FLORAFAX INTERNATIONAL ANNOUNCES AGREEMENT RENEWAL WITH PNC BANK, KENTUCKY INC.
TULSA, Okla., Nov. 22 /PRNewswire/ -- Florafax International, Inc. (NASDAQ-OTC: FIIF) ("company") has announced it has renewed an agreement with PNC Bank, Kentucky, Inc. ("PNC") whereby PNC bar extended the company's $1,300,000 secured credit and the company's credit card processing agreements until Feb. 15, 1994. As an extension of the previous agreement with PNC, beginning Nov. 15, 1993 the company has agreed to deposit with PNC $50,000 monthly in an interest bearing account to collateralize the extension of credit. The company has agreed to have on deposit with PNC at least $1 million on or before Feb. 1, 1994. PNC has agreed to further extend the company's credit card processing agreements to Nov. 15, 1994 on condition that the company is in compliance with its renewed agreements with PNC. Florafax is headquartered in Tulsa and provides a nationwide wire service and related services to its member florists as well as full service credit card processing for thousands of U.S. businesses and professionals. Its common stock is traded over-the-counter on the NASDAQ symbol "FIIF". -0- 11/22/93 /CONTACT: Ronald W. Fore of Florafax International, Inc., 918-624-2106/ (FIIF)
CO: Florafax International, Inc.; PNC Bank, Kentucky, Inc. ST: Oklahoma IN: SU:
TM -- NY080 -- 6952 11/22/93 16:23 EST