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URETHANE TECHNOLOGIES ISSUES STATEMENT

 URETHANE TECHNOLOGIES ISSUES STATEMENT
 LOS ANGELES, April 17 /PRNewswire/ -- The following is being issued


today by Urethane Technologies:
 Urethane Technologies Inc. ("UT") today announced that it has been advised by its counsel that a default judgment in the amount of $5,030,000 has been entered against UT in a lawsuit brought by one of the company's sales representatives. This lawsuit had recently been filed in a Utah state court seeking damages based on UT's allegedly wrongful rescission of a contract with a customer referred to UT by the sales representative.
 The default judgment, which was entered on March 30, 1992, was based solely on the failure of UT's attorney to advise UT of a court-mandated deadline for responding to an initial set of interrogatories and document requests and the subsequent failure to meet that deadline. The court-imposed deadline was missed entirely as a result of the neglect of UT's counsel in the case, and the default judgment did not represent any finding by the court on the merits of the claims in the case.
 New counsel has been retained by UT, and a motion by UT to set aside the default judgment has been filed in the Utah state court. UT believes that good legal grounds exist for setting aside the default judgment.
 UT also recently entered into a letter of intent with an investment banking firm for a public offering of UT's securities. UT anticipates filing a registration statement for this offering with the SEC in the near future. Consummation of this offering will be conditioned on a number of factors, including the setting aside of the default judgment or a satisfactory settlement of that litigation.
 -0- 4/17/92
 /CONTACT: Edward Morrisroe of Urethane Technologies, 714-837-0800/ CO: Urethane Technologies Inc. ST: California IN: SU:


DM-JL -- LA008 -- 9730 04/17/92 15:41 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 17, 1992
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