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Wednesday, August 27, 2008 11:12:54 AM
This is hugh, and growing..
MonArc Corporation, www.monacorporation.com, (MONA.PK) today announced that it has reached a preliminary agreement to effect an acquisition of a Major Chinese Direct Marketing Company (MCD) with over 7,000 member shareholders. MCD revenues are substantially higher than anything previously enjoyed by the company. Under the terms of the agreement, a complete new management and a complete new board membership will be appointed to MONA.
Additionally, MONA has interest in Inotrek Inc (Chinese based broadband -Hotel ISP) and PP365.Com on line gaming portal and the Company recently sold its North American portfolio. These assets have a book value of 12-15 million dollars. The current management of MONA has negotiated that all of these assets be sold and all proceeds be disbursed to its shareholders as a 1 time special dividend before the MCD closing date, which could be in the 3 to 4 cent range per share.
The Company anticipates that it can formally close the deal within 30 - 45 days if matters proceed smoothly, with the sale of these assets. The company will be making further announcements on these events via filings and updates on www.pinksheets.com
The transaction with MCD will be completed on all cash basis for the controlling block of MONA.
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