Murdock Group Holding Corporation Enters Third Phase Of Debt Restructuring
Program
December 18, 2000 12:09:00 PM ET
SALT LAKE CITY, Dec. 18 /PRNewswire/ -- The Murdock Group Holding Corporation
(OTC Bulletin Board: TMGS), announced details for phase three of its five-part
debt restructuring program that began in September 2000. Following October's
successful phase one debt reduction of approximately $4.2 million and phase two
reductions of approximately $6.3 million in November, TMGS today announced the
commencement of phase three of the debt reduction plan, scheduled for completion
in January 2001. Phase three is designed to reduce liabilities by more than $7.2
million with resulting annual cost savings of approximately $2.1 million. This
reduction will be accomplished through a combination of real estate portfolio
reductions and debt-to-equity conversions. KC Holmes, CEO, stated, "As of
September 30, 2000 the company had debt totaling approximately $28.8 million.
With the completion of phase three we will have reduced our liabilities by more
than $17 million in just over 90 days." Additional details of the transactions
will be reported in the company's annual report to be filed at the end of the
first quarter of 2001.
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 company with the Securities and Exchange
Commission. (C) 2000 PRNewswire
