TORONTO, May 9 /PRNewswire-FirstCall/ -- Monarc Corp (MONA) and its operating subsidiary Syscon Products Inc are pleased to announce the commencement of a pilot project for its beverage control systems with the Obsidian Group Inc. The Obsidian Group Inc is a management company formed in 1996 to develop, market, and manage hospitality and real estate interests. The Syscon Products beverage controls systems have been implemented in the Obsidian Group "Crabby Joe's Tap and Grill". Upon completion of the trial test, Mona management is confident that the Syscom Product will meet and surpass the client's expectations. Mona management is looking forward to expanding and the implementation of its product line to all of the Obsidian Group locations.
Steen Elgaard, President of Syscon Products Inc, said, "In regards to our beverage control division, this contract is just one of many that we currently have in the works. I wish to add that the recent Las Vegas and the Toronto trade shows we exhibited at, have produced a good amount of leads, and prospects which we are still working with. Mike McCalla Mona's CEO added, "We acknowledge that our shareholders are desirous to see more news from us and more frequently.
To that end, and as previously announced, we have completed our 211 filings to become a solicited issuer. We were advised that during this evaluation period, a "news blackout, or at least limited news", should be issued by us. This calm, would allow the market maker to evaluate our current business model. It is our understanding that once FINRA clears the 211 submitted by the market maker, the market maker will put in a quote for MONA, thus removing the unsolicited warning on our stock symbol which is still displaying. We have a great little company with great amount of new developments, and exciting activities to report. We know that our critics have exploited our past silence, whose days in my mind are numbered. We are eager to start reporting."
In other company news, the company wishes to use this opportunity to advise its shareholders that it has recently filed its new Management Discussion and Analysis Report on Pink Sheets, and expects to file its Adequate Disclosure Documents within days, together with its 1st Quarter Financial Statements, due by May 15 2008. The company expects to soon after file a solicitor's opinion letter, currently under review; which should suffice the company obtaining the "Current Status".
Garr Winters, the company's past CEO and the current Secretary and Corporate Advisor added, "There seems to be some convenient confusion by our critics vis-a-vis the current outstanding share count. The numbers reported in the Management Discussion and Analysis Report are accurate. We have chosen to report the entire amount issued, notwithstanding that the shares issued for various acquisitions are both restricted shares and are also held in escrow. As per the filings and numerous news releases, these shares are subject to predetermined performance of all operating subsidiaries, failing which these shares will be retired back to the treasury, and the non-performing operating subsidiaries will be spun off.
The Management Discussion and Analysis Report is quite specific on this topic. Additionally, the company has not done any financing nor issued shares for the same in 2008. We have also launched a ticket support system for our investors and our shareholders, which will allow us to interact in real time to keep track of notes and concerns which we will address accordingly. Simply visit our corporate site at http://www.monacorporation.com/ and click on the Support Icon.
Lastly, the Pink Sheets current status filings are for public viewing, and are in addition to the 211 filings with FINRA, we are currently undertaking. Other than moving to another exchange, these filings are, and will be to the highest transparency and compliance level on the Pink Sheets tier. We are hopeful that once this 211 clearing is complete, and the aforementioned Current Status is achieved, the marketplace will acknowledge and reflect the true value of our share price, and not what it currently is. We have made this our # 1 top priority."
About Garr Winters:
Garr's vast experience as a principal and hands on operator of public companies provides invaluable aid for companies wanting to access the public markets in North America and Europe. Garr serves in a director - secretary and in a capacity as a board member for many small cap and micro cap companies.
About Monarc Corporation:
Monarc (MONA) is a financial services holding company and a public company quoted on the pink sheets, symbol MONA. MONA operating subsidiaries Cash Next and Brookcor's primary goal is to provide consumer and business loans to businesses that qualify based on the company's unique formula. MONA has developed a proprietary online software, "Trust Vault" which allows lenders and borrowers to communicate in real time and to transfer documents in electronic format in a filing storage type environment. MONA also operates a B2B business financing division named IFGX. Through IFGX, MONA acquires growth based businesses (ie "other operating subsidiaries") and spins them off to other publicly traded shells in search of operating entities; which proceeds MONA distributes to its shareholders in a form of a special dividend. MONA's other operating subsidiaries are Canden Financial Inc, Horescon and Syscon Systems beverage control systems. These are inventory control systems and financing solutions for the hospitality industry.
Safe Harbour Statement
Information in this press release may contain 'forward-looking statements'. Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbour' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of MonArc Corporation's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in MonArc Corporation's periodic reports filed with the regulatory authorities.
MonArc Corporation (MONA)
