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UNIQUEST INC. ANNOUNCES $6.1 MILLION FINANCING AND BOARD OF DIRECTORS ADDITION

 UNIQUEST INC. ANNOUNCES $6.1 MILLION FINANCING
 AND BOARD OF DIRECTORS ADDITION
 JACKSONVILLE, Fla., June 1 /PRNewswire/ -- UNIQUEST Inc. (NASDAQ: UQST) announced today the private placement of $6,100,000 of its Series D cumulative convertible preferred stock completed on May 29, 1992 and the election of Dr. David C. Fries to its Board of Directors.
 The purchase of Series D preferred stock was made by Canaan Partners, L.P. of Rowayton, Conn., and The St. Paul Companies of St. Paul, Minn. Proceeds of the offering will be used for working capital to finance the operating growth and acquisition strategies of UNIQUEST.
 Dr. Fries is a general partner of the investment firm Canaan Partners, L.P. Previously, Dr. Fries served 17 years with General Electric Company in various capacities including senior vice president with GE Venture Capital and president of GE Ceramics, Inc. His experience and knowledge of UNIQUEST and its industry bring significant value to the board of directors.
 August P. Klein, president and chief executive officer, stated: "UNIQUEST is about to enter its next stage of growth and with our announcement of financing today have satisfied a critical element in our business plan. We are now well positioned to proceed with our acquisition and growth strategies supported by underlying working capital and strong financial position."
 UNIQUEST Inc. is a leading provider of application software and systems used for service management, general accounting, point of sale, cashiering, time and attendance, security, access control, job costing, labor distribution, scheduling and communications. The industries served are health care, hospitality, restaurant, mechanical contracting, supermarket, utilities, government, retail and other consumer related markets.
 -0- 6/1/92
 /CONTACT: Fred Goldsmith, chief operating officer of UNIQUEST, 904-363-0103; or Rod O'Connor of Cameron Associates, 212-644-9560, for UNIQUEST/
 (UQST) CO: UNIQUEST, Inc. ST: Florida IN: CPR SU: PER


JB-AW -- FL008 -- 5610 06/01/92 10:54 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
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