Open Letter to MONA.PK Shareholders from Steen Elgaard CEO of MonArc CorpLast update: 2/20/2008 10:58:00 AMTORONTO, Feb 20, 2008 /PRNewswire-FirstCall via COMTEX/ -- I would like to take the opportunity to summarize the many changes that have taken place over the last few weeks. Sale of Assets to TLGP Completed. As most of our Shareholders are aware, Esprit Financial Group acquired Good Life China, and then sold all of its assets to TLGP (with the exception of the IFGX division). Good Life China dwarfed the run rate and income of Esprit at the time of the acquisition, and it was felt that the Company required a fully reporting pink sheet platform in order to access the capital markets needed to support the rapid growth of a much larger company. The sale created a win - win for all concerned. The sale of Good Life/Esprit assets to TLGP was consummated on Friday, February 15th. We have been advised that Good Life China will be submitting the comprehensive information as defined in the Pink Sheets Guidelines for Adequate Current Information to achieve Pink Checkmark status, and that they have instructed their IR firm Mina Mar Group to assist them in that task. We have every confidence that Good Life will prosper and continue the dramatic growth that has been achieved in the recent past. However, it should be noted that there are now two distinct companies, and my obligation is to grow MonArc and build value in our chosen business sector, which will be discussed in greater depth below. We are in the process of creating a news section on our web site, similar to the Town Hall operated by Esprit and we will post further news and details of these transactions by this weekend February 23, 2008. Continuing Operations We have now completed the vend-in of Canden Financial Group, and are operating as MonArc Corporation with two divisions; MonArc Financial Services as a full service leasing company specializing in simple and fast equipment leasing and financing solutions for both vendors and end users. We expect to announce additional contracts for our leasing services in the near future. Our IFGX division will continue as anticipated to opportunistically pursue mergers and acquisitions. We have several pending deals already, one left in the hopper from the previous management and 1 that I have been able to attract so far. I have also approached Mina Mar Group, and asked for back up assistance on a revenue sharing basis on these 2 pending deals. At this point, we are working with a Danish company seeking access to the public markets, and an Asian company that was left for us by the previous management. We hope to announce an LOI shortly. Right now our primary line of business is Canden. Canden provides specialized financing and leasing packages with an emphasis on inventory control systems for licensed establishments. The Company is actively exploring the acquisition of Syscon Products Ltd., with whom Canden Financial Group has worked closely in the past. The combination of Canden and Syscon provide a compelling growth opportunity. Syscon is in a rapidly growing market sector, addressing the hospitality industry. It has a broad line of products that are designed to provide tighter inventory control of liquor and beer served at licensed establishment. The cost-benefit analysis of these products show that licensed establishments can achieve surprising savings in their operations. While companies such as AC Nielsen provide audit services for on premise consumption, Syscon provides a simple and easy to use solution that has an immediate impact on bottom line results. We expect to grow the Company by focusing on fundamentals that will generate top line and bottom line growth. We have a strong business model, and a management team that has extensive experience and contacts in this key market niche. I look forward to updating our shareholders again as the business continues to grow and the launch of the MonArc Town Hall. About MonArc Corporation Founded in 2007, MonArc Corporation is fast becoming one of the hospitality-industry's leading providers of asset based systems and financing corporations in North America. The company also operates a B2B division being a mergers and acquisitions division, which operates under the trade name (IFGX). Safe Harbor Statement Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Esprit Financial GroupMonArc Corporation's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Esprit Financial GroupMonArc Corporation's periodic reports filed with the regulatory authorities. SOURCE MonArc Corporation (MONA
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