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<SEC-DOCUMENT>0000950137-05-008848.txt : 20050719
<SEC-HEADER>0000950137-05-008848.hdr.sgml : 20050719
<ACCEPTANCE-DATETIME>20050719173025
ACCESSION NUMBER:		0000950137-05-008848
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20050719
DATE AS OF CHANGE:		20050719

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			India Globalization Capital, Inc.
		CENTRAL INDEX KEY:			0001326205
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				202760393
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-124942
		FILM NUMBER:		05962331

	BUSINESS ADDRESS:	
		STREET 1:		4336 MONTGOMERY AVENUE
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		301-983-0998

	MAIL ADDRESS:	
		STREET 1:		4336 MONTGOMERY AVENUE
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>c95282a2sv1za.htm
<DESCRIPTION>AMENDMENT TO REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>sv1za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10pt;">
<B>As filed with the Securities and Exchange Commission on
July&nbsp;19, 2005</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="font-size: 10pt;">
<B>Securities Act File No.&nbsp;333-124942</B>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Amendment No.&nbsp;2</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 12pt;">
<B>to</B>
</DIV>

<DIV align="center" style="font-size: 17pt;">
<B>Form S-1</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>UNDER</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 22pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Exact name of Registrant as specified in charter)</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Maryland</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>6770</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>20-2760393</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I>(State or other jurisdiction of<BR>
    incorporation or organization)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(Primary Standard Industrial<BR>
    Classification Code Number)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(I.R.S. Employer<BR>
    Identification Number)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4336 Montgomery Ave.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Bethesda, Maryland 20814</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(301)&nbsp;983-0998</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Address, including zip code, and telephone number, including
area code, of registrant&#146;s principal executive offices)</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Ram Mukunda</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Chairman, Chief Executive Officer and President</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>4336 Montgomery Ave.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Bethesda, Maryland, 20814</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(301)&nbsp;983-0998</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Name, address, including zip code, and telephone number,
including area code, of agent for service)</I>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Copies to:</I></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="61%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B>Michael E. Blount, Esq.<BR>
    Stanley S. Jutkowitz, Esq.<BR>
    Seyfarth Shaw LLP<BR>
    55 East Monroe Street, Suite&nbsp;4200<BR>
    Chicago, Illinois 60603-5803<BR>
    Telephone: (312)&nbsp;346-8000<BR>
    Facsimile: (312)&nbsp;269-8869</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>Jay M. Kaplowitz, Esq.<BR>
    Peter J. Bilfield, Esq.<BR>
    Peter J. Gennuso, Esq.<BR>
    Gersten Savage LLP<BR>
    600 Lexington Avenue<BR>
    New York, New York 10022<BR>
    Telephone: (212)&nbsp;752-9700<BR>
    Facsimile: (212)&nbsp;980-5192</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate
date of commencement of proposed sale to the public:</B> As soon
as practicable after the effective date of this registration
statement.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date
until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act of 1933 or until the Registration
Statement shall become effective on such date as the Commission,
acting pursuant to said Section&nbsp;8(a), may determine.</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 9pt;">
<B>Amending the Prospectus, Part&nbsp;II and filing certain
exhibits</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" cellpadding="5" style="border: 3pt double #000000; margin-bottom: 6pt; font-size: 10pt"><TR><TD>
<FONT style="font-size: 9pt" color="#E8112D">The information in
this prospectus is not complete and may be changed. We may not
sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and it is
not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted.

</FONT>
</TD></TR></TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT color="#E8112D">SUBJECT TO COMPLETION, DATED
July&nbsp;19, 2005</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PRELIMINARY PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 13pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>$120,000,000</B>
</DIV>

