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EQUITEX HOLDS ANNUAL STOCKHOLDERS' MEETING STOCKHOLDERS APPROVE 1 FOR 25 REVERSE SPLIT

 EQUITEX HOLDS ANNUAL STOCKHOLDERS' MEETING
 STOCKHOLDERS APPROVE 1 FOR 25 REVERSE SPLIT
 ENGLEWOOD, Colo., July 31 /PRNewswire/ -- Equitex Inc. (NASDAQ-NMS: EQTX) announced today the results of its Annual Meeting of Stockholders held earlier today at the Hyatt Regency Denver Tech Center in Denver. The company's stockholders approved the previously announced 1 for 25 reverse stock split whereby for each 25 shares current stockholders own, they will receive one new share. Additionally, the stockholders approved an increase in the number of authorized shares after the split to 15,000,000 shares from 6,000,000 shares. Following the split, the company had 5,928,168.32 shares issued and outstanding. The company currently has no plans to issue more common stock.
 The company's three directors, Henry Fong, Russell L. Casement and Aaron A. Grunfeld, were all re-elected to serve on the company's board of directors until the company's next annual meeting of stockholders, with each receiving an affirmative vote of at least 89 percent of the votes cast.
 The stockholders also voted on and approved an amendment to the company's Certificate of Incorporation to limit the liability as well as approved Indemnity Agreements for the company's officers and directors. The company's 1991 Stock Option Plan was not adopted.
 The stockholders also approved by a 95 percent margin the appointment of Davis & Co., CPAs, P.C. to serve as the company's independent auditor for the year ending 1992.
 Although the reverse split becomes effective as of Monday, Aug. 3, 1992, the new shares will not begin trading on the NASDAQ National Market System until the market opens on Tuesday, Aug. 4, 1992. The company also announced that letters explaining the procedure for exchanging old shares of the company's common stock for new shares of the company's common stock will be mailed by the company's transfer agent soon to all stockholders of record as of Monday, Aug. 3, 1992. The company is not requiring shareholders to exchange their shares, however, those who wish to may do so.
 The company also announced that its largest investee company, Roadmaster Industries Inc., today announced its unaudited financial results for the six months ended June 30, 1992. Roadmaster posted net income of $1.0 million or 4 cents per share on net sales of $91.5 million. For the comparable period in 1991, Roadmaster posted a net loss of $2.4 million or (9 cents) per share on sales of $68.5 million. Equitex owns approximately 20 percent in common stock and warrants of Roadmaster Industries.
 Equitex is a business development company under the Investment Company Act of 1940, as amended.
 -0- 7/31/92
 /CONTACT: Thomas B. Olson of Equitex, 303-796-8940/
 (EQTX) CO: Equitex Inc. ST: Colorado IN: SU:


MC -- DV008 -- 5838 07/31/92 18:31 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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