TCR_Public/950126.MBX



BUSINESS FAILURE IN JAPAN IN 1994

  Bankruptcies: 13,963 cases
                (0.6% down from 14,041 in 1993)

  Liabilities:  Y5,499,648 million = US$54,996 million (US$1 = Y100)
                (18.1% down from 6,714,223 in 1993)

  TOKYO, January 26, 1995 -- Teikoku Databank America, Inc. today
released the following:
  In 1994, Japan's economy began to show signs of slight recovery from a
prolonged slump after the collapse of the bubble economy.  The Bank of Japan
announced the economic recovery in its economic outlook report released July
20, saying, "The economy has been taking a final step toward recovery."  The
Economy Planning Agency also recognized in its September monthly reports, "The
economy has been in an adjustment phase, especially in corporate facility
investment and other factors. But bright signs have been recently spreading
out with a gradual recovery." In November last year, EPA formally declared an
end to the recession by judging that the bottom of the current recession,
which started in May 1991, was October 1993.
  However, Japanese companies are still suffering from the aftermath of the
busting of the bubble economy -- depressed stock market, price slip of real
estate in business areas, etc.  Financial institutions have not yet finished
the complete write-offs of huge problematic loans incurred during the bubble
economy.  The companies have been in the middle of pushing forward
restructuring programs in order to liquidate excessive facility investments
and unreasonably expanded sub-business activities.  There are still worries
about deteriorated corporate profitability amid Yen appreciation and the
"following-out" phenomenon of Japanese industries due to the expansion of
overseas production activities.  The recent movement toward "price
destruction" has been propelling the reorganization and strict selection in
the distribution industry.  The future outlook remains uncertain.
  In October 1994, Nippon Mortgage Co., a "non-bank," went bankrupt after
special liquidation procedures were applied -- with debt of Y518.5 billion
which was the third largest in recorded history. Among the over-the-counter
companies, Shinnihon Kokudo Kogyo (civil engineering) and Tokai Corp. (a
leading manufacturer of disposable cigarette lighters) were also bankrupt.
  -- Though the number of bankruptcies topped 10,000 cases for four years in a
row, it showed a year-on-year decline for two straight years.
  -- The number of failures exceeded 1,000 cases every month.
  -- Despite the fourth highest amount of the liabilities ever, it registered
a year-on-year decline for three straight years.
  -- Two companies, registered on the over-the-counter stock market, went
bankrupt.
  -- 8,799 cases of recession-type failure were counted reaching a record high
at 63.0% of the total.
  -- Failures due to the appreciation of the Yen sharply increased 41.8% over
the previous term to 95 cases.
  -- 58 cases of large failures with debt of Y10,000 million or more were
counted -- a 23.7% fall from the year before.

     Business Failure in Japan in the Last Three Months of 1994

                               December     November      October
                               --------     --------      -------
  Bankruptcies (case):           1,244        1,195        1,226
    (from previous month)         +4.1%        -2.5%       +11.1%
    (from previous year)          -2.9%        +1.6%        -2.5%
  Liabilities (mil. Yen):      291,082      398,774      845,009
    in mil. US$ ($1 = Y100)   2,910.82     3,987.74     8,450.09
    (from previous month)        -27.0%       -52.8%       +48.7%
    (from previous year)         -66.8%       -61.4%      +101.9%

  Features of December, 1994:
  -- The number of bankruptcies declined for the first time in two months in
comparison with the same month the year before, but it ranked the second
highest this year.
  -- Total amount of liabilities sharply dropped below the previous month and
also below the same month the year before, the lowest this year.
  -- Real estate dealers still rank high amongst large failures.
  -- Recession-type bankruptcies counted 762 cases or 61.3% of all the
bankruptcies, topping 60% for 17 months in a row.
  -- Failures caused by the appreciation of the Yen increased over the
previous month to 13 cases, registering the highest this year.  Chain-
reaction bankruptcies counted 109 cases, surpassing 100 cases for three
months.
  -- There were no bankruptcies with the liabilities of Y10,000 million or
more for the first time in four years and three months.
  Features of November, 1994:
  -- The number of bankruptcies topped that in the same month of previous year
for the first time in five months, ranking the third highest this year.
  -- Total amount of liabilities sharply dropped below the previous month and
also the same month a year ago, registering the level of Y300,000 million
which was the fourth time this year.
  -- Real estate dealers still rank high amongst large failures.
  -- Recession-type bankruptcies counted 743 cases to occupy 62.2%, surpassing
60% for 16 months in a row.
  -- Failures caused by the Yen appreciation registered nine cases, standing
at a single-digit figure for the first time in three months. After May 1993,
total cases reached 149.
  -- Chain-reaction bankruptcies counted 116 cases, outnumbering 100 cases for
two months.
  Features of October, 1994:
  -- The number of bankruptcies ranks the second highest this year, surpassing
1,200 cases for the first time in seven months.
  -- Total amount of liabilities upsurges, ranking the seventh ever.
  -- Nippon Mortgage Co., a "non-bank," went bankrupt with the liability, the
third highest ever.
  -- Recession-type bankruptcies counted 798 cases or 65.1%, topping 60% for
15 straight months.
  -- Failures resulting from the appreciation of the Yen registered 10 cases
which remained unchanged -- comparing with the previous month, but declined by
six cases -- comparing with the same month year before. Since May 1993, the
cases reached 140 in total.
  -- Chain-reaction bankruptcies counted 105 cases, outnumbering 100 cases
after two months' absence.
  /CONTACT:  Tamotsu Inami of Teikoku Databank, 212-486-2637/





