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The plans include spinning off its under-performing North American assets, and concentrating on Asian online and ecommerce related business sectors, through a series of acquisitions.
MONA CEO Yong Chen advised, "We see a lot more upside growth potential in the booming Chinese online space than our financial service products in North America. The sub-prime market has taken a real beating, and our judgement is that we anticipate continued consolidation and restructuring of existing debt for the foreseeable future. Realistically, we are not a large enough company to take advantage of the current market. Our opportunities lie within the Chinese market, as we continue to identify new growth oriented companies that can be acquired once they have proof of concept, but do not yet command premium prices".
The Company is in the process of vending out the North American divisions, and shareholders can expect to receive additional stock dividends in connection with this sale, as previously announced from the proceeds of sale. This will be the second major stock dividend from acquiring companies of MONA shareholders over the last year. The buyer and their symbol will be announced shortly.
PP365.com will continue to build on its industry leading peer to peer technology. The vision is to deliver full-screen streaming video as part of a low-cost subscription service, including movies and Internet based gaming. The Company has recently announced key developments in this area, such as the development of the 'God of Honour' game based on the historic and widely acclaimed novel of the same name, and 'Zhulu Sanguo', an interactive internet based war game, with plans to launch the game on the ITV-SKY Group web cast network, in addition to the PP365.com portal. Importantly, the Company plans to make content widely accessible through a number of delivery options, including cell phones and other mobile devices.
Acquisition plans include the Beijing based Innotrek Technology Co., offering ISO 9000 compliant broadband technology to hotels in mainland China. These hotels being targeted are the middle market properties; usually 3 or 4 star hotels that wish to offer their clients Internet Broadband access similar to those offered in leading 5 star hotels. Obviously, there are significant synergies PP365's online content, which will provide a competitive differential advantage versus other service providers.
The Company is also in initial discussions with a company providing bar coding technology for the Asian market. The Company will continue to identify new acquisition targets through the coming months, and provide additional information as it becomes available.
Yong Chen added, "We anticipate that as we grow through acquisitions, we will attract more attention not only from investors interested in the Asian markets, but from additional growth oriented companies that fit our business model. The larger we grow, the more compelling it becomes to these young companies that can benefit from our financial position and the experience of our senior management team".
The common shares of the Company are currently listed in the USA (symbol MONA | Quote | Chart | News | PowerRating) and the Frankfurt Stock Exchange (Xe:GZWM).
Safe Harbour statement
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.
CONTACT: corporate@monacorporation.com, (702) 508-4172, Att: Investor Relations
SOURCE MonArc Corporation (MONA)
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