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MEMBERS SERVICE CORPORATION ANNOUNCES: INVESTMENT BANKING OFFER UNDER REVIEW AND COMPLETION OF HYDROCARBON GAS SURVEYS

MEMBERS SERVICE CORPORATION ANNOUNCES: INVESTMENT BANKING OFFER UNDER
 REVIEW AND COMPLETION OF HYDROCARBON GAS SURVEYS
 WINTER PARK, Fla., Nov. 4 /PRNewswire/ -- Arthur S. Feher, Jr., chairman and CEO of Members Service Corporation (NASDAQ: MSCX) confirmed rumors that it is reviewing a Written Investment Banking Agreement/Offer from a substantial New York Investment Banking firm, through one of their partnership divisions. Mr. Feher outlined the essence of the offer as being very sound, with a structured recapitalization and acquisition program, along with a strategy for the disposition of non- medical related assets. Mr. Feher was quoted as saying "that with a few changes in the structure of the offer, Members Service Corporation would more than likely counter sign the Agreement".
 Members Service Corporation announced the completion of a "Hydrocarbon Gas Sensor Survey" on its 1,500 acres of oil and gas leases located in Hood County, Texas, operated by its 100 percent wholly owned subsidiary Cedar Bluff Development Corporation. The survey confirms other geological studies previously conducted on the property regarding the estimated 10 billion cubic feet plus or minus of natural gas reserves. Mr. Feher stated that one of Members Service Corporation's primary objectives is to drill an additional 10 wells on the property as soon as possible. Cedar Bluff Development Corporation has an existing contract with Empire Pipe Line to purchase all production through Nov. 15, 1995 for $3.84 per MCF. The projected revenues from the additional 10 wells would exceed $480,000.00 per month, which would strengthen MSC's Bio-Medical acquisition program.
 Mr. Feher also reconfirmed that the company is moving forward with the name change to Bio-Med Holding Group, Inc. and its new direction aimed towards the Bio-Medical industries.
 -0- 11/4/92 R
 /CONTACT: Arthur S. Feher, Jr., chairman and CEO of Members Service Corporation, 407-647-6600/
 (MSCX) CO: Members Service Corporation ST: Florida IN: SU:


GK -- NY052R -- 2667 11/04/92 16:28 EST
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Publication:PR Newswire
Date:Nov 4, 1992
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