Great News Company is on the move
TORONTO, April 24, 2008 /PRNewswire-FirstCall via COMTEX/ -- Monarc Corporation
(Mona.Pk) announces that it has been acquired by a mortgage financial and real
estate company Brookcor Holdings Inc.
Brookcor Holdings Inc. ("Brookcor") is a Toronto based holding company providing
service to its subsidiary companies in the areas of Mortgage Finance, Mortgage
Investment, Mortgage Brokerage, Real Estate Investment and Real Estate Retail
Services.
Incoming CEO Mr. Mike Mc Calla who started Brookcor in 1995 stated, "This deal
came to us in the late stages of the 11th hour". Brookcor was in the process of
being acquired by another small cap company, being named as officers of that
company and was in the process of working out the logistics when we learned that
Mona may be an option for us to consider.
One of the main reasons why Mona was appealing to us here at Brookcor, is MONA'S
shelved Cash Next project. Mr. Mc Calla said, "It is kind of strange to be
involved with Mona on this level, as I have followed Mona as a shareholder for
the past couple of years, and several years ago Brookcor was one of the many
lenders listed in the Cash Next system. Simply put, Cash Next! is a br and which
runs on the secure "Trust Vault" platform offering interactive data services
online that allows both borrowers and participating lenders to communicate
directly with each other, and allows these multiple lenders to offer and review
financing proposals for the end user. Cash Next earned its income from licensing
this technology to participating lenders for a onetime fee, plus ongoing monthly
maintenance and usage fee. In addition, Cash Next also earned revenues from the
end users in a form of a fixed application fee once the application was
approved.
Cash Next may have been ahead of its time however with the current mortgage
crisis, the Cash Next products such as participating mortgages and other lending
products currently being considered in the industry are just the beginning. Mr.
Mike Mc Calla added: "We see this opportunity as being at the right time at the
right place."
As consideration, Mona will receive various guarantees of performance from
Brookcor valued at about $500,000. Outgoing CEO Steen Elgaard stated, "Our
shareholders have made it clear that their wish is to see the company grow,
without us having to issue stock in doing so. This seemed as an impossible task
however it goes to show that it can be done". Mike McCalla added, "We want to
get right to business, we will not be doing any name change or symbol changes or
anything that will slow us down from getting Brookcor and Cash Next going.
In other company news, Mr. Elgaard will remain as President of the IFGX, CanDen
and Syscon divisions. Mr. Elgaard added, "We have received an overwhelming
amount of inquiries regarding the dividend status, Cash Now and my status with
the company. Although we have answered each of these inquiries in painstaking
detail in both Town Hall posts, emails and news releases we will again use this
opportunity to advise all concerned that the dividend matter has been resolved,
and issued the week of April 15 2008.! Cash No w and Cash Next are two quite
different and unique products, and have nothing to do with each other. The basis
of the dividend paid out last week is partly of the Cash Now sale." Upton Beall
Sinclair, Jr wrote, "It is difficult to get a man to understand something when
his salary depends upon his not understanding it", and we could not agree more
with this assessment and matters relating to MONA.
The company invites readers to visit its new corporate website
www.monacorporation.com and to use this opportunity to announce that the company
intends to issue a forward guidance and a President's vision message shortly.
Mr. Mike Mc Calla added, "What we would like to do is make this an interactive
event rather than the traditional guidance message, so that these nonsense
rumors and gossips can be thwarted once and for all as we would like nothing
more but to see the company share price return to its true values." We invite
inquiries for the president's message to be emailed to us at
corporatematters@monacorporation.com
About Monarc Corporation: Monarc (MONA) is a financial services holding company
and a public company quoted on the pink sheets, symbol MONA. MONA operating
subsidiaries Cash Next and Brookcor's primary goal is to provide consumer and
business loans to businesses that qualify based on the company's unique formula.
MONA has developed a proprietary online software, "Trust Vault" which allows
lenders and borrowers to communicate in real time and to transfer documents in
electronic format in a filing storage type environment. MONA also operates a B2B
business financing division named IFGX. Through IFGX, MONA acquires growth based
businesses (ie "other operating subsidiaries") and spins them off to other
publicly traded shells in search of operating entities; which proceeds MONA
distributes to its shareholders in a form of a special dividend. MONA's other
operating subsidiaries are Canden Financial Inc, Horescon and ! Syscon S ystems
beverage control systems. These are inventory control systems and financing
solutions for the hospitality industry.
Lets all get along
AI
