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PARALLEL TECHNOLOGIES STATEMENT REFUTED

 NEW YORK, Nov. 19 /PRNewswire/ -- The following was released by Baytree Associates, Inc.:
 Baytree Associates, Inc. expressed concern with yesterday's belated and misleading public announcement by Parallel Technologies, Inc. Parallel had announced the filling of an answer and counterclaims in an action in New York Supreme Court entitled William Levy, et. al. against Parallel Technologies, Inc. However, Parallel had failed to publicly announce the commencement of this litigation late last month. Moreover, the announcement blatantly mischaracterized the basis of the litigation.
 On Oct. 25, 1993, plaintiffs filed the action which seeks to require Parallel to honor its statutory and contractual obligation to issue stock certificates in connection with subscription agreements which it signed and accepted, and for which it had requested an accepted payment to it via wire transfer on Sept. 30, 1992. Notwithstanding Parallel's misguided claims to the contrary, there can be no justification for Parallel's refusal to issue the stock certificates.
 Based upon the papers submitted, on Oct. 26, 1993, the Court issued a temporary restraining order enjoining Parallel from withdrawing any of the wired funds. At a hearing held on Nov. 16, 1993, the Court continued the temporary restraining order after Parallel in open court and without basis refused to instruct its transfer agent to issue certificates representing the stock which had been sold and paid for at Parallel's insistence.
 Baytree intends to vigorously pursue this litigation so as to vindicate the rights of mistreated plaintiff shareholders.
 -0- 11/19/93 R
 /CONTACT: Steven Nagler, vice president of Baytree Associates, 212-509-1700/


CO: Baytree Associates, Inc.; Parallel Technologies, Inc. ST: New York IN: SU:

GK -- NY047R -- 6587 11/19/93 14:16 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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