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EQUITEX REPORTS NINE MONTH FINANCIAL RESULTS; TOTAL ASSETS INCREASE 48 PERCENT AND NET ASSETS INCREASE 56 PERCENT

 ENGLEWOOD, Colo., Nov. 22 /PRNewswire/ -- Equitex Inc. (NASDAQ-NMS: EQTX) announced today its unaudited financial results for the quarter and nine months ended Sept. 30, 1993. The company's total assets at Sept. 30, 1993, were $22.8 million, as compared to $15.4 million at Dec. 31, 1992, an increase of 48 percent. Net asset value at Sept. 30, 1993, was $15.0 million, compared to $9.6 million at Dec. 31, 1992, an increase of 56 percent. Net asset value per share increased to $2.54 on 5,914,468 shares at Sept. 30, 1993, up from $1.63 on 5,921,168 shares at Dec. 31, 1992. As a comparison, for the quarter ended Sept. 30, 1992, total assets were $13.4 million and net asset value was $8.3 million, or $1.40 per share.
 The company's net assets increased $2.2 million from operations in the third quarter and $5.4 million for the nine months ended Sept. 30, 1993, as compared to an increase of $138.9 thousand and $1.7 million for the same quarter and nine-month periods in 1992. The company posted net investment loss and net realized gain on investments (similar to net income) of $911.2 thousand and $1.1 million for the quarter and nine months ended Sept. 30, 1993, respectively, as compared to $166.1 thousand and $547.3 thousand for the similar 1992 periods.
 Equitex Inc. is a business development company under the Investment Company Act of 1940, as amended.
 -0- 11/22/93
 /CONTACT: Thomas B. Olson, corporate secretary, of Equitex, 303-796-8940/
 (EQTX)


CO: Equitex Inc. ST: Colorado IN: SU: ERN

JL -- LA026 -- 6876 11/22/93 14:28 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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