Exhibit 99.2
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Press Release                                          Source: Monaco Group Inc.
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Monaco Group Inc. Amends Terms of Sweet Valley Acquisition
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Toronto, Ontario -- June 21, 2004 -Monaco Group Inc. ("Monaco Group" or the
"Company") announced that today it executed an amendment to the asset purchase
agreement (the "Amended Agreement") among itself, MG Holdings Inc., a
wholly-owned subsidiary of Monaco Group ("MG"), and Sweet Valley Foods Inc.,
based in Mississauga, Ontario, Canada ("SVFI"). Under the terms of this Amended
Agreement:

     o    MG will purchase SVFI's sugar packaging and wholesale business and
          related assets (the "Assets") from SVFI;
     o    In exchange for Assets, SVFI will receive cash for the inventory
          related to the Business (estimated at $250,000 Canadian Dollars),
          $80,000 cash (Canadian Dollars), and 750,000 exchangeable shares of MG
          Holdings Inc. ("Exchangeable Stock");
     o    MG will assume certain liabilities of SVFI; including the lease
          agreement for SVFI's Mississauga-based warehouse and an equipment
          loan; and
     o    SVFI will change its name to "SVF Inc."

The transaction is expected to close on or about June 27, 2004. As a condition
to closing, MG will be required to amend its articles of incorporation, subject
to the approval of the Company and the board of directors of MG, in order to
authorize shares of exchangeable stock along with certain designations,
preferences and relative, participating, optional and other rights, and the
qualifications, limitations and restrictions, of the exchangeable stock.

The proposed designations, preferences and relative, participating, optional and
other rights, and the qualifications, limitations and restrictions, of the
Exchangeable Stock are as follows: Each share of Exchangeable Stock shall be
convertible into two shares of Monaco Group's common stock, at the option of the
holder, upon providing 15 days written notice to the Company. The Exchangeable
Stock is also redeemable, at the option of MG Holdings Inc., at $1.25 per share
(US Dollars), upon providing 30 days written notice to the holders.

Upon the closing of the Purchase Agreement, Leo Couprie will be appointed to the
board of directors of Monaco Group and Tyrone Ganpaul will be appointed Vice
President of Monaco Group.

Leo Couprie is currently on the board of directors of SVFI. Mr. Couprie is also
the Chairman of Couprie, Fenton Inc., a company he co-founded in 1986. For 1994
to 1996, Mr. Couprie was the President of C&F Meat Brokers and from 1974 to
1984, a trader for Canada Packers Limited, International Division. Mr. Couprie
also serves on the board of directors of Mortgage Central and Voyager Group Inc.
Since 2001, he has served as the Chair of Seneca College's International
Business Advisory Board.

Tyrone Ganpaul is currently the president and a director of SVFI. Mr. Ganpaul
has a wide ranging experience in financial management, marketing, control, and
development for a number of business environments especially food, consumer
products and resource products. From 2001 to 1994, he was a business development
consultant for various companies, including Goudas Food Products Company
Limited. From 1987 to 1994, Mr. Ganpaul was Vice President Finance for Export
Packers Company Limited. Mr. Ganpaul has a degree in Economics and Business
Administration from the University of Guyana and a RIA diploma from the Society
of Management Accountants (formerly the Society of Registered Industrial
Accountants).

"With their years of experience in the food industry, we are confident that both
Mr. Couprie and Mr. Ganpaul will make significant contributions to the growth of
Monaco Group and its subsidiaries," stated Peter Nelipa, President of Monaco
Group Inc. "On behalf of the board of directors, I would like to welcome them
both."











"The sugar business of Sweet Valley has taken significant steps over the recent
past that successfully expanded its market share in Canada," stated Mr. Ganpaul.
"I am looking forward to this growth expanding further with this business
becoming at part of Monaco Group."

About Monaco Group Inc.
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Monaco Group is a reporting issuer with the SEC. The Company's wholly-owned
subsidiaries are Monaco (Canada) Inc. and MG Holdings Inc.

FORWARD LOOKING STATEMENTS
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Statements used in this press release that relate to future plans, events,
financial results, prospects or performance are forward-looking statements as
defined under the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those anticipated as a result of certain
risks and uncertainties, including but not limited to the ability of Monaco
Group to close and integrate announced transactions and other risks and
uncertainties detailed from time to time in Monaco Group's periodic reports on
Forms 10-KSB, 10-QSB, 8-K and other filings filed with the Securities and
Exchange Commission. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. Monaco Group
undertakes no obligation to update or revise any forward-looking statements to
reflect new information, changed circumstances or unanticipated events.