Was pretty much down and out last week. Cold turned into pneumonia
Looks like this news was missed by most;
CEDAR RAPIDS, Iowa, Feb. 11 /PRNewswire/ -- Murdock Communications
Corporation ("Murdock") (OTC Bulletin Board: MURC, MURCW), announced today
that it has entered into a non-binding letter of intent to negotiate an
agreement to merge its operations with Floragraph LLC, which owns and operates
Flower.com, an online floral website.
Murdock Communications Corporation, based in Cedar Rapids, IA, is a
provider of voice and data communications services, and is also a provider of
operator services and call processing to North American payphones, hotels and
institutions, database profit management services and telecommunications
billing and collection services for the hospitality industry, outsourced
operator services for the telecommunications industry and telecommunication
systems and services to the lodging industry.
The Company is reviewing its current operating efforts as it expects to
become a major Internet provider of flowers, gifts and other e-commerce
merchandise. Eugene Davis, CEO of Murdock Communications, said, "We are
pleased to welcome Flower.com, and expect this opportunity to allow us to
focus on building on our technology background to provide an ideal platform
for successful E-commerce."
Flower.com, a privately-held corporation, is one of the premiere web
addresses for flowers and gifts online. Flower.com is the exclusive online
provider of the "Build Your Own Bouquet" service, which allows individuals to
assemble a floral bouquet to their liking. Located in New York, Flower.com
services the global community through a network of thousands of florists.
"We are excited about the potential growth opportunities for Flower.com
created by this proposed merger," stated Flower.com CEO and President Michael
Lebor. "We expect to leverage Murdock Communication's relationships to expand
our business-to-business and consumer marketing strategies as well as our
exclusive Pre-paid FlowerCard franchise."
Tom Berthel, of Berthel Fisher & Company, which was engaged by Murdock
Communications to explore opportunities including merger or acquisition, said:
"We believe we have identified a powerful partnership between Murdock
Communications and Flower.com to enhance and establish value from their
operations and investments."
Completion of the proposed merger transaction is subject to a number of
significant conditions, including the negotiation of a definitive agreement,
approval by the Company's shareholders, financing by the Company and
Floragraph and other closing conditions.
This news release contains statements, including statements of
management's belief or expectation, which may be forward-looking within the
meaning of applicable securities laws. The forward-looking statements may
include statements regarding new opportunities and projections regarding
future revenues and earnings. These statements are subject to certain risks
and uncertainties that could cause actual future results and developments to
differ materially from those currently projected, including the following
risks and uncertainties: the ability of the Company and Floragraph to
complete the proposed merger and the terms of the merger if completed; risks
and uncertainties relating to Flower.com's business, including lack of
operating history, possible need for additional financing, intense competition
in its market; the ability of the Company and Floragraph to realize expected
synergies if the merger is completed and to expand its e-commerce platform;
the Company's ability to identify and expand into new markets; the Company's
access to adequate debt or equity financing or other sources of cash flows;
and the risk that the Company's analyses of these risks could be incorrect
and/or that the strategies developed to address them could be unsuccessful.
Additional risk factors are discussed in the Company's most recent reports on
Form 10-KSB and Form 10-QSB filed with the Securities and Exchange Commission.
SOURCE Murdock Communications Corporation
-0- 02/11/2000
/CONTACT: Paul C. Tunink, CFO of Murdock Communications Corporation,
319-362-6900, or fax, 319-363-7008, or Murc97@aol.com/
(MURC MURCW)
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