TMP Worldwide Announces It Will Not Proceed With Financing
New York, April 21, 1998 -- TMP Worldwide Inc.(NASDAQ: TMPW - news), (NASDAQ/NMS: TMPW) today announced that it has determined not to proceed with the private sale of up to an aggregate of $115 million principal amount of its Convertible Subordinated Notes due 2005, which was previously announced by the company on April 9, 1998, due to unfavorable market conditions.
Andy McKelvey, TMP's chairman and CEO, commented that, "Although we were pleased with the high level of interest shown in TMP, at this time the proposed pricing of the notes was not financially advantageous to the company and its stockholders."
Founded in 1967, TMP Worldwide is the world's largest yellow page and one of the world's largest recruitment advertising agencies with more than 3,200 employees in 11 countries. TMP's clients include more than 70 of the Fortune 100 and more than 285 of the Fortune 500 companies. The company's Internet offerings include The Monster Board, the largest and most successful career center on the World Wide Web; Online Career Center, the Internet's earliest career site; MedSearch, (www.medsearch.com), the primary online "help wanted'' service for the health care industry; and Be the Boss (www.betheboss.com), a leading provider of information on franchise opportunities.
The Monster Board is a registered trademark of TMP Worldwide. Online Career Center, Be The Boss and MedSearch are service marks of TMP Worldwide.