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EQUITEX REPORTS SECOND QUARTER FINANCIAL RESULTS

 EQUITEX REPORTS SECOND QUARTER FINANCIAL RESULTS
 ENGLEWOOD, Colo., Aug. 17 /PRNewswire/ -- Equitex Inc.


(NASDAQ-NMS: EQTX) announced today its unaudited financial results for the quarter ended June 30, 1992. Total assets at June 30, 1992, were $13.2 million as compared to $10.6 million at Dec. 31, 1991, an increase of approximately 25 percent. Net asset value at June 30, 1992, was $8.2 million compared to $6.6 million at Dec. 31, 1991, an increase of 24 percent. Net asset value per share increased to $1.38 at June 30, 1992, from $1.11 at Dec. 31, 1991. As a comparison, for the quarter ended June 30, 1991, total assets were $13.3 million and net asset value was $11.1 million or $1.87 per share. All per share figures have been restated as a result of a 1 for 25 reverse split which was approved by the company's shareholders on July 31, 1992, resulting in total shares outstanding of 5,928,168 post-split.
 Beginning with the audited financial statements at Dec. 31, 1991, the company began booking deferred income taxes on its unrealized appreciation on investments. This is an accounting convention which accounts for taxes that would presently have to be paid if the company were to divest itself of its
entire investment portfolio. These deferred income taxes were $3.2 million and $1.7 million at June 30, 1992 and Dec. 31, 1991, respectively. There were no deferred income taxes booked at the quarter ended June 30, 1991, therefore the net asset value and net asset value per share figures were significantly higher at June 30, 1991, compared to Dec. 31, 1991, and June 30, 1992, as a result of this change in accounting treatment.
 Equitex is a business development company under the Investment Company Act of 1940, as amended.
 -0- 8/17/92
 /CONTACT: Thomas B. Olson of Equitex, 303-796-8940/
 (EQTX) CO: Equitex Inc. ST: Colorado IN: SU: ERN


BB -- DV007 -- 0579 08/17/92 14:19 EDT
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Date:Aug 17, 1992
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