Columbus Acquisition Corp. Announces Cancellation of Its Special Meeting of Stockholders and Termination of Integrated Drilling Equipment Company Acquisition Agreement.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Columbus Acquisition Corp. ("Columbus") (NYSE NYSE See: New York Stock Exchange Amex: BUS, BUS-U, BUS-WT) announced today that it has cancelled the special meeting of its stockholders to vote on the proposed amendments to Columbus's certificate of incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. to extend the date by which Columbus must complete a business combination before it is required to liquidate (the "Extension Amendment"), which had been scheduled for 12:00 p.m., Eastern time, on Friday, May 15, 2009. Based on the proxies received from its stockholders, Columbus has determined that the Extension Amendment will not receive the votes required for approval. Columbus is required by its certificate of incorporation to liquidate if it is unable to consummate a business combination by May 18, 2009. Because Columbus will not be able to consummate its previously announced merger with Integrated Drilling Equipment Company ("IDE") by May 18, 2009, Columbus and IDE have agreed to terminate their previously announced merger agreement. Columbus will begin the process of liquidating and dissolving itself in accordance with its certificate of incorporation and applicable Delaware law. Columbus cannot make any assurance as to when such liquidation will be completed. Forward Looking Statements This press release includes forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Columbus's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. About Columbus Acquisition Corp. Columbus Acquisition Corp. is a blank check Blank check A check that is duly signed, but the amount of the check is left blank to be supplied by the drawee. company organized under the laws of the State of Delaware on August 1, 2006. Columbus was formed to acquire, through a merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction or other similar business combination, one or more operating businesses that it believes has significant growth potential. Columbus' IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. was declared effective May 18, 2007 and was consummated on May 21, 2007, resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $109.8 million through the sale of 14.375 million units at $8.00 per unit. Each unit was comprised of one share of Columbus common stock and one warrant with an exercise price of $6.00. As of March 31, 2009, Columbus held $114.7 million in a trust account maintained by an independent trustee. Additional information is available at www.columbusacquisition.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion