Whiskey made by JMCP - James Monroe Capital

Iowa, Feb 08, 2008 (M2 PRESSWIRE via COMTEX News Network) --

James Monroe Capital Corporation (Pink Sheets: JMCP), a holding company, wishes to update shareholders of its various business activities.

The company is actively doing distillation research and development, particularly of whisky, and is in talks with marketing companies in the US and Scotland regarding various whisky-related projects. No deals have been solidified, and any detailed announcement would be premature.

James Monroe Capital recently sold a subsidiary, and has separated itself completely from the oil, gas, and mining related industries. The stock obtained in connection with this sale will most likely be sold or passed along to JMCP shareholders as a stock dividend.

The company still owns rental properties in Iowa, which are now performing poorly due to market changes, and slated to be liquidated for the amount that they are mortgaged. Taylor Moffitt, the personal guarantor for all of the properties, has been paying for them out of his own pocket, and has personally assumed payments on a $100,000 line of credit related to those properties in addition to the underlying mortgages. Anyone interested in assuming the mortgages should contact knudsen@dtsnet.net.

The company wishes to disclose that it is in talks with a resort regarding a potential takeover, and the implementation of its research and development in the area of timeshare development, however nothing has been put in writing as of yet, and it is premature to make optimistic announcements.

The company is under new management and is seeking to bring in new leadership to follow its business model and company principles.

The company has compiled complete bank records and is preparing for a full PCAOB audit. No audit has been ordered at this time, and the audit is intended to be done just prior to the closing of a merger, should a merger take place.

The company had a restricted stock certificate of GRCO stock which it wished to liquidate to bring in cash to pay off a line of credit and use to take care of general expenses. GRCO bought back the certificate in trade for its old office building, which was immediately sold at 60 day pricing through a realtor. GRCO cancelled the certificate it bought back, which will be of benefit to all JMCP shareholders who received the GRCO dividend.