<DIV align="center" style="font-size: 23pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 13pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>20,000,000 Units</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
India Globalization Capital, Inc. is a blank check company
recently formed for the purpose of acquiring, through a merger,
capital stock exchange, asset acquisition or other similar
business combination, one or more operating businesses with
primary operations in India.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
This is an initial public offering of our securities. Each unit
that we are offering consists of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    one share of our common stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    two warrants.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
The units are being offered at a price of $6.00 per unit.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Each warrant entitles the holder to purchase one share of our
common stock at a price of $5.00. Each warrant will become
exercisable on the later of our completion of a business
combination
or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006 <B>[one year from the date of this prospectus]</B>, and
will expire
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2010 <B>[five years from the date of this prospectus]</B>, or
earlier upon redemption.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
We have granted the underwriters a 45-day option to purchase up
to 3,000,000 additional units solely to cover over-allotments,
if any (over and above the 20,000,000 units referred to above).
The over-allotment will be used only to cover the net syndicate
short position resulting from the initial distribution. We have
also agreed to sell to Ferris, Baker Watts, Inc., the
representative of the underwriters, for $100, an option to
purchase up to a total of 1,000,000 units at $7.50 per unit
(125% of the price of the units sold in the offering). The units
issuable upon exercise of this option are identical to those
offered by this prospectus, except that each of the warrants
underlying such units entitles the holder to purchase one share
of our common stock at a price of $6.25 (125% of the exercise
price of the warrants included in the units sold in the
offering). The purchase option and its underlying securities
have been registered under the registration statement of which
this prospectus forms a part.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
There is presently no public market for our units, common stock
or warrants. We have applied to have our units listed on the
American Stock Exchange under the symbol IGCU, subject to
official notice of listing. Once the securities comprising the
units begin separate trading, the common stock and warrants will
also be listed on the American Stock Exchange under the symbols
IGC and IGCW, respectively. We cannot assure you, however, that
any of such securities will be or continue to be listed on the
American Stock Exchange. In the event that the securities are
not listed on the American Stock Exchange, we anticipate that
the units will be quoted on the OTC Bulletin Board but we cannot
assure you that our securities will be so quoted or, if quoted,
will continue to be quoted.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
<B>Investing in our securities involves a high degree of risk.
See &#147;Risk Factors&#148; beginning on page 10 of this
prospectus for a discussion of information that should be
considered in connection with an investment in our
securities</B>.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
<B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="53%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underwriting</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Public Offering</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Discount and</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Proceeds, Before</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Price</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Commission(1)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expenses, to Us</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Per unit</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5.52</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>110,400,000</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Includes a non-accountable expense allowance in the amount of
    2.5% of the gross proceeds, or $.12 per unit ($3,000,000 in
    total), payable to Ferris, Baker Watts, Inc., the representative
    of the underwriters.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Of the net proceeds we receive from this offering, $107,998,000
(approximately $5.40 per unit) will be deposited into a trust
account at United Bank Inc. maintained by Continental Stock
Transfer &#38; Trust Company acting as trustee.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
We are offering the units for sale on a firm-commitment basis.
Ferris, Baker Watts, Inc., acting as representative of the
underwriters, expects to deliver our securities to investors in
the offering on or
about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005.
</DIV>

<DIV align="center" style="font-size: 17pt; margin-top: 5pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Ferris, Baker Watts</B>
</DIV>

<DIV align="center" style="font-size: 16pt;">
Incorporated
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 5pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The date of this Prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left" style="font-size: 10pt;">

</DIV>

<DIV align="left" style="font-size: 10pt;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TABLE OF CONTENTS</B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>Prospectus Summary</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>The Offering</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>Summary Financial Data</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>Risk Factors</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>Forward-Looking Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>Use Of Proceeds</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>Capitalization</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>Dilution</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>Management&#146;s Discussion And Analysis
    Of Financial Condition And Results Of Operations</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>Proposed Business</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>Management</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>Certain Relationships And Related
    Transactions</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>Principal Stockholders</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>Description Of Securities</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>Underwriting</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#116'>Legal Matters</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#117'>Experts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#118'>Where You Can Find Additional
    Information</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#119'>Index to Financial Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c95282a2exv23w1.htm">Consent of Goldstein Golub Kessler LLP</A></FONT></TD></TR>
</TABLE>
</CENTER>


