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URETHANE TECHNOLOGIES REPORTS FIRST QUARTER REVENUES INCREASE 63 PERCENT

 IRVINE, Calif., May 7 -- Urethane Technologies Inc. (NASDAQ: UTEC) today announced revenues for the first quarter, ended March 31, 1993, rose 63 percent on increased sales of chemicals and equipment. The company showed a loss of $724,147, or $0.12 per share, compared with a loss of $1.2 million, or $0.24 per share, in the year-earlier period.
 The $443,495 improvement in operating results from a year ago reflected a $500,000 non-cash litigation settlement expense recorded in the first quarter 1992.
 Roy McClellan, president, said, "The company has emerged from the first quarter in strong financial shape with greatly expanded opportunities for sales of its proprietary technology.
 "Our March 29 common stock offering raised $8.7 million in working capital, which is enabling the company to move forward aggressively with product development, sales and marketing. Our strengthened financial position also serves to enhance our stature with customers, suppliers and other potential business partners." The proceeds from the offering were paid to the company on April 6 and will be posted on the second quarter's balance sheet.
 "We are continuing to work out the details of a previously announced agreement that provides for licensing Urethane Technologies' airless bicycle tire technology to Fore Better International Development Co., a Taiwanese company, and includes exclusive production rights in Taiwan, Shanghai and other nearby provinces in the People's Republic of China," McClellan said. "We are also in discussion with several other parties regarding similar arrangements in Asia and elsewhere.
 "Development of other primary company technology -- athletic shoe sole components, and kitchen and bathroom fixtures -- is progressing, with certain key manufacturers co-funding a portion of the development expense," McClellan added. "Urethane Technologies is also planning to hire additional industry professionals in the next several weeks to support the company's rapidly growing efforts in product development and marketing," McClellan noted.
 Urethane Technologies develops proprietary polyurethane technology which the company licenses and sells to original equipment manufacturers. Applications now in development include airless bicycle tires, bathroom and kitchen fixtures and athletic shoe soles.
 For information on Urethane by fax, dial 800-PRO-INFO, ext. 171.
 URETHANE TECHNOLOGIES INC.
 Consolidated Income Statements
 (Unaudited)
 Three Months Ended
 March 31, March 31,
 1993 1992
 Revenues $527,130 $323,654
 Cost of sales 443,275 296,144
 Gross profit 83,855 27,510
 SG&A 748,252 696,442
 R&D 109,953 48,913
 Litigation settlement --- 500,000
 Operating expenses 858,205 1,245,355
 Operating loss 774,350 1,217,845
 Other income 50,203 23,430
 Net loss ($724,147) ($1,194,415)
 Net loss per share ($0.12) ($0.24)
 Weighted average number
 of shares outstanding 5,972,978 5,047,131
 URETHANE TECHNOLOGIES INC.
 Consolidated Balance Sheets
 (Unaudited)
 Three Months Ended
 March 31, Dec. 31,
 1993 1992
 Assets:
 Cash $431,091 $1,239,023
 Accounts receivable, net 354,224 249,848
 Inventory, net 278,089 262,224
 Other current assets 184,672 226,493
 Total current assets 1,248,076 1,977,588
 Total long-term assets 1,210,021 871,429
 Total assets $2,458,097 $2,849,017
 Liabilities and
 Shareholders' Equity:
 Accounts payable $536,179 $188,710
 Other current liabilities 189,881 144,355
 Total current liabilities 726,060 333,065
 Total long-term liabilities --- 20,000
 Minority interest in
 consolidated joint
 venture 897,235 937,003
 Common stock 59,729 59,729
 Capital in excess of
 par value 9,767,774 9,767,774
 Accumulated deficit (8,992,701) (8,268,554)
 Total shareholders' equity 834,802 1,558,949
 Total liabilities
 and equity $2,458,097 $2,849,017
 -0- 5/7/93
 /CONTACT: Nick Farina of FRB Chicago, 312-266-7800, or Regina Ryan of FRB New York, 212-661-8030, or John H. Shaw of FRB Los Angeles, 818-783-2400, all for Urethane Technologies/
 (UTEC)


CO: Urethane Technologies Inc. ST: California IN: CHM SU: ERN

EH-LS -- LA028 -- 6078 05/07/93 15:43 EDT
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Publication:PR Newswire
Date:May 7, 1993
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