MonArc Corporation News
MonArc Corporation (MONA.PK) Closes Merger with Canden Financial Group
MonArc will issue a total of 2.5 million shares of restricted stock under Rule 144 in relation to the merger. Total common shares of MonArc issued and outstanding following the merger is will be 16.5 million shares. The Company is also exploring the feasibility of acquiring Syscon Products Ltd. and Horescon
MonArc CEO, Steen Elgaard, advised: "We are very excited to have completed the process of taking Canden public as an operating subsidiary of MonArc Corp. We have been in discussions with Garr Winters (outgoing CEO) and I am pleased to announce that one of the first decisions we have made is to reduce the amount of authorized stock to 650 million or less, from the current 950 million. Corporately we are also exploring the possibility of a forward stock split of MONA in the 2-1 or 3-1 range."
In other company news, MonArc is pleased to announce that it has successfully closed the sale of it's assets (excluding IFGX and CanDen divisions) to TLGP. We are working with our transfer agent to complete the process of the previously announced reverse split of MonArc shares and the special stock dividend of 1 share of TLGP for every share of MonArc (post reverse) to our shareholders.
The Ex Date for the special stock dividend is
The Date of Payment has not yet been set, as the Transfer Agent has a fair bit of work to do regarding the new share certificates under the Company's new name and ticker symbol as well as executing both the reverse split and the special dividend of TLGP shares.
Elgaard added: "We have exciting plans in the works, and MonArc will be issuing additional press releases as they come to fruition."
About MonArc Corporation
Founded in 2007, MonArc Corporation is fast becoming one of the hospitality-industry's leading providers of asset based systems and financing corporations in
It also has a mergers and acquisitions division (IFGX) that has 2 shell companies available for purchase by companies seeking to go public in the U.S.
Safe Harbor 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 Harbor' provisions of the
SOURCE MonArc Corporation
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