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MANAGEMENT TECHNOLOGIES INC. DELETED FROM NASDAQ; COMPANY EXPECTS RE-LISTING SHORTLY

    NEW YORK, Feb. 22 /PRNewswire/ -- Management Technologies Inc. announced that as of this morning (Monday, Feb. 22), NASDAQ has informed the company that its stock and warrants have been deleted from the NASDAQ Small-Cap Market.
    The reason for this was that the company was not in compliance with NASDAQ's capital and surplus requirement.  As previously announced, in order to ensure compliance the company had made arrangements with D.H. Blair Holdings Inc. ("Blair") to convert $1,935,000 of debt into convertible preferred stock.  The company was advised after the market close on Friday, Feb. 19, 1993, that NASDAQ had ruled that this convertible preferred stock did not constitute capital and that the company's securities would be deleted effective today.
    In light of this, the company has immediately made alternative arrangements with Blair that have resulted in Blair converting $2,135,000 of debt into 1,423,333 units consisting of one share of common stock and one Class C warrant.  The company believes that this brings it into compliance with NASDAQ's requirements and the company has requested NASDAQ to reconsider its decision urgently.
    The company anticipates that its stock will be relisted very shortly.
    Management Technologies Inc. trades under MTCI for common stock and MTCIW for warrants.
    -0-             02/22/93
    CONTACT:  Management Technologies investor relations, 212-239-8224
    (MTCI) CO:  MANAGEMENT TECHNOLOGIES INC. ST:  NY


-- NY072 -- X414 02/22/93
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Publication:PR Newswire
Date:Feb 22, 1993
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