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The company has completed the spinoff of its ITI Bio Tech division and other China holdings. Recent economic downturns and DTC inability or unwillingness to process dividends from one Pink Sheet issuer to another (i.e.: recent MONA split offs and sales of its assets to other Pink Sheet issuers) leaves the current management with only a few options of either rescinding those agreements or demanding a cash payment for the sale of those assets.
The company has reached a satisfactory settlement with RMDM for the sale of its asset of Inoteck China ISP and will not seek a rescission. The proceeds of the sale which the company intends to distribute to its shareholder base remains unresolved and may be rescinded. The company in lieu may pass a resolution to sell those assets, including the consulting fees earned once matured, and use the proceeds to reduce its outstanding share structure with a share buyback and a share reduction program.
Similar events may follow on all the outstanding asset sales and consulting fees earned in the past by the current and former managements, which meant to use the proceeds to acquire and reduce its outstanding share structure.
MONA Peru mining operation remains in non compliance and litigation is immanent.
The issuer is desirous of becoming a solicited and a reporting issuer via filing of its 15c211 as previously announced on many occasions. All of the above actions are being done in order to comply with the regulatory filings and to be in compliance.
The merger option with an already solicited issuer is still an on-going possibility being explored.
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Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of MonArc Corporation that constitute forward-looking statements for purposes of the Safe Harbor Provisions 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 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.
CONTACT: www.minamargroup.com/helpdesk
SOURCE MonArc Corporation (MONA)
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