BEIJING, Oct. 6 /PRNewswire-FirstCall/ -- MonArc Corporation, http://www.monacorporation.com/, (MONA.PK) is pleased to announce that it has negotiated to receive $1.5 million in stock from Landstar Inc. upon the closing of the sale of MonArc's holdings in Hubei Chuguan Industry Co. Ltd. to Landstar.
As previously announced, Yellowsea Management, Inc, a special purpose company incorporated in Belize will acquire a 100% interest Hubei Chuguan. Yellowsea will then be acquired by Landstar, Inc (LDSR). The Belize special purpose company and these simultaneous transactions are needed in order to comply with Chinese security laws. MonArc has a 10% carried interest in this deal, and will receive stock valued at $1.5 million from Landstar as part of the acquisition process.
MONA CEO Yong Chen advised; "We think this is an excellent transaction for our shareholders. This receivable stems back from several years ago from the previous management and their dealings. We have therefore negotiated a carried interest in the deal of 10%, and will realize our compensation in stock of Landstar upon closing of the final acquisition of Hubei Chuguan by Landstar. Needless to say, this is a significant gain over our hard costs related to this deal.
This will be 1 of the 5 cash and stock dividends MONA will issue to its shareholders by Dec 31 2008."
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet filings (http://www.pinksheets.com/), and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation describing the risks of investing in penny stocks.
Safe Harbour 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.
CONTACT:
CONTACT:
