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PARALLEL TECHNOLOGIES ANNOUNCES QUARTERLY PROFIT; DISTRIBUTION AGREEMENT

 YONKERS, N.Y., Aug. 26 /PRNewswire/ -- Parallel Technologies, Inc. (NASDAQ: PLLK) announced that it realized net income of $64,583 (or approximately $.005 per share) for the quarter ended June 30 on sales of $540,423.
 Order backlog at June 30 was approximately $3.2 million.
 Parallel also announced that its Graphex Imaging Systems Inc. subsidiary has signed a non-exclusive distribution agreement with Arkin Medo Inc., a New York-based graphic arts equipment dealer, under which Arkin Medo will sell Graphex/Flexible Production Environment (FPE) color electronic prepress systems as well as FPE desktop publishing systems (featuring Raster Image Processors and OPI Servers) to Arkin Medo's customer base of over 200 printers. Arkin Medo employs 22 sales professionals. The contract runs for two years and calls for minimum purchases of $1.8 million, though both Graphex and Arkin Medo believe they will be able to generate substantially in excess of this figure working together. Steve List, vice president, Marketing and Corporate Planning of Arkin Medo, said: "The Graphex relationship is very exciting for Arkin Medo. We believe that the Graphex/FPE systems provide the best available CEPS and server solutions for our customers. Their performance is unsurpassed and pricing is very competitive."
 Tom DiCarlo, chairman of Parallel, said: "We are very pleased to have come out in the black for the June quarter. We feel that it indicates that we are making progress in our efforts to move out of the research and development stage and into a sales and profit growth mode. The Arkin Medo contract also highlights this progress. Arkin Medo is a highly respected vendor to the graphic arts and printing community. Working with them should enable us to substantially broaden sales without a commensurate increase in our costs of generating these sales. The Arkin Medo contract is the second distribution arrangement we have been able to conclude in the past 60 days (the first being an initial order of $1 million from DSK, Inc.) and we continue to work on other similar situations."
 -0- 8/26/93
 /CONTACT: Thomas DiCarlo, chairman, or Martin W. Enright, chief financial officer, of Parallel Technologies, 914-965-7790/
 (PLLK)


CO: Parallel Technologies, Inc.; Arkin Medo Inc. ST: New York IN: SU: ERN CON

BR-BN -- AT004 -- 6054 08/26/93 09:59 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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