ENDOTRONICS &lt;ENDO> TARGET OF INVESTIGATION

  Endotronics Inc said it is the
  target of a formal private investigation by the Securities and
  Exchange Commission as well as the Federal Bureau of
  Investigation.
      The company also said its independent accounts, Peat,
  Marwick, Mitchell and Co, served notice that its report on
  Endotronics' financial statements as of Sept 30, 1986 and for
  the year then ended should no longer be relied upon.
      Endotronics said the notice from its accountants stated 
  "we cannot satisfy ourselves as to the true facts of the
  situation to a degree necessary to continue to be associated
  with such consolidated financial statements."
      Endotronics recently reported that it was reviewing the
  need to establish a reserve for all or a portion of
  approximately 3,686,000 dlrs in overdue accounts receivable and
  to assess the impact, if any, on prior period financial
  statements in light of a dispute with one of its Japanese
  distributors over payment of the overdue accounts.
      Endotronics said it was providing documentation to the
  Securities and Exchange Commission in connection with that
  agency's investigation.
      It also said Michael Gruenberg resigned from the company's
  board of directors.
  

