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MEMBERS SERVICE CORPORATION ANNOUNCES: PROGRESS REPORT ON THE STOCK EXCHANGE AND PLAN OF REORGANIZATION AGREEMENT WITH BIOSYNTHETICS, INC.

 MEMBERS SERVICE CORPORATION ANNOUNCES: PROGRESS REPORT ON THE STOCK


EXCHANGE AND PLAN OF REORGANIZATION AGREEMENT WITH BIOSYNTHETICS, INC.
 WINTER PARK, Fla., Oct. 16 /PRNewswire/ -- Arthur S. Feher, Jr., chairman and CEO of Members Service Corporation (NASDAQ: MSCX; BSE: MSC.B) today released a progress report as to the present status of the "Stock Exchange and Plan of Reorganization Agreement" and "Investment Banking Agreement," which serve as the foundation of the Biosynthetics, Inc. acquisition.
 First New England Securities, the investment bankers who negotiated the acquisition on behalf of both Members Service Corporation and Biosynthetics, Inc., also entered into an investment banking agreement with Members Service Corporation and further committed to obtain the necessary short- and long-term funding required for this acquisition. These investment bankers have not performed and met the required funding deadlines. Biosynthetics, Inc., has been apprised by Members Service Corporation that they have terminated their investment banking agreement, dated May 12, 1992, with First New England Securities.
 Mr. Feher further stated that Members Service Corporation will maintain and stay its new direction as a predominantly medically orientated holding company, and is moving forward to change its name to Bio-Med Holding Group, Inc. In addition, he stated that the company is currently negotiating with another medical company to become part of this group. Mr. Feher stated that the new medical company has an independent appraisal, and a product line that does not require FDA approval. The company will continue to forge its new perspective and focus on emphasizing the acquisition of existing profitable medical companies.
 -0- 10/16/92
 /CONTACT: Arthur S. Feher, Jr., chairman and CEO of Members Service Corporation, 407-647-6600/
 (MSCX) CO: Members Service Corporation ST: Florida IN: SU:


PS-AH -- NY072 -- 1130 10/16/92 16:57 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
Words:290
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