UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15399 /June 26, 1997 

     SEC v. EMANUEL PINEZ, Civil Action No. 97-10353-PBS (U.S.D.C., D. MA.)

          The Securities and Exchange Commission announced today it has
     requested permission to file a Second Amended Complaint against Emanuel
     Pinez ("Pinez"), the former chairman and chief executive officer of
     Centennial Technologies, Inc. ("Centennial"), alleging that Pinez engaged
     in additional unlawful insider trading through an account in the name of
     Felix Inc. ("Felix"), an offshore company administered in Jersey, Channel
     Islands, U.K.  Felix was also named a relief defendant.  According to the
     Complaint, Felix holds at least $808,878 in proceeds for the benefit of
     Pinez from its sale of Centennial stock on February 6 and 7, 1997.

          The Complaint alleges that Pinez is the beneficiary of a trust that
     owns Felix.  The Complaint alleges that on February 5, 1997, Pinez
     instructed Felix to sell 40,000 shares of Centennial stock.  This
     instruction occurred just days ahead of Centennial's announcement on
     February 11, 1997, that the company had dismissed Pinez and would launch an
     inquiry into the accuracy of the company's most recently announced earnings
     and prior financial statements.  According to the Complaint, Pinez knew at
     the time of these trades that Centennial's financial condition was
     substantially worse than had been previously reported by the company as a
     result of financial improprieties engaged in by Pinez.  At approximately
     the same time that Felix sold Centennial stock, Pinez purchased and sold
     5,400 option contracts on Centennial stock through another account at
     Lehman Brothers Inc. ("Lehman").  Pinez's options trades were the subject
     of the Commission's initial Complaint.  A First Amended Complaint, which
     added Lehman as relief defendant, alleged that Pinez received $447,500
     profit from the sale of call options, and gained more than $4.6 million
     from his purchase of put options, on February 7, 1997.

          Felix transacted the stock sale through a brokerage account at
     Lehman's Boston office.  The Complaint alleges that on February 25, 1997,
     Felix's administrator directed Lehman to wire all but $1,000 of the
     approximately $966,880 in the Felix account to Hill Samuel Bank Limited
     ("Hill Samuel") in Jersey, Channel Islands.  The Complaint alleges that on
     February 25, 1997, Lehman wired $965,880.72 from the Felix account to Chase
     Manhattan Bank for the benefit of Hill Samuel.  The Complaint alleges that
     these funds were wired out of the Felix account notwithstanding an Order
     from the U.S. District Court on February 14, 1997 prohibiting the release
     of funds controlled directly or indirectly by Pinez.  The Complaint alleges
     that since February 25, 1997, Felix has reinvested the $965,880.72 from the
     Felix account in a fixed weekly deposit account at Hill Samuel.  The
     Complaint also seeks the return of these funds from the Channel Islands to
     the United States for the benefit of defrauded investors.
                     
     For further information, please see Litigation Release Nos. 15258 and
     15295.