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Friday, August 07, 2009 6:47:50 PM
MonArc Corporation (MONA) to Receive $1.5 Million in Stock on Closing of Hubei
Chuguan (LDSR)
BEIJING, Oct. 6 /PRNewswire-FirstCall/ - MonArc Corporation,
www.monacorporation.com, (MONA.PK) is pleased to announce that it has
negotiated to receive $1.5 million in stock from Landstar Inc. upon the
closing of the sale of MonArc's holdings in Hubei Chuguan Industry Co. Ltd. to
Landstar.
As previously announced, Yellowsea Management, Inc, a special purpose company
incorporated in Belize will acquire a 100% interest Hubei Chuguan. Yellowsea
will then be acquired by Landstar, Inc (LDSR). The Belize special purpose
company and these simultaneous transactions are needed in order to comply with
Chinese security laws. MonArc has a 10% carried interest in this deal, and
will receive stock valued at $1.5 million from Landstar as part of the
acquisition process.
When did they ACTUALLY PAY for the Chuguan asset??? If it has not been paid for then it is in all actuality still MONA's asset is it not???
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