Geneva Acquisition Corp. Announces Termination of the Deal to Acquire Global High-Tech
2009年2月5日 - 10:25PM
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Geneva Acquisition Corp. (NYSE Alternext US: GAC; GAC-WT; GAC-U)
(�Geneva�) a publicly traded special purpose acquisition company
today announced that despite the best efforts of a joint team from
GAC and Global High-Tech Industries Limited (GHIL), the target
Indian integrated steel producer, they are terminating the efforts
to seek shareholder approval for the merger agreement both
companies entered into on November 28, 2008. Geneva is also
announcing that its Special Shareholder Meeting scheduled for
February 11, 2009, is now cancelled and that the liquidation
process will begin immediately (instead of waiting for the
termination date of February 12, 2009).
James McGrath, Geneva�s President, commented, �We are
disappointed that the current market conditions overshadowed a
company with a promising future and with an exceptional management
team such that we could not attract the necessary support from
investors to execute GHIL�s growth plan and merge with GAC. We
would like to thank GHIL�s management led by Mr. Prakash Rajgarhia,
a successful entrepreneur, and a builder with a long-term vision,
for all their great efforts and dedication that they have shown
during the last few months. With that said, we are acting in the
best interest of Geneva�s public shareholders in taking the steps
needed for termination of the efforts.�
About Geneva Acquisition Corporation
Geneva Acquisition Corporation is a blank check company whose
objective was to effect a merger, capital stock exchange, asset
acquisition or other similar business combination with an operating
business. On November 28, 2008, Geneva announced that it has
entered into a definitive agreement to acquire privately held GHIL,
an Indian integrated steel producer. As of the date of this
release, Geneva is no longer pursuing a business combination and is
initiating its liquidation process.
This press release contains statements which constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those projected in the forward-looking statements. Geneva and GHIL
undertake no obligation to publicly update any forward-looking
statements for any reason, even if new information becomes
available or other events occur in the future.
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Geneva Acquisition Corp. (AMEX:GAC.U)
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