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SPECTRUM INFORMATION TECHNOLOGIES, INC. SHAREHOLDERS BENEFIT FROM $15.75 MILLION RETURN OF STOCK TO COMPANY

 MANHASSET, N.Y., June 8 /PRNewswire/ -- Spectrum Information Technologies, Inc., ("Spectrum") (NASDAQ-NMS: SPCL), today announced that it signed an agreement by which it will receive 3,500,000 shares of Spectrum common stock, worth $15,750,000 as of June 7th's market close, from Dr. Kailas Rao whose holdings in Computers Unlimited of Wisconsin, Inc., known as Computer Bay, were acquired by Spectrum early in 1992.
 Return of these shares results from certain previously announced accounting adjustments for Computer Bay's 1992 fiscal year, and will reduce substantially the consideration previously paid for Computer Bay.
 Spectrum management indicated they are pleased to be able to inform its shareholders of this significant 5 percent reduction in Spectrum's outstanding shares.
 Spectrum Information Technologies, Inc. is headquartered in Manhasset, with facilities nationwide. Spectrum develops and licenses wireless data transmission technologies through its subsidiary Spectrum Cellular Corporation. The company designs, markets and services portable communications and computing systems as a systems integrator through its subsidiary Data One. Spectrum is a distributor of portable computers through its subsidiary Computer Bay, which has the resources of 270 franchise locations.
 -0- 6/8/93
 /CONTACT: John Scanlon, 212-371-5999, or Peter Caserta II, 800-929-2533, both for Spectrum Information Technologies, Inc./
 (SPCL)


CO: Spectrum Information Technologies, Inc. ST: New York IN: TLS SU:

SM -- NY032 -- 6470 06/08/93 10:50 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
Words:222
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