<DIV align="left" style="font-size: 10pt;">
<!-- /TOC -->
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should rely only on the information contained or
incorporated by reference in this prospectus. We have not and
the underwriters have not authorized anyone to provide you with
different information. We are not making an offer of these
securities in any jurisdiction where the offer is not
permitted.</B>
</DIV>


<DIV align="center" style="font-size: 3pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='101'></A>
</DIV>

<!-- link1 "PROSPECTUS SUMMARY" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS SUMMARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>This summary highlights certain information appearing
elsewhere in this prospectus. For a more complete understanding
of this offering, you should read the entire prospectus
carefully, including the risk factors and the financial
statements, and the related <BR>
 notes and schedules thereto. Unless otherwise stated in this
prospectus, references to &#147;we,&#148; &#147;us&#148; or
&#147;our&#148; refer to India Globalization <BR>
 Capital, Inc. sometimes referred to herein as IGC, Inc. You
should rely only on the information contained or incorporated by
reference in this prospectus. We have not authorized anyone to
provide you with different information. We are not making an
offer of these securities in any jurisdiction where that offer
is not permitted. Unless we tell you otherwise, the information
in this prospectus assumes that the underwriters have not
exercised their over-allotment option.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Unless we tell you otherwise, the term &#147;business
combination&#148; as used in this prospectus means an
acquisition of, through a merger, capital stock exchange, asset
acquisition or other business acquisition, one or more operating
businesses. In addition, unless we tell you otherwise, the term
&#147;public stockholder&#148; as used in this prospectus refers
to those persons that purchase the securities offered by this
prospectus including any of our existing stockholders that
purchase these securities; provided that our existing
stockholders&#146; status as &#147;public stockholders&#148;
shall exist only with respect to those securities so purchased
in the open market. Certain numbers in this <BR>
 prospectus have been rounded.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IGC, Inc. is a recently organized Maryland blank check company
formed on April&nbsp;29, 2005, for the purpose of acquiring,
through a merger, capital stock exchange, asset acquisition or
other similar business combination or acquisition, one or more
businesses with operations primarily in India. To date, our
efforts have been limited to organizational activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that the future potential of the Indian economy and
current market conditions present favorable opportunities for
acquisitions of Indian companies. The Indian economy has posted
a growth rate of approximately 6.8% since 1994, and according to
the World Factbook published by the U.S. Central Intelligence
Agency, it has become the fourth largest economy in the world.
According to the World Factbook the Indian economy had a Gross
Domestic Product in 2004 of approximately $3.319 trillion and
its growth rate in 2004 was approximately 6.2%.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, according to Mega Ace Consultancy, an India-based
think tank studying the Indian economy, since mid-1991, the
Indian government has committed itself to implementing an
economic structural reform program with the objective of
liberalizing India&#146;s exchange and trade policies, reducing
the fiscal deficit, controlling inflation, promoting a sound
monetary policy, reforming the financial sector, and placing
greater reliance on market mechanisms to direct economic
activity. According to Mega Ace, a significant component of the
program is the promotion of foreign investment in key areas of
the economy and the further development of, and the relaxation
of restrictions in, the private sector. As a result, we believe
the regulatory environment for foreign investment has become
more favorable. There are already a number of industry sectors,
including, but not limited to, telecommunications, drug and
pharmaceuticals, banking and insurance, airports and airlines
and mining and petroleum that have been deregulated <BR>
 whereby foreign investors can own and control Indian companies
and where profits can be reinvested in India or repatriated to
the U.S.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we are not limiting our acquisition of target businesses
in India to any particular sector, we believe that the following
two sectors are illustrative of the opportunities that we may
consider for prospective target businesses: (1)&nbsp;business
process outsourcing and information technology and (2)
infrastructure. Our strategy in any sector will be to identify
potential &#147;market sector leaders&#148; which we think will
grow at a substantially faster rate than the overall economy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our management team is experienced in starting, financing,
growing, operating, sourcing, structuring and consummating
business combinations in India as well as in North America,
Europe and Asia. Through our management team, directors and our
advisors, we believe that we have extensive contacts and
sources, including private equity and venture capital funds,
public and private companies, investment bankers, attorneys and
accountants, from which to generate acquisition opportunities.
Our management team intends to
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">1

