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STATORDYNE CORP. ANNOUNCES FY-1993 RESULTS

 ANAHEIM, Calif., Sept. 13 /PRNewswire/ -- Statordyne Corp. (AMEX: STY.EC Emerging Company Market Place) announced today the results of operations for the fiscal year ended June 30, 1993. Since inception, the company has been a development stage enterprise and, therefore, did not report revenues for the current fiscal year. An operating loss of $698,510 or ($.21) per share was incurred on 3,339,908 shares outstanding.
 In June 1993 the company completed its initial public offering of 1,200,000 units at $3.00 per unit. Each unit is comprised of one share of common stock of Statordyne, one put and one common stock purchase warrant. The offering provided net proceeds to the company of approximately $3.1 million before exercise of stock purchase warrants outstanding.
 James M. Moore, chairman and chief executive officer of Statordyne, commented on the results saying: "We are on track with respect to the development and market introduction of the company's line of power protection systems. Recently we installed our first production unit at AT&T System Leasing Corp.'s facilities in Detroit as a demonstration system for prospective Statordyne and AT&T lease customers. This system, which is operating with an IBM ES 9000 mainframe computer, is presently demonstrating its sophisticated `no-break' power protection qualities safeguarding sensitive electronic equipment against most power line disturbances."
 Moore noted that the company's second and third units are nearing completion, one of which will be located in the facilities of Reliance Electric Industrial Co. for demonstration and marketing purposes. Reliance has an exclusive right to manufacture the company's products.
 Statordyne Corp., headquartered in Anaheim, is engaged in the design, manufacture and marketing of a line of proprietary products for the power quality and no-break standby power service industries. Statordyne has an exclusive license on a patented power quality enhancement and generation technology that will protect power sensitive facilities such as hospitals, telecommunications centers, automated factories and data processing sites against short duration electrical power disturbances and long-term outages of utility power.
 STATORDYNE CORP.
 Summary of Operations
 For The Fiscal Year Ended June 30
 1993 1992
 Net revenue $0 $0
 Operating expense 698,510 132,984
 Net loss (698,510) (132,984)
 Net loss per common share ($.21) ($.04)
 Weighted average number
 shares outstanding 3,339,908 3,333,333
 -0- 9/13/93
 /CONTACT: James M. Moore, chairman, Statordyne, 714-704-1000; or William F. Coffin, president, Coffin Communications Group, 818-578-0500/
 (STY)


CO: Statordyne Corp. ST: California IN: SU: ERN

LM-JL -- LA010 -- 1136 09/13/93 09:04 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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