PIURA, Peru, Dec. 29 /PRNewswire-FirstCall/ -- MonArc Corp (MONA) http://www.monacorporation.com/ and http://www.andrea-sa.com/ mining subsidiary. In response to our shareholders and followers overwhelming requests to provide a further update on the outstanding stock and cash dividend disbursements the company would like to utilize this opportunity to provide the following update.
The company continues to await the "go ahead and clearance" from the regulatory bodies regarding the cash dividend payment. The company acknowledges that this is a process and that such approval should be forthcoming shortly.
The company spokesperson Mary Wang said, "We had hoped that all of the cash and stock dividends would be paid out by the calendars year end. As this matter is out of our direct control all we can do is wait patiently and focus on other business activities. Vis a vie the several other pending stock dividends we are advised that these should be forthcoming rather quickly after the cash dividend matter is concluded. Mr. Garr Winters* the company Secretary is also using the opportunity to revisit some of the outstanding payments due to MONA. As many of these issuers stock price has seen an erosion in values over the past few months we are exploring different options available to us to preserve the equity or values due to us and our shareholders.
Regarding our targeted merger candidate I.T.I. Bio-Tech http://www.itilaval.com/home.php this company is situated in Montreal, Canada. The Company specializes in Odor Neutralizing agents and a revolutionary Gel based product that effectively kills airborne viruses, mold and mildew. I.T.I. has been in operation for over 9 years and has annual sales of $350,000 - $500,000.
We see this as a great opportunity to give MONA some much needed lift in our share price. MONA intends to complete this transaction on all cash basis by settling the secured bank creditor with cash. As so far as the payment for I.T.I. Bio-Tech assets is concerned we are pleased to report that Mr. Garr Winters has successfully negotiated this asset acquisition without any dilution, by having the having the Andrea SA Peru mining principals surrender their position in exchange for future options."
Mr. Alex Diaz, President of Andrea SA Peru Mining, said, "We have a common goal to see MONA succeed. We intend to be here for a long time and to see all of MONA's divisions prosper and succeed. As a company we see and acknowledge that we are all in this together and we intend to do whatever it takes to get MONA going in the right direction."
The complete filings of I.T.I. Bio-Tech can be found by visiting Pink Sheets.Com including its real estate lease agreement for the company's physical plant of production and sales.
The company will provide further details as they become available on this pending merger and the dividend payments.
* Mr. Winters is a semi retired executive who sits on many small and mid cap company's board of directors, and or as a Corporate Secretary acting in a capacity of an advisor.Mr. Winters receives compensation of $1.00 per year plus stock for services rendered. Mr. Winters is a philanthropist. He has never sold any stock in the companies he acts as a Secretary or an advisor and instead donates 100% these stock proceeds to charity.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain 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.
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