Mon Arc Corporation (MONA) Identifies Buyer For Its China Oil Recycling Assets (LDSR)
BEIJING, China, Sept. 30 /PRNewswire-FirstCall/ -
http://www.monacorporation.com (Pink Sheets: MONA - News) is pleased to announce the identity and the purchaser of its holdings in Hubai Chuguan Industries Inc. The buyer Landstar Inc (LDSR) and Hubai Chuguan Industries Inc (Hubai)
湖北楚冠实业股份有限公司 Hubai, (through its parent company Yellow Sea Management Inc) is in the process of merging with a USA based Pink Sheet company Landstar Inc (LDSR).
MONA management expects this transaction to close late October or early November 2008. MONA CEO Mr. Yong said 'Our advisors, who have acted for both sides in this transaction, will be arriving here in China from America in mid October to assist us in closing this transaction. There are a number of other transactions that they are working on 2 others that involve us. MONA intends to pay its shareholders on record a majority of the proceeds it receives from Hubai and Land Star in a form of a onetime dividend. This will be the 2nd of 5 to 6 cash and stock dividends MONA intends to pay to their shareholders on or before December 31 2008'.
