Annual report pursuant to section 13 and 15(d)

INVESTMENT IN TRUST ACCOUNT

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INVESTMENT IN TRUST ACCOUNT
12 Months Ended
Dec. 31, 2011
INVESTMENT IN TRUST ACCOUNT

NOTE 2 – INVESTMENT IN TRUST ACCOUNT

 

Since the closing of the Offering, the gross proceeds has been held in a trust account ("Trust Account"). The Trust Account may be invested in U.S. "government securities," defined as any Treasury Bill or equivalent securities issued by the United States government having a maturity of one hundred and eighty (180) days or less or money market funds meeting the conditions specified in Rule 2a-7 under the Investment Company Act of 1940, until the earlier of (i) the consummation of its initial business transaction or (ii) the distribution of the Trust Account as described below.

 

Investment securities in the Company’s Trust Account at December 31, 2011 consist of cash held in a demand deposit account which is stated at cost. There are no holding gains or losses and to date there has been no interest accrued or paid on the cash. On March 20, 2012, the funds in the Trust Account were transferred to an investment bank and invested in an Institutional Money Market Account that meets the conditions specified in Rule 2a-7 under the Investment Company Act of 1940 with an investment bank.