MonArc Corporation (MONA.PK) IFGX Division Corporate Update Mar 4, 2008 06:00:00 (ET) TORONTO, March 4, 2008 /PRNewswire-FirstCall via COMTEX/ -- MonArc Corporation is pleased to announce that its IFGX division has co-brokered its first deal of 2008, acting in concert with the Mina Mar Group as the operating partner. In summary, Mina Mar introduced the Pink Sheet listed Company International Precious Minerals Group (IPMG pending symbol change), while IFGX introduced the operating Company WPSnet International (WPS), for the purpose of executing a reverse merger. WPS is a Danish based technology company providing advanced Content Management Systems (CMS) for mid to upper middle size companies. Since 2001, WPSnet International has been among Europe's leading CMS companies, developing WPS - Web Publishing System(R) and it proprietary WPS - Web Publishing System(R). WPS is one of the only Content Management Systems available that can deliver multiple language versions of client websites as a standard option. WPSnet currently provides translation in Danish, Spanish, English, French, German, Chinese, Hungarian, Norwegian, Japanese and Thai. The Company website can be found at: www.wpsnet.com . MonArc CEO Steen Elgaard noted: "I was aware of WPSnet's desire to trade publicly in the U.S. prior to the merger of Canden and MonArc. This is one of the reasons why IFGX was so attractive to us, and with our extensive network of European contacts I can safely say that this deal is one of many that I can foresee in the near future for our IFGX division. When Garr Winters walked us through the IFGX division's background, we saw it as a natural fit for MonArc. Garr has head-manned the project since inception, and has worked closely with the Mina Mar Group, which has the expertise, logistical, and operational capabilities to bring this project to fruition". As the introducing party, MonArc will earn a 35% interest in the fees generated by the merger. Mina Mar will also provide consulting and guidance regarding legal and accounting work required to close this transaction. In addition, Mina Mar will also handle Investor Relations for IPMG for the next 18 months. Mina Mar is also anticipating further introductions to an Asian based IT company, which is a pivotal component for the new management of IPMG and their shareholders. Initial estimates of fees generated by this transaction are in the neighbourhood of $2.4 million USD in the form of a combination of restricted stock and cash. The reverse merger is anticipated to close within the next 60 days.
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