Murdock Completes Phase Three Debt Restructuring

January 24, 2001 12:01:00 PM ET

SALT LAKE CITY--(BUSINESS  WIRE)--Jan. 24, 2001--The Murdock Group Holding Corp.
(OTC BB: TMGS) Tuesday  announced that the $7 million phase three debt reduction
has been completed.

Recently  completed  transactions of the phase three debt reduction has resulted
in the reduction of corporate liabilities totaling approximately $7 million.

Phase three of the debt  restructuring  plan  included  $5.1  million  which was
settled  into common  stock and  $1,825,000  reduced  into real estate and other
settlement.   The  total  liability   reduction   achieved  in  phase  three  is
approximately  $6,925,000,  which will result in annualized cost savings for the
company of approximately $1.9 million.

KC Holmes,  president and chief executive  officer,  noted,  "With our phase one
(October),   phase  two  (November)  and  phase  three  (December/January)  debt
reduction  and  restructuring  plans  completed,  the company  has now  realized
approximately  $17 million in debt reduction  since the Sept. 30, 2000 quarterly
report.

"The company will be announcing details of its phase four debt reduction plan by
the end of January 2001."

About The Murdock Group

Founded in 1983,  The  Murdock  Group has emerged as a business  incubator  with
emphasis in the employment  industry.  The Murdock Group has incubated  Internet
offerings  MyJobSearch.com,  an employment portal, and  CareerWebSource,  a BtoB
employment  information  company,  as well as a full  service  brick and  mortar
career-coaching provider.

The Murdock Group also has a real estate development group specializing in small
to midsize entitlement projects.

Forward-Looking   Statements.   This  press  release  contains   forward-looking
statements  within the meaning of Section 27A of the  Securities Act of 1933 and
Section 21E of the Securities  Exchange Act of 1934.  While these statements are
made to  convey  the  company's  progress,  business  opportunities  and  growth
prospects,  readers are cautioned that such forward-looking statements represent
management's  opinion.  Actual company results may differ  materially from those
described. The company's operations and business prospects are always subject to
risk and  uncertainties.  A more extensive listing of risks and factors that may
affect the business  prospects of the company and cause actual results to differ
materially from those described in the  forward-looking  statements can be found
in the reports and other  documents filed by the company with the Securities and
Exchange Commission.