Followers | 305 |
Posts | 69718 |
Boards Moderated | 3 |
Alias Born | 02/16/2008 |
Friday, January 02, 2009 6:20:43 PM
MONTREAL, Jan. 2 /PRNewswire-FirstCall/ - MonArc Corporation http://www.monacorporation.com/ (MONA.PK) Further to the announcement of December 22 2008 where amongst other things the company announced that it has signed a letter of intent to acquire a small North American industrial manufacturing facility, the company has finalized its terms with the bank and the principals of ITI for the purchase of all inventory and debt settlement on all cash basis. The company will make this itemized inventory list as part of its Pink sheets filings.
The company intends to send a representative to ITI on or before January 6, 2009 to do a complete inventory count and a final check and to settle the distress asset sale with the bank, the secured creditor. Soon after ITI will become an operating subsidiary of MONA.
Mr. Sam Grinfield who acted as an agent for ITI as its exclusive agent and who is a CEO of his own consulting firm in Montreal said, "This has got to be a deal of the century for MONA and its shareholders. While no one can argue that the current economic downturn has created an opportunity for those in liquid position such as MONA, this deal is simply over the top. To say that MonArc is acquiring these assets at a fraction of the price is an understatement. ITI has clients, revenues audited statements and all the ingredients sought after by investors. I can see how MONA is slowly building a small conglomerate as both I and ITI management were impressed. ITI soon to be part of MONA is equally impressed with this small robust and forward looking company and its management."
Mona is acquiring the assets and the entire manufacturing company (ITI).
Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet http://www.pinksheets.com/ filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
Contact: corporate@monacorporation.com
CONTACT: corporate@monacorporation.com
ZenaTech, Inc. (NASDAQ: ZENA) Launchs IQ Nano Drone for Commercial Indoor Use • HALO • Oct 10, 2024 8:09 AM
CBD Life Sciences Inc. (CBDL) Targets Alibaba as the Next Retail Giant for Wholesale Expansion of Top-Selling CBD Products • CBDL • Oct 10, 2024 8:00 AM
Foremost Lithium Announces Option Agreement with Denison on 10 Uranium Projects Spanning over 330,000 Acres in the Athabasca Basin, Saskatchewan • FAT • Oct 10, 2024 5:51 AM
Element79 Gold Corp. Reports Significant Progress in Community Relations and Development Efforts in Chachas, Peru • ELEM • Oct 9, 2024 10:30 AM
Unitronix Corp Launches Share Buyback Initiative • UTRX • Oct 9, 2024 9:10 AM
BASANITE INDUSTRIES, LLC RECEIVES U.S. PATENT FOR ITS BASAFLEX™ BASALT FIBER COMPOSITE REBAR AND METHOD OF MANUFACTURING • BASA • Oct 9, 2024 7:30 AM