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
use its operating and transaction experience to find and
evaluate potential target companies and to maintain and build on
the relationships that they have developed through their years
of experience in the U.S. and Indian business arenas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we may seek to effect business combinations with more than
one target business, our initial business acquisition must be
with one or more operating businesses whose fair market value,
collectively, is at least equal to 80% of our net assets at the
time of such acquisition. Consequently, if we cannot identify
and acquire multiple operating businesses contemporaneously, we
will need to identify and acquire a larger single operating
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IGC, Inc is a Maryland corporation formed on April&nbsp;29,
2005. Our offices are located at 4336&nbsp;Montgomery Avenue,
Bethesda, Maryland 20814. Our telephone number is
(301)&nbsp;983-0998.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">2

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='102'></A>
</DIV>

<!-- link1 "THE OFFERING" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>THE OFFERING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>In making your decision on whether to invest in our
securities, you should take into account not only the
backgrounds of the members of our management team, but also the
special risks we face as a blank check company, as well as the
fact that this offering is not being conducted in compliance
with Rule&nbsp;419 promulgated under the Securities Act of 1933,
as amended, and, therefore, you will not be entitled to
protections normally afforded to investors in Rule&nbsp;419
blank check offerings. You should carefully consider these and
the other risks set forth in the section below entitled
&#147;Risk Factors&#148; beginning on page 9 of this
prospectus.</I>
</DIV>



<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Securities Offered:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    20,000,000 units, at $6.00 per unit, each unit consisting of:</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;one share of common stock; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;two warrants.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    The units will begin trading on or promptly after the date of
    this prospectus. Each of the common stock and warrants will
    trade separately on the 90th day after the date of this
    prospectus unless Ferris, Baker Watts, Inc. determines that an
    earlier date is acceptable, based upon its assessment of the
    relative strengths of the securities market and small
    capitalization companies in general, and the trading pattern of,
    and demand for, our securities in particular. In no event will
    Ferris, Baker Watts, Inc. allow separate trading of the common
    stock and warrants until we file an audited balance sheet
    reflecting our receipt of the gross proceeds of this offering.
    We will file a Current Report on Form&nbsp;8-K, including an
    audited balance sheet, upon the consummation of this offering,
    which is anticipated to take place three business days from the
    date the units commence trading. The audited balance sheet will
    include proceeds we receive from the exercise of the
    over-allotment option if the over-allotment option is exercised
    prior to the filing of the Current Report on Form&nbsp;8-K. If
    the over-allotment option is exercised after our initial filing
    of a Form&nbsp;8-K, we will file an amendment to the
    Form&nbsp;8-K to provide updated financial information to
    reflect the exercise of the over-allotment option. We will also
    include in this Form&nbsp;8-K, or amendment thereto, or in a
    subsequent Form&nbsp;8-K information indicating if Ferris, Baker
    Watts has allowed separate trading of the common stock and
    warrants prior to the 90th&nbsp;day after the date of this
    prospectus.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Stock:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of shares that will be outstanding before this offering:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    5,000,000 shares</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of shares to be outstanding after this offering:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    25,000,000 shares</TD>
</TR>

</TABLE>
</CENTER>

</DIV>

<P align="center" style="font-size: 10pt;">3

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Warrants:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of warrants outstanding before this offering:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    0 warrants</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of warrants to be outstanding after this offering:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    40,000,000 warrants</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercisability:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Each warrant is exercisable for one share of common stock.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercise price:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $5.00</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercise period:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    The warrants will become exercisable on the later of:</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;the completion of a business combination on terms as
    described in this prospectus; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2006 <B>[one
    year from the date of this prospectus].</B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;The warrants will expire at 5:00 p.m., Washington,
    DC time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2010 <B>[five years from the date of this prospectus]</B>, or
    earlier upon redemption.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    None of the warrants may be exercised until after the
    consummation of a business combination and, thus, after the
    proceeds of the trust account have been disbursed. Upon exercise
    of the warrants and disbursement of the trust, the warrant
    exercise price will be paid directly to us.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Redemption:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    We may redeem the outstanding warrants (including warrants held
    by Ferris, Baker Watts, Inc. as a result of the exercise of the
    purchase option):</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;in whole and not in part;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;at a price of $.01 per warrant at any time after the
    warrants become exercisable;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;upon a minimum of 30&nbsp;days&#146; prior written
    notice of redemption; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;if, and only if, the last sales price of our common
    stock equals or exceeds $8.50 per share for any 20 trading days
    within a 30 trading day period ending three business days before
    we send the notice of redemption.</TD>
</TR>

