MonoBank PLC announces planned acquisition

London, United Kingdom - (For immediate release) - October 22nd, 2007 6:00 PM BST

MonoBank PLC, a company specializing in offering prepaid debit solutions to the credit challenged consumer market, is pleased to announce we have signed a definitive Letter of Intent (LOI) to acquire Detect ID Theft Inc.  Detect ID Theft Inc. is a US Company incorporated in Delaware which specializes in the prevention of identity theft using a patent pending technology that searches thousands of public and private electronic databases and proactively detects identity theft.  Identity theft is the fastest growing crime in America; 9.9 million victims were reported last year, according to a Federal Trade Commission survey. On average it costs $5,000 and 200 hours to attempt to repair an identity theft incident. More serious identity theft can mean years of ruined credit, enormous losses of property, and even a person’s arrest for crimes committed by a thief in your name. 

MonoBank PLC exhaustively researched the identity theft detection market and identified Detect ID Theft Inc. as a potential leader in the industry with compelling competitive advantages and distinct technological advantages with Detect ID Theft’s proactive prevention approach. The acquisition will provide immediate revenue potential for Monobank PLC, strengthen and broaden the company’s product offering and inevitably increase shareholder value.  The synergies of the organizations should ensure a successful merger and complements the MonoBank PLC growth through acquisition business strategy.

About MonoBank PLC
MonoBank PLC, a company incorporated in London, England was founded with the vision of providing products and services to credit challenged prospects. The company’s mission is to provide a variety of products and services to the credit challenged and to continue to develop new first-to-market prepaid and debit card programs, building on consumer acceptance and brand recognition while ensuring customer satisfaction.

We know that each customer has specific needs. At MonoBank PLC, we strive to meet those specific needs with quality service and individual attention. We pride ourselves in giving customers the solutions they are looking for.

Disclaimer & Safe Harbor Statement:
This release includes forward looking statements, which are based on certain assumptions and reflects management's current expectations. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations.  The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. "Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995.

For further information please contact:
MonoBank PLC.
Investor Relations Department
+ 44 (0) 20 7043 3710

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