Murdock Group Holding Company Announces Restructuring
September 12, 2000 11:02 AM Eastern Time
SALT LAKE CITY, Sept. 12 /PRNewswire/ -- The Murdock Group Holding Company
TMGS , announced today that the Company is continuing to restructure its
operations and diversifying its holdings and corporate focus. This will allow
the company to reduce debt and to add additional acquisitions and operating
divisions. Presently, Murdock Group holdings include Career Development, Real
Estate Division and an Internet subsidiary. The restructuring includes
negotiating with creditors and refinancing existing debt on its real estate
holdings to improve cash flow and increase profitability.
Career Development Division
The Murdock Group (http://www.murdock.com) is a career development and
outplacement training company specializing in career satisfaction. With nearly
20 years of experience, a variety of services that meet a broad array of needs
are offered.
Internet Subsidiary
CareerWebSource (http://www.careerwebsource.com) provides employment resources
to a growing number of online markets including recruiters, corporate HR
departments, universities, civic centers and association. Leveraging the vast
resources available on the Internet, CareerWebSource has compiled and
cataloged a database of over 120,000 different career resources. These
resources, combined with original articles, surveys and expert advice, are
customized for each career center to bring relevant local career information
to each site.
Real Estate Division
During the past six months the company's real estate development division
acquired 2 real estate holding companies, doubling Murdock's Real Estate
Division holdings and positioning the company to take advantage of the current
populations and development growth between the Salt Lake City and Provo/Orem
metropolitan areas. This gives the company a total of 15 parcels of land
presently assessed at approximately $25 million. The company anticipates that
as part of the restructuring it will dispose of certain properties that do not
match its new focus and will seek to refinance other obligations to reduce the
debt load of the company.
"We have been looking at several profitable acquisition candidates for some
time and feel that is the most effective way to help leverage our expertise
and increase shareholder value. We anticipate several important developments
just ahead," stated CEO KC Holmes.
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. While these statements are made to convey the company's
progress, business opportunities, and growth prospects, readers are cautioned
that such forward looking statements represent management's opinion. Actual
company results may differ materially from those described. The company's
operations and business prospects are always subject to risk and
uncertainties. A more extensive listing of risks and factors that may affect
the business prospects of the Company and cause actual results to differ
materially from those described in the forward-looking statements can be found
in the Company's reports and other documents filed with the Securities and
Exchange Commission.
FOR MORE INFORMATION CONTACT:
INVESTOR RELATIONS THE MURDOCK GROUP Ron de Jong KC Holmes, CEO de Jong &
Associates (801) 268-3232 345 S. Coast Hwy 101 e-mail: [email protected]
Encinitas, CA 92024 http://www.murdock.com (877) 943-9065 Toll Free (760) 943-
9065 (760) 943-7164 (fax) e-mail: [email protected] http://www.dejong.org
SOURCE The Murdock Group