</TABLE>
</CENTER>

</DIV>

<P align="center" style="font-size: 10pt;">4

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    We have established our redemption criteria to provide warrant
    holders with a premium to the initial warrant exercise price as
    well as a reasonable cushion against a negative market reaction,
    if any, to our redemption call. If the foregoing conditions are
    satisfied, we will call the warrants and each warrant holder
    will be entitled to exercise his or her warrants prior to the
    date scheduled for redemption. There can be no assurance,
    however, that the price of the common stock will exceed $8.50 or
    the warrant exercise price after the redemption call is made.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proposed American Stock Exchange symbols for our&nbsp;securities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Units:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    IGCU</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Stock:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    IGC</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Warrants:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    IGCW</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Offering proceeds to be held in trust:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $107,998,000 of the proceeds of this offering (approximately
    $5.40 per unit) will be placed in a trust account at United Bank
    maintained by Continental Stock Transfer &#38; Trust Company
    acting as trustee, pursuant to an agreement to be signed on the
    date of this prospectus. These proceeds will not be released
    until the earlier of (i)&nbsp;the completion of a business
    combination on the terms as described in this prospectus or
    (ii)&nbsp;our liquidation. Therefore, unless and until a
    business combination is consummated, these proceeds held in the
    trust account will not be available for our use for any expenses
    related to this offering or expenses which we may incur related
    to the investigation and selection of a target business and the
    negotiation of an agreement to effect the business combination.
    These expenses may be paid prior to a business combination only
    from the net proceeds of this offering not held in the trust
    account (initially, approximately $1,900,000 after the payment
    of the expenses relating to this offering).</TD>
</TR>

</TABLE>
</CENTER>

</DIV>

<P align="center" style="font-size: 10pt;">5

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    We may use a portion of the funds not held in the trust account
    to make a deposit or fund a &#147;no-shop, standstill&#148;
    provision with respect to a prospective business combination. In
    the event that we are required to forfeit such funds (whether as
    a result of a breach of the agreement relating to such payment
    or otherwise), we may not have sufficient working capital
    available to pay expenses related to locating a suitable
    business combination without securing additional financing. In
    such event, if we are unable to secure additional financing, we
    may not consummate a business combination in the proscribed time
    period and we will be forced to liquidate and dissolve.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Prior to the consummation of a business combination, there will
    be no fees, reimbursements or cash payments made to our existing
    stockholders and/or officers and directors other than:</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;Repayment of a $100,000 loan with interest at the
    rate of 4% per annum made by our chief executive officer to us
    to cover offering expenses;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;Payment of up to $7,500 per month to affiliates of
    our existing stockholders for office space and administrative
    expenses;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;Reimbursement for any expenses incident to the
    offering and finding a suitable business combination; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;Fees payable to our officers, directors and advisers
    in kind for services to be rendered.</TD>
</TR>