TELIOS ANNOUNCES RECEIPT OF ACQUISITION PROPOSAL AND COMMENCEMENT OF
      REORGANIZATION PROCEEDINGS

  SAN DIEGO, January. 26, 1995 -- Telios Pharmaceuticals Inc. (the
"company") (Nasdaq: TLIO) today announced that consistent with its previously
announced intention to seek a party to purchase or merge with the company, it
had received a letter proposing the acquisition of the company on certain
terms and conditions.  In order to allow the company to focus its efforts on
responding to this proposal and to attempt to resolve the various interests of
its stakeholders, the company voluntarily commenced a Chapter 11
reorganization proceeding under the bankruptcy laws.  In addition to allowing
the company to respond to this acquisition proposal in an orderly way, the
reorganization proceeding will provide the company a means by which to
continue to work to reduce its operating cash requirements and to restructure
its liabilities.
  Erkki I. Ruoslahti, M.D., president and CEO of the La Jolla Cancer Research
Foundation (the "Foundation"), has resigned from the company's board of
directors.  The company and the Foundation are parties to certain license,
right of first refusal, and similar agreements that contain terms purporting
to grant certain termination rights to the Foundation in the event of a
voluntary filing under Chapter 11.  The assertion of such rights by the
Foundation could place Dr. Ruoslahti in a conflict of interest.  As a
consequence, Dr. Ruoslahti resigned.
  /CONTACT:  M. Blake Ingle, Ph.D., president & CEO, or Todd E. Simpson, CFO,
of Telios Pharmaceuticals, 619-622-2615/





QUEBEC SUPERIOR COURT APPROVES GORDON BROTHERS AS AGENT TO LIQUIDATE
      WISE AND WIZMART STORES  

  STORE CLOSING SALES ACROSS QUEBEC START FRIDAY

  MONTREAL, January 26, 1995 -- The choice of a company to manage the sale of
inventory at the Wise Stores, Inc., one of eastern Canada's largest chain
stores, which is under the protection of the Quebec Superior Court in
bankruptcy, has been settled.
  Gordon Brothers Partners, Inc. of Boston has been named by the Quebec
Superior Court as the agent to dispose of inventory at the Wise stores. Gordon
Brothers is a company that assists North American retailers to maximize their
return on inventory disposal.
  Wise Department Stores filed for protection under the Bankruptcy and
Insolvency Act (Canada), with Ernst & Young appointed as Interim Receiver by
the Superior Court on Jan. 13, 1995.
  The agency agreement with Gordon Brothers applies to 45 Wise junior
department stores and seven Wizmart discount centres, including 11 of the Wise
locations and all of the Wizmart locations in which Wise management had
already begun liquidation sales. Gordon Brothers will begin store-closing
sales in all 42 Wise and Wizmart stores in Quebec, eight Wise stores in New
Brunswick, and one each in Newfoundland and Ontario on Friday (Jan. 27, 1995).
  Gordon Brothers specializes in strategic store closing sales and has had
experience in both liquidating and facilitating the continued operation of
other Canadian retailers. It is currently operating the liquidation sale of
inventory for 108 Pennington's Stores. Gordon Brothers also handled the
liquidation sale of inventory in 150 Ports Ladies, Ports Men's and Tabi
International stores during the acquisition of the company by the Donald Evans
Group.
  Previously, the company was responsible for the LIQUIDATION AND TRANSFER OF
THE WOOLWORTH STORES TO WOOLCO.
  Closing sales will be conducted in the following Wise Quebec stores:
  St-Hubert            Trois Rivieres
  Jacques Cartier      Pierrefonds
  St-Martin            Vanier
  Greenfield Park      Jean-Talon
  Cote Des Neiges      Chandler
  Sherbrooke           Paspediac
  St-Jerome            Cabano
  Val D'Or             Bonaventure
  St-Jean              Gaspe
  Pincourt             Amqui
  Delson               Asbestos
  Boucherville         Dolbeau
  Henri Bourassa       Carleton
  Ste-Foy              Alma
  Joliette             Roberval
  Iberville            Kenogamie
  Victoriaville        Chateauguay
  Gatineau             Carrefour Laval
  Drummondville
  Closing sales will be conducted in New Brunswick stores in Grand Falls,
St-Quentin, Richiboucto, Caraquet, Shediac and Tracadie. As well, sales will
be conducted in the Wise, Carbonear, Newfoundland, and the Wise Hawkesbury,
Ontario stores. The Wizmart stores in which closing liquidation sales will be
conducted are Bathurst and Shippagan, NB and in Quebec, Longeueil,
Charlesbourg, Montreal/Jean Talon, Ste-Anne-Des-Monte and Sherbrooke.
  /For further information: Elizabeth Wicks (617) 422-6299/





