Company description

Sat, 07 Feb 2009 05:00:00 GMT

We were a blank check company organized under the laws of Delaware, incorporated on July 13, 2005, in order to serve as a vehicle for the acquisition of an operating business through a merger, capital stock exchange, asset acquisition or other similar business combination. We intended to focus our efforts on identifying within the information technology, information technology enabled service and information technology enabled products (IT/ITES/ITEP) industries, a prospective target business (or businesses), including those in the knowledge process outsourcing, or KPO, and business process outsourcing, or BPO, sectors operating in India.

SPAC Activity

Sat, 07 Feb 2009 05:00:00 GMT

On March 1, 2008, the board of directors changed the direction of the Company and the Company entered into a Share Subscription Agreement with Citius Power Limited, a limited liability company incorporated under the laws of the Republic of Mauritius and all of the existing shareholders of Citius Mauritius.

Citius Mauritius through its 99.99% subsidiary, Citius Power Limited will acquire, own and operate already installed or build to own wind energy assets in India. The Subscription Agreement and the Shareholder Agreement expired on May 15, 2008.

On March 26, 2008, the Company’s Board of Directors voted to liquidate the trust for the benefit of stockholders excluding management. The Company’s officers notified American Stock Transfer & Trust Company, the trustee to liquidate the trust assets. The liquidation date was set for April 20, 2008, and funds were remitted to the stockholders by the trustee on April 21, 2008. The actual per-share redemption price was equal to the amount in the trust account (exclusive of the proceeds of the private placement) net of taxes, divided by the number of shares sold in our public offering. After taking into account any interest earned on the trust account, the per-share redemption price was approximately $8.03.

On April 8, 2008, the Company held its special shareholders meeting. A majority of the stockholders of the Company approved the proposed amendment of the Certificate of Incorporation. As a result, the Company does not have to be liquidated and will continue its efforts to close the announced transaction with the Target by raising new capital through a private placement or pursue other transactions.

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Company description

SPAC Activity