</TABLE>
</CENTER>

</DIV>

<P align="center" style="font-size: 10pt;">6

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    The stockholders must approve business<BR>
    combination:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    We will seek stockholder approval before we effect our initial
    business combination, even if the nature of the acquisition
    would not ordinarily require stockholder approval under
    applicable state law. In connection with the vote required for
    our initial business combination, all of our existing
    stockholders, including all of our officers, directors and
    special advisors, have agreed to vote the shares of common stock
    owned by them (whether purchased prior to, during or after the
    consummation of the offering) in accordance with the majority of
    the shares of common stock voted by the public stockholders. We
    will proceed with a business combination only if: (i)&nbsp;a
    majority of the shares of common stock voted by the public
    stockholders are voted in favor of the business combination and
    (ii)&nbsp;public stockholders owning less than 20% of the shares
    sold in this offering subsequently exercise their conversion
    rights described below.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Conversion rights for stockholders voting to reject a business
    combination:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Public stockholders voting against a business combination will
    be entitled to convert their stock into a pro rata share of the
    trust account, including any interest earned on their portion of
    the trust account, if the business combination is approved and
    consummated.<BR>
    <BR>
    In order to exercise this right, the public stockholders must
    make an affirmative election. Voting against a business
    combination does not automatically trigger the conversion right.
    Public stockholders who convert their shares of stock into their
    share of the trust account will continue to have the right to
    exercise any warrants they may hold.</TD>
</TR>

</TABLE>
</CENTER>

</DIV>

<P align="center" style="font-size: 10pt;">7

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Liquidation if no business combination:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    We will dissolve and promptly distribute only to our public
    stockholders the amount in our trust account plus any remaining
    net assets if we do not effect a business combination within
    18&nbsp;months after consummation of this offering (or within
    24&nbsp;months after the consummation of this offering if a
    letter of intent, agreement in principle or definitive agreement
    has been executed within 18&nbsp;months after consummation of
    this offering and the business combination relating thereto has
    not yet been consummated within such 18-month period). The
    existing stockholders have agreed to waive their respective
    rights to participate in any liquidation distribution occurring
    upon our failure to consummate a business combination, but only
    with respect to those shares of common stock acquired by them
    prior to this offering; they will participate in any liquidation
    distribution with respect to any shares of common stock acquired
    in connection with or following this offering.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Escrow of existing stockholder shares:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    On the date of this prospectus, all of our existing stockholders
    (which includes all of our officers, directors and special
    advisors) will place the shares of common stock they own prior
    to this offering into an escrow account maintained by
    Continental Stock Transfer &#38; Trust Company, acting as escrow
    agent. Subject to certain limited exceptions, such as transfers
    to family members and trusts for estate planning purposes and
    upon death, while in each case remaining in the escrow account,
    these shares will not be released from escrow until six months
    after the consummation of a business combination. The shares
    will only be released prior to that date if we are forced to
    liquidate, in which case the shares would be destroyed, or if we
    were to consummate a transaction after the consummation of a
    business combination which results in all of the stockholders of
    the combined entity having the right to exchange their shares of
    common stock for cash, securities or other property.</TD>
</TR>

</TABLE>
</CENTER>

</DIV>

<P align="center" style="font-size: 10pt;">8

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='103'></A>
</DIV>

<!-- link1 "Summary Financial Data" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Financial Data</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The following table summarizes the relevant financial data
for our business and should be read in conjunction with our
financial statements, and the related notes and schedules
thereto, which are included in this prospectus. To date, our
efforts have been limited to organizational activities so only
balance sheet data is presented.</I>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>June&nbsp;30, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>As Adjusted(1)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Balance Sheet Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Working capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(320,500</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>109,908,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>366,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>109,908,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>356,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Value of common stock that may be converted to cash<BR>
    (approximately $5.40 per share)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,588,800</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>88,319,200</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Excludes the $100 purchase price of the purchase option payable
    by Ferris, Baker Watts, Inc.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The working capital excludes $330,500 of costs related to this
offering which were paid or accrued prior to June&nbsp;30, 2005.
These deferred offering costs have been recorded as a long-term
asset and are reclassified against stockholders&#146; equity in
the &#147;as adjusted&#148; column.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The &#147;as adjusted&#148; information gives effect to the sale
of the units we are offering, including the application of the
estimated gross proceeds and the payment of the estimated
remaining costs from such sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The working capital (as adjusted) and total assets (as adjusted)
amounts include the $107,998,000 being held in the trust
account, which will be available to us only upon the
consummation of a business combination within the time period
described in this prospectus. If a business combination is not
so consummated, we will be dissolved and the proceeds held in
the trust account will be distributed solely to our public
stockholders.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not proceed with a business combination if public
stockholders owning 20% or more of the shares sold in this
offering vote against the business combination and then
subsequently exercise their conversion rights. Accordingly, if
public shareholders owning a majority of the shares sold in this
offering approve a business combination, we may effect that
business combination even if public stockholders owning up to
approximately 19.99% of the shares sold in this offering
exercise their conversion rights. If this occurs, we would be
required to convert to cash up to approximately 19.99% of the
20,000,000 shares of common stock sold in this offering, or
3,998,000 shares of common stock, at an initial per-share
conversion price of approximately $5.40, without taking into
account interest earned on the trust account. The actual
per-share conversion price will be equal to the amount deposited
in the trust account, including all accrued interest, through
the record date for the determination of stockholders entitled
to vote on the proposed business combination, divided by the
number of shares of common stock sold in the offering.
</DIV>

