In the past decade, the formal theory of specification, verfication and development of real-time programs has grown from work of a few specialized groups to a real "bandwagon". Many eminent research groups have shifted their interests in this direction. Consequently, research in real-time is now entering established research areas in formal methods, such as process algebra, temporal logic, and model checking. This volume contains the proceedings of a workshop dedicated to the theory of real-time with the purpose of stepping back and viewing the results achieved as well as considering the directions of ongoing research. The volume gives a representative picture of what is going on in the field worldwide, presented by eminent, active researchers. The material in the volume was prepared by the authors after the workshop took place and reflects the results of the workshop discussions.