JMON James Monroe Capital Corporation (CE)

James Monroe Capital Corporation, a Delaware corporation (OTC: JMON), has announced that it has formally rescinded both the acquisition of Microline Veneer and Forest Products Corp., a British Columbia corporation – announced in August of 2010 – as well as the acquisition of SHN Holdings Inc., a British Columbia corporation, which was announced in September of 2010, due to British Columbia corporate disclosure rules which Management of JMON felt could not be met in a cost-effective manner.

Pursuant to BC Instrument 51-509 (a British Columbia securities rule), all corporations worldwide, which have a class of securities quoted on the OTC Markets, must become a British Columbia reporting company, and thereby subject to the reporting requirements of British Columbian securities laws and rules, if “on or after September 15, 2008, its business has been directed or administered in or from British Columbia.”

Although JMON is a Delaware corporation headquartered in California with exclusively American operations, the British Columbia Securities Commission (BCSC) – following the public announcements of first the Microline, and then the SHN, acquisitions – issued a Cease Trade Order for JMON on November 24, 2010, stating that in the opinion of the BCSC staff, JMON was captured by BC Instrument 51-509, and as such was required to file reports with the BCSC, including audited financial statements denominated in Canadian dollars, for the entire publicly-traded corporation, and not just the British Columbian subsidiaries.

Management of JMON felt that it would be counter-productive and cost-prohibitive to file reports for its entire domestic and foreign operations denominated in Canadian dollars pursuant to the regulations of the Canadian province of British Columbia, and therefore opted to rescind both acquisitions.

Both acquisitions have been rescinded, rather than “unwound”, as neither acquisition was fully consummated before the rescission. The share exchange transaction contemplated by each respective acquisition – wherein the would-be subsidiary’s shareholders would relinquish all of their shares to JMON in exchange for shares of JMON securities – never took place.

Management of JMON continues to look for suitable business ventures with businesses outside the province of British Columbia, in order to expand its own operations and offer value to its shareholders.

About James Monroe Capital Corporation

James Monroe Capital Corporation is a development-stage conglomerate emphasizing investment in patentable concepts and/or business plans in the raw materials and large-scale art installation industries, creating vertical integration synergies as well as profiting off of the patentable concepts.

For more information, please contact Robert Bryan, President of JMON. www.jamesmonroecapitalcorp.com

James Monroe Capital (CE) (USOTC:JMON)
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James Monroe Capital (CE) (USOTC:JMON)
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