BEIJING, Sept. 5 MONA-Buyback-Program
BEIJING, Sept. 5 /PRNewswire-FirstCall/ - MonArc Corporation, www.monacorporation.com, (Pink Sheets: MONA) the issuer announced today that it has entered an agreement with several of the majority shareholders, that the Company will not seek any sort of additional equity funding or any other sort of financing that would create dilution in the Company's stock.
In addition, the Company plans to conduct a share buyback of no less than 50 million shares either on the open market or directly from the stakeholders, and retire them back to the treasury.
The anti-dilution agreement is actually a lock up agreement. It is valid until the spin-off of existing companies is completed and dividends have been issued to current shareholders in accordance with the previously made announcements. This encompasses the acquisitions of both the direct marketing company, MCD, as well as the acquisition and spin off of the environmental oil services company, Hubei Chuguan Industry Co. Ltd.
MonArc CEO Chan Yong told investors yesterday that; "We have made a series of major announcements and have repositioned the Company and its core business model in a very significant fashion. This agreement is designed to formally address any uncertainty about the equity position of the Company and assure current shareholders of a stable trading environment to avoid speculation regarding any potential dilution.
We are also initiating a share buyback program of no less than 50 million shares and their retirement to the treasury. Shortly we will post our actual certified share count from our transfer agent, Heritage Trust on Pink Sheets showing the current share structure sum and the updated share structure once the buyback is completed. We feel very strongly that the Company is entering a new era and that our shareholders can look forward in confidence to superior performance of the Company's stock."
Mr.Garr Winters, the company's Secretary added, "Our stock target price aim is as close to the post reverse stock split price of 0.20 cents per share or as close as we can get to that goal. We acknowledge that there will be flippers and profit takers along the way and rightfully so, however plans and measures are being implemented as we speak that will see the greatest reward and return returned to our long term followers which is long overdue.
We have made several promises to our followers over the last 24 months that remain unfulfilled. For years, it has always been our corporate philosophy to under-promise and over-deliver. It is our intent to demonstrate this and restore our eroded values once and for all. Our new corporate business model as per the Pink Sheet filings and interview that will soon be aired on various media sources will be posted on our website shortly.
Safe Harbor 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@monarccorporation.com, Tel: (702) 508-4172, Investor Relations
CONTACT: corporate@monarccorporation.com, Tel: (702) 508-4172, Investor Relations
SOURCE MonArc Corporation (MONA)
