolis, Minn.
 -0- 6/18/93
 /CONTACT: Bob Porter of Developed Technology Resource, Inc., 612-828-0858, or fax 612-828-0975/
 (DEVT)


CO: Developed Technology Resource, Inc., State Investment Corporation
 of the Russian Federation ST: Minnesota IN: SU: JVN


LD-MG -- NY079 -- 3783 06/18/93 19:00 EDT
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Publication:PR Newswire
Date:Jun 18, 1993
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