News: MonArc Corporation Business Update
MONTREAL, Sep 24, 2009 (GlobeNewswire via COMTEX) -- MonArc Corporation (Pink Sheets:MONA) (www.monacorporation.com) gives this update to the release of August 19, 2009. The company is attempting to resolve several matters. One issue is a dividend distribution. Being unable to resolve this matter internally, the company has retained a U.S. securities lawyer to assist in this task. MonArc management has also heard from Inotech Technology Inc., a China-based ISP which it sold to RMDM Entertainment Group. Wynn Wang, CEO of Inotech Technology Inc., said, "We are eager to get going with our business and cannot wait further for RMDM and its ex-management to resolve the outstanding matters. We have asked MONA to rescind the agreement with RMDM which is currently under review."
MonArc has also retained its ex-CEO Mr. Garr Winters as a consultant to assist MonArc with a solution to have MONA become a solicited issuer. Mr. Winters said, "Over the past few years we have tried to get MONA to trade on a solicited basis. However with the current economic condition, and primarily because MONA has no audited statements and no U.S. operating subsidiary, this has become an almost impossible task. Several 15c211s submitted over the years were refused for aforementioned reasons.
"It appears to me the only solution that exists to accomplish this task is to merge MONA with an already solicited issuer. This opportunity has made itself available with an acquisition company. We are looking at doing a rescission with RMDM for our Inotech Technology Inc. asset and simultaneously merge with the solicited company.
"By doing this we will finally have MONA become a solicited issuer, and hopefully have the market start to give MONA some respect in terms of its share price, which is way overdue and which it deserves. Over the years, MONA has done many transactions and has both hard and soft assets, certain IP rights to name a few. My mandate is to secure this merger for MONA and get MONA shareholders a substantial premium in the merger. "
More details to follow.
Disclaimer:
Information in this press release or filing may contain statements about future expectations, plans, prospects or performance of MonArc Corporation that constitute forward-looking statements for purposes of the safe harbor Provision's under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. MonArc Corporation cautions you that any forward-looking information provided by or on behalf of MonArc Corporation is not a guarantee of future performance. None of the information in this press release or filing constitutes or is intended as an offer to sell securities or investment advice of any kind. MonArc Corporation's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond MonArc Corporation's control. In addition to those discussed in MonArc Corporation's press releases, public filings, and statements by MonArc Corporation's management, including, but not limited to, MonArc Corporation's estimate of the sufficiency of its existing capital resources, MonArc Corporation's ability to raise additional capital to fund future operations, MonArc Corporation's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match MonArc Corporation's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. MonArc Corporation does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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SOURCE: MonArc Corporation
CONTACT: MonArc Corporation
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