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DEVELOPED TECHNOLOGY RESOURCE SIGNS JOINT VENTURE AGREEMENT WITH RUSSIAN STATE INVESTMENT CORPORATION

 MINNEAPOLIS, Dec. 2 /PRNewswire/ -- Developed Technology Resource, Inc. (NASDAQ: DEVT) (DTR) of Minnetonka, Minn. today announced that it has signed an agreement with the Russian State Investment Corporation (SIC) to form a 50/50 joint venture, "Partners for Development in Russia," to work in the areas of investment financing, technology transfer and trade within the former Soviet Union
 SIC was founded by presidential decree on Feb. 5, 1993 for the purpose of creating the conditions and instruments necessary to attract foreign investments in government priority industries. Described by Commersant Russian Business Weekly Magazine (Feb. 23, 1993) as "Potentially Russia's biggest firm," SIC has an authorized charter capital from the Russian government of over $1 billion dollars in cash and assets, a part of which is used as collateral to provide political risk insurance to potential investors.
 The joint venture, established as a U.S. partnership, will identify and analyze investment opportunities in Russia, performing the necessary due diligence and packaging the transaction with government guarantees and political risk insurance offered by SIC's European-based insurance company. The joint venture will use DTR's expertise in business opportunity development, manufacturing, investment and technology transfer activities to assist SIC in identifying and commercializing scientific and military technologies in Russia. The joint venture will focus on regional development across Russia.
 DTR is a publicly held company focused on building business and technology opportunities for itself and its clients within the former Soviet Union. The company's capabilities include providing investment advisory services, establishing distribution networks, identifying appropriate manufacturing joint venture partners, structuring joint ventures and sourcing technology within the former Soviet Union. Its common stock is traded on NASDAQ under the symbol DEVT.
 -0- 12/2/93
 /CONTACT: Robert L. Porter of Developed Technology Resource, 612-938-7080/
 (DEVT)


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

CP-DB -- MN018 -- 9954 12/02/93 16:11 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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