</DIV>

<P align="center" style="font-size: 10pt;">9
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='104'></A>
</DIV>

<!-- link1 "RISK FACTORS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>An investment in our securities involves a high degree of
risk. You should consider carefully all of the material risks
described below, together with the other information contained
in this prospectus, before making a decision to invest in our
securities. If any of the following risks occur, our business
and financial conditions may be materially adversely affected.
In that event, the trading price of our securities could
decline, and you could lose all or part of your investment.
Additional risks not currently known to us, or that we deem
immaterial, may also harm us or affect your investment.</I>
<I>We make various statements in this section which constitute
&#147;forward-looking statements&#148;. See
&#147;Forward-Looking Statements.&#148;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks associated with our business</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We are a development stage company with no operating
    history and, accordingly, you will have no basis upon which to
    evaluate our ability to achieve our business objective.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a recently incorporated development stage company with no
operating results to date. Therefore, our ability to begin
operations is dependent upon obtaining financing through the
public offering of our securities. Because we do not have an
operating history, you will have no basis upon which to evaluate
our ability to achieve our business objective, which is to
acquire one or more operating businesses with primary operations
in India. We have not conducted any discussions and we have no
plans, arrangements or understandings with any prospective
acquisition candidates. We will not generate any revenues (other
than interest income on the proceeds of this offering) until, at
the earliest, after the consummation of a business combination.
We cannot assure you as to when or if a business combination
will occur.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD></TD>
    <TD>
    <B><I>We may not be able to consummate a business combination
    within the required time frame, in which case, we would be
    forced to liquidate.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We must complete a business combination with a fair market value
of at least 80% of our net assets at the time of acquisition
within 18&nbsp;months after the consummation of this offering
(or within 24&nbsp;months after the consummation of this
offering if a letter of intent, agreement in principle or a
definitive agreement has been executed within 18&nbsp;months
after the consummation of this offering and the business
combination relating thereto has not yet been consummated within
such 18-month period). If we fail to consummate a business
combination within the required time frame, we will be forced to
liquidate our assets. We may not be able to find suitable target
businesses within the required time frame. In addition, our
negotiating position and our ability to conduct adequate due
diligence on any potential target may be reduced as we approach
the deadline for the consummation of a business combination. We
do not have any specific merger, capital stock exchange, asset
acquisition or other similar business combination under
consideration and have not had any discussions, formal or
otherwise, with respect to such a transaction.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD></TD>
    <TD>
    <B><I>If we are forced to liquidate before a business
    combination, our public stockholders will receive less than
    $6.00&nbsp;per share upon distribution of the trust account and
    our warrants will expire worthless.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are unable to complete a business combination and are
forced to liquidate our assets, the per-share liquidation will
be less than $6.00 because of the expenses related to this
offering, our general and administrative expenses and the
anticipated costs of seeking a business combination.
Furthermore, the warrants will expire worthless if we liquidate
before the completion of a business combination. For a more
complete description on the effects on our stockholders if we
are unable to complete a business combination, see the section
below entitled &#147;Proposed Business&nbsp;&#151; Effecting a
business combination&nbsp;&#151; Liquidation if no business