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HAMBRECHT and QUIST OPENS 20TH ANNUAL TECHNOLOGY CONFERENCE TODAY

 HAMBRECHT & QUIST OPENS 20TH ANNUAL TECHNOLOGY CONFERENCE TODAY
 SAN FRANCISCO, April 27 /PRNewswire/ -- The various sectors that compose the technology industry have come of age in the past several years, becoming a larger and more reliable portion of the Gross Domestic Product (GDP). Results of this change may affect activity at Hambrecht & Quist Incorporated's 20th annual Technology Conference, it was forecast today.
 In addition, technology companies are coming to the conference after a strong year. "Public companies presenting at the conference have performed well in a volatile period, demonstrating an average price appreciation of 24 percent in the past year," said Barney Hallingby, director of research at Hambrecht & Quist.
 "In the past several years, we have seen technology assume a greater portion of the GDP due primarily to information processing technologies," Hallingby said. "In terms of company size and potential, technology stocks seem more closely aligned to the economic cycle. We view them as growth cyclicals -- that is, companies whose earnings grow faster than the economy as a whole, and yet are not totally immune to the economic cycle."
 Hallingby said changes in both perceptions about technology stocks as well as behavior that is growing more predictable may affect investor patterns as well: "The old saying was that people buy at the American Electronics Association show in the fall, then sell at our conference in the spring, may be disproved this year."
 Some of the larger companies presenting at the conference are Adobe, Advanced Micro Devices, Apple, First Financial, Intel, Lotus, Microsoft, Motorola, Octel, Solectron, Sun, Synoptics, and VLSI Technology. "Companies such as these illustrate the industry's ability to combine innovation and performance -- to become extraordinarily successful in a relatively short time," said Bruce M. Lupatkin, co-head, Technology Research.
 Steve Jobs, co-founder of Apple and founder and head of Next Computer, will open the conference with a presentation and demonstration of Next technology. "Steve Jobs' history in the industry reflects the enormous and rapid growth of the industry. In just 16 years he has started two successful companies. Today Next serves as a bellwether, because it can demonstrate technology others only talk about," Lupatkin said.
 As the industry has grown, so has Hambrecht & Quist's ability to underwrite major transactions and to enforce its "quality screen." Since January 1991, it has raised approximately $3.0 billion in financing for technology, life sciences and other emerging growth companies. In addition, Hambrecht & Quist's long-term track record has enabled it to capture a leading market share in the IPO market. From January, 1991 to the present, Hambrecht & Quist ranked No. 1 among underwriters in the number of technology IPOs; these issues have appreciated an average of 49.88 percent in the aftermarket.
 Founded in 1968, Hambrecht & Quist is a major bracket investment banking firm focused on technology, life sciences and specialty services. The San Francisco-headquartered firm provides venture capital, corporate finance and corporate transaction services to emerging growth companies and provides investment and trading services to institutional, retail and international investors.
 -0- 4/27/92
 /NOTE TO EDITORS: Today at noon PST, a press briefing will be held in the Elizabethan Room of the Westin St. Francis Hotel, 335 Powell Street, San Francisco./
 At 12:45 PST, William R. Hambrecht, Chairman, and Daniel H. Case III, President, co-chief executives, will speak in the California Room.
 /CONTACT: Karen Amrhine of Hambrecht & Quist, 415-774-0203, or Michael Geczi or Benjamin Cheney of Ogilvy Adams & Rinehart, 212-557-0100, for Hambrecht & Quist/ CO: Hambrecht & Quist ST: California IN: CPR SU: ECO


TS -- NY088 -- 3205 04/27/92 13:07 EDT
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Date:Apr 27, 1992
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