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PRECISION AEROTECH REPORTS SECOND QUARTER RESULTS

 LA JOLLA, Calif., Dec. 23 /PRNewswire/ -- Precision Aerotech Inc. (AMEX: PAR) today announced that it will delay the filing of its quarterly report on Form 10-Q for the quarter ended Oct. 31, 1992 pending the resolution of discussions with its senior and subordinated lenders. The company is currently in default under loan agreements with HomeFed Bank and Teachers Insurance and Annuity Association (TIAA). The company is currently involved in extensive negotiations with HomeFed and TIAA regarding a restructuring of its debt obligations. Such a restructuring is likely to entail significant dilution to the company's existing common stockholders.
 -0- 12/23/92
 /CONTACT: R.W. Detweiler or S.R. Greene of Precision Aerotech, 619-456-2992/
 (PAR)


CO: Precision Aerotech Inc. ST: California IN: ARO SU: ERN

MS-LS -- SD001 -- 9421 12/23/92 08:02 EST
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Publication:PR Newswire
Date:Dec 23, 1992
Words:133
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