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SPECTRUM DIAGNOSTICS S.P.A./QUANTECH LTD. IS ON THE MOVE

 ST. PAUL, Minn./MILAN, Italy, Feb. 4 /PRNewswire/ -- Spectrum Diagnostics, S.p.A. (OTC Bulletin Board: SPDIF), an Italian corporation whose operating headquarters are in St. Paul, will close the Italian company and incorporate its business exclusively in St. Paul and change its company name to Quantech Ltd. In September 1991, a group of Italian investors provided essential funds in exchange for equity and the conversion of the company to an Italian-based entity. The company went public in Italy in early 1992 trading on the Milan Third Market and also completed an additional offering in the United States on Sept. 15, 1992, enabling the company to trade on the NASDAQ bulletin board. There will be a stockholders' meeting March 18, 1993 to approve the move. Quantech Ltd. has filed with the Securities and Exchange Commission, registering 4.6 million shares of stock which will be exchanged for the outstanding Spectrum Diagnostics stock, making all stock freely tradable.
 Spectrum Diagnostics, S.p.A./Quantech Ltd. is focusing its activities on the final development of its existing prototype, which is based upon its worldwide exclusive licensed Surface Plasmon Resonance ("SPR") technology, into a viable commercial diagnostic instrument with associated test disposables having broad applications in numerous fields including medical, environmental, agricultural, industrial and defense. Spectrum Diagnostics/Quantech Ltd. is currently concentrating its efforts on the $21 billion medical diagnostics market and believes that development of a medical testing instrument using the SPR technology will result in a diagnostic methodology whereby one easy-to-use portable instrument and a series of test disposables would be capable of performing diagnostic tests for human health conditions such as infectious diseases including HIV, drug testing, allergenic profiles, cardiovascular function, blood chemistries, and a variety of other tests. Since the performance of such tests currently requires time consuming, separate complex technologies, systems and laboratory equipment 100 to 1,000 times more expensive, SPR will change the way medical testing and monitoring are done.
 -0- 2/4/93
 /CONTACT: Jill Miller, relations manager for Spectrum Diagnostics/Quantech, 612-647-6370 or 800-225-9052/
 (SPDIF)


CO: Spectrum Diagnostics S.p.A. ST: Minnesota IN: MTC SU:

AL -- MN015 -- 3191 02/04/93 16:44 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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