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FLORAFAX INTERNATIONAL RENEWS AGREEMENT WITH PNC BANK

 TULSA, Okla., Aug. 6 /PRNewswire/ -- Florafax International, Inc. (NASDAQ: FIIF) today announced it has renewed an agreement with PNC Bank, Kentucky, Inc. whereby PNC has extended the company's $1,300,000 secured credit and the company's credit card processing agreements until Nov. 15, 1993.
 Beginning Aug. 1, 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 Nov. 15, 1993. 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.
 Separately, the company announced that two of its directors, T. Craig Benson and William E. Mercer, have collectively exercised options to purchase 150,000 shares of the company's common stock. The company has 5,348,874 issued and outstanding common shares prior to the issuance of shares exercised by Messrs. Benson and Mercer.
 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- 8/6/93
 /CONTACT: Ronald W. Fore of Florafax International, 918-624-2106/
 (FIIF)


CO: Florafax International, Inc. ST: Oklahoma IN: SU:

TS-WB -- NY038 -- 0330 08/06/93 13:08 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
Words:248
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