The Murdock Group Announces $6 Million in Debt Reductions
December 11, 2000 11:13:00 AM ET
SALT LAKE CITY, Dec. 11 /PRNewswire/ -- The Murdock Group Holding Corporation
(OTC Bulletin Board: TMGS), announced today details of recently completed
transactions resulting in the reduction of corporate liabilities totaling
approximately $6,000,000. Phase Two (November) of the company's debt
restructuring plan has recently been concluded. The company detailed the
following reductions: Approximately $2,035,000 of debt converted into common
stock.
Approximately $590,000 of contingent liabilities settled into common stock.
Approximately $340,000 of related party receivables settled by related
party.
Approximately $3,350,000 of debt related to real estate holdings retired.
The total debt reduction achieved in this phase is approximately $5,985,000 and
the settled related party receivable totals $340,000. These transaction results
in annualized cost savings for the company of approximately $1.75 million. KC
Holmes, President and CEO, noted, "With our phase 1 (October) and phase 2
(November) debt reduction and restructuring plan completed, the company has now
realized more than $10,000,000 in debt reduction in the last 60 days. This is
expected to provide benefits in the form of substantial reductions in our
operating costs and annualized interest and cost savings of almost $4,000,000."
About The Murdock Group Founded in 1983, The Murdock Group has emerged as a
business incubator with emphasis in the employment industry. The Murdock Group
has incubated Internet offerings MyJobSearch.com, an employment portal, and
CareerWebSource, a BtoB employment information company, as well as a full
service brick and mortar career-coaching provider. The Murdock Group also has a
real estate development group specializing in small to midsize entitlement
projects. Forward-looking Statements. 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 reports and other documents filed by The Murdock Group with the
Securities and Exchange Commission. (C) 2000 PRNewswire
