TCR_Public/950605.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





        AMERICAN FILM TECHNOLOGIES ISSUES OPTION TO H.J. MEYERS & CO. TO
        PROVIDE $3 MILLION IN NEW EQUITY FINANCING
   

      

            NEW YORK, New York--June 5, 1995--HREF="chap11.amerfilm.html">American Film Technologies Inc.
        (OTC BULLETIN BOARD: AFTC.U)
announced it has received approval by
        the Bankruptcy Court of an agreement with the investment banking
        firm H.J. Meyers & Co. Inc. to provide AFTC.U with $3,000,000 in new
        equity financing to fund the latter's plan of reorganization.  Under
        terms of the agreement, H.J. Meyers & Co. has purchased an exclusive
        90-day option to provide the $3,000,000 of equity financing pursuant
        to which its investment group will receive 51 percent of the
        reorganized AFTC.U.
   

      

            The implementation of the financing is subject to the completion
        of due diligence by H.J. Meyers & Co. and confirmation of American
        Film Technologies' plan of reorganization which it will be filing
        with the Bankruptcy Court.
   

      

            American Film Technologies also announced that its former
        President, Joseph Taritero, has won a judgment against the company
        and certain former directors and officers for breach of his
        employment contract with AFTC.U.  The judgment for breach of
        contract is in the amount of $892,000.  Taritero also received a
        punitive damage award solely against the former directors and
        officers of the company.  AFTC.U intends to appeal the judgment.
   

      

            American Film Technologies Inc. has been the dominant supplier
        of film coloring services to the motion picture and television
        industries.
   

      

        /CONTACT:  Gerald M. Wetzler, chairman & CEO of American Film
        Technologies, 212-751-7880/
   






        SPECTRUM GRANTED ADDITIONAL TIME TO FILE PLAN OF REORGANIZATION;
        COMPUTER BAY BANKRUPTCY CONVERTED TO CHAPTER 7
   

      

            PURCHASE, N.Y.--June 5, 1995--Spectrum
Information Technologies, Inc.
today announced that the United States Bankruptcy
Court for the Eastern District of New York has granted Spectrum's motion to extend the
time during which it has the exclusive right to
        file a plan of reorganization under Chapter 11 of the federal
        bankruptcy code until September 26, 1995.  The court also granted
        Spectrum's motion to convert the Chapter 11 bankruptcy proceeding of
        its wholly owned subsidiary, Computers Unlimited of Wisconsin d/b/a
        Computer Bay, to a case under Chapter 7.
   

      

            Spectrum has reduced operating expenses and has been regularly
        meeting with the court-appointed creditors' committee to discuss
        Spectrum's activities and plans for reorganization since it filed
        for Chapter 11 protection on January 26, 1995.  The creditors'
        committees did not object to the application for the extension.  The
        conversion of the Computer Bay case to Chapter 7 does not affect
        Spectrum's plans to reorganize and focus on its core wireless
        technology business.
   

      

            Computer Bay had operated as a national aggregator for
        independent resellers, selling leading lines of microcomputers and
        related products and services.  Computer Bay was continuing to lose
        money at the time it ceased operations.  Computer Bay had originally
        filed under Chapter 11, rather than Chapter 7, to provide for the
        possibility that its creditors would be willing and able to
        reorganize the Computer Bay business - which is unrelated to
        Spectrum's strategic plan regarding its core business.  The Computer
        Bay creditors chose not to revive the operation and did not object
        to the conversion.  Alan Nisselson, Esq., a Manhattan lawyer, has
        been designated by the Office of the United Status Trustee as the
        trustee to administer the Computer Bay estate.
   


        /CONTACT:  Media:  Michael Freitag of Kekst and Company,
        212-593-2655; or Investors:  Donna C. George of Spectrum Information
        Technologies, 914-251-1800 ext. 182/