UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15521 / September 30, 1997

     Accounting and Auditing Enforcement Release No. 976

     S.E.C. V. FRANCIS X. WAZETER, III, ET AL., (N.D. CALIF., CASE NO. C 97-
     03566 CW, FILED SEPTEMBER 30, 1997)

          The Securities and Exchange Commission announced that, on September
     30, 1997, it filed a complaint in the U. S. District Court for the Northern
     District of California against Francis X. Wazeter, III (Wazeter) of
     Kalamazoo, Michigan, John W. Howell (Howell) of Sonoma, California, Maria
     M. Wenner (Wenner) of San Francisco, California and Stanley M. Blanshei of
     Alamo, California.  Wazeter was the former president of International
     Research and Development Corporation (IRDC), a Mattawan, Michigan company,
     and Carme, Inc. (Carme), a Novato, California subsidiary of IRDC.  Howell,
     Blanshei and Wenner were the former General Manager, Sales Manager and
     Chief Financial Officer respectively of Carme.  The Complaint alleges that,
     at the direction of Wazeter, Howell, Blanshei and Wenner booked millions of
     dollars in fictitious sales to Carme, which were included in the
     consolidated financial statements of IRDC and resulted in the material
     overstatement of, among other things, IRDC's accounts receivable, assets,
     revenues and earnings in periodic reports filed with the Commission by
     IRDC, which Wazeter signed.  The complaint also alleges that Wazeter lied
     and caused others to lie to accountants in connection with the audit of
     IRDC's December 1993 consolidated financial statements and the preparation
     of periodic reports required to be filed with the Commission.  

          Specifically, the Complaint alleges that the inclusion of these
     fictitious sales figures in IRDC's consolidated financial statements caused
     IRDC to overstate its accounts receivable, revenue and/or other assets 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 IRDC's Form
     10-K for the year ending December 31, 1993.  IRDC's inflated revenue and
     earnings figures were also included in press releases issued to the public. 
     Thus, the fraudulent scheme conducted by Wazeter, Howell, Blanshei and
     Wenner resulted in a fraud on the market for IRDC common stock and violated
     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.   











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