UNITED STATES SECURITIES AND EXCHANGE COMMISSION

             Litigation Release No.  15982 / November 19, 1998

             Accounting Auditing Enforcement Release No. 1088 / November

             19, 1998

             SEC v. Francis X. Wazeter, III, John W. Howell, Maria M.
             Wenner and Stanley M. Blanshei, (N.D. CALIFORNIA, CIVIL
             ACTION NO. C-97-3566-CW, FILED SEPTEMBER 30, 1997)

                  The Securities and Exchange Commission (Commission)
             today announced that on November 13, 1998, the Honorable
             Claudia Wilken, United States District Judge for the
             Northern District of California, Oakland Division, in the
             case of S.E.C. v. Francis X. Wazeter, III, et. al., (C-97-
             3566-CW), entered a final judgment of permanent injunction
             and other equitable relief against Francis X. Wazeter, III
             (Wazeter) of Cary, North Carolina, for his role in a multi-
             million dollar scheme involving the fraudulent misstatement
             of the financial statements and accounts of International
             Research and Development Corp. (IRDC), a Mattawan, Michigan
             company.  During the relevant period, IRDC's common stock
             was traded on NASDAQ, and it filed periodic reports with the
             Commission.

                  The Complaint in S.E.C. v. Francis X. Wazeter, III, et.
             al. alleged that from at least June 1993 through at least
             September 1994, Wazeter, the president of IRDC and Carme,
             Inc. (Carme), a Novato, California company and former
             subsidiary of IRDC, directed Carme's general manager, chief
             financial officer and sales manager to engage in a scheme to
             defraud investors in IRDC common stock by booking millions
             of dollars in fictitious sales to various customers of
             Carme, thereby materially overstating Carme's accounts
             receivable, sales and earnings.  In addition, the scheme
             resulted in the inclusion of these figures in IRDC's
             consolidated financial statements causing IRDC to materially
             overstate its accounts receivable and revenue by a total of
             more than $3.5 million and its net earnings and earnings per
             share by 50% to 1800% in IRDC's Forms 10-Q dated June 30,
             1993, September 30, 1993, March 31, 1994, June 30, 1994 and
             September 30, 1994 and its Form 10-K for the year ending
             December 31, 1993, filed with the Commission.  According to
             the Complaint, IRDC's inflated revenue and earnings figures
             were also included in press releases issued to the public,
             resulting in a fraud on the market for IRDC common stock.
             The Complaint also alleged that Wazeter attempted to prevent
             detection of his scheme by, among other things, directing
             others to create false documents and lying to IRDC's
             independent auditor.

                  Wazeter, pursuant to his consent, was permanently
             enjoined from future violations of Sections 10(b), 13(a),
             13(b)(2) and 13(b)(5) of the Securities Exchange Act of
             1934, and Rules 10b-5, 12b-20, 13a-1, 13a-13, 13b2-1 and
             13b2-2 promulgated thereunder.  Wazeter was also permanently
             and unconditionally prohibited from acting as an officer or
             director of any issuer with a class of securities registered
             pursuant to Section 12 of the Exchange Act or any issuer
             required to file reports pursuant to Section 15(d) of the
             Exchange Act.  The court did not order civil penalties
             against Wazeter based on his demonstrated inability to pay.