SPECTRUM FILES VOLUNTARY CHAPTER 11 PETITION; NEW MANAGEMENT TO FOCUS ON
      CORE TECHNOLOGY; CLOSES UNPROFITABLE COMPUTER BAY SUBSIDIARY

  MANHASSET, N.Y., January 26, 1995 -- Spectrum Information Technologies,
Inc. (Nasdaq: SPCL) today announced that, as part of its new management's
efforts to stem the company's substantial financial losses and focus on
developing its core wireless data transmission technology, Spectrum and three
of its four operating subsidiaries have filed voluntary petitions for
reorganization under chapter 11 of the Federal Bankruptcy Code.  The filing,
which was made in the U.S. Bankruptcy Court for the Eastern District of New
York in Brooklyn, will enable Spectrum to operate under court protection while
the new management completes the disposition of non-core assets and identifies
other opportunities to reduce the company's expenses.
  "Following an extensive review of Spectrum's financial condition and
strategic opportunities, I concluded that a voluntary chapter 11 filing was
necessary to ensure that the company has the time and resources it needs to
develop its core business", said Donald J. Amoruso, Spectrum's new President
and Chief Executive Officer.  "While Spectrum's difficulties over the last
year have been well documented, the new Board of Directors and I strongly
believe in the company's wireless data transmission technology and are
committed to using the reorganization process to ensure that the company
reaches its potential in the future."
  As previously reported, Mr. Amoruso joined Spectrum on January 1, 1995,
after serving in several executive positions with Norden Systems, Inc., a
subsidiary of United Technologies Corporation.  In addition to Mr. Amoruso,
the Chairman, Spectrum's new Board of Directors consists of three outside
directors, none of whom had any previous affiliation with the company.
  "We hope to achieve a successful reorganization as quickly as possible," Mr.
Amoruso said.  "Our plan is to complete the disposition of non-core assets,
reduce expenses and conserve cash so that we can pursue opportunities to
develop the commercial potential of Spectrum's intellectual property assets,
and to strategically position Spectrum in the wireless communications market.  
We also intend to use the chapter 11 process to significantly reduce other
expenses that have been depleting the company's financial resources by, among
other things, reducing payroll and seeking to resolve the pending securities
class action suit and related proceedings."
  In conjunction with the new management's plan to focus on the core data
transmission business, Spectrum announced today that it has closed its
unprofitable Computer Bay subsidiary, which served as a national franchisor of
independent resellers that sell microcomputers and related products.  Computer
Bay's 21 employees were based primarily at Spectrum's offices in Manhasset,
N.Y.
  In addition to the parent company, the three operating subsidiaries that
have filed for chapter 11 are Spectrum Cellular Corporation, which develops
and licenses the company's core wireless data transmission technology;
Computers Unlimited of Wisconsin, Inc., which does business as "Computer Bay";
and Dealer Services Business Systems, Inc., a discontinued business known as
"Data One" that sold and serviced portable communications systems for mobile
networking.
  A fourth subsidiary, Spectrum Global Services, Inc., is a profitable,
self-funding enterprise and did not file a chapter 11 petition.  Spectrum
Global, which provides telecommunications and computer specialists and
expertise on a temporary basis to Fortune 1000 companies worldwide, continues
normal operations.  "Spectrum Global is strategically linked to our core
business and we foresee growth in the market it serves," Mr. Amoruso noted.
  "I am aware that many outside observers of this company will say that
chapter 11 is the final chapter in the Spectrum saga," Mr. Amoruso said.  
"However, our belief is that this action will enable us to put the company's
previous troubles behind us.  This can be the beginning of a new Spectrum -- a
small, high-tech company focused on its core business.  We have a lot of hard
work ahead of us, but we believe this fresh start will improve the company's
opportunity for success."
  /CONTACT:  media: Michael Freitag, Todd Fogarty of Kekst and Co.,
212-593-2655; investors: Donna C. George of Spectrum Information,
516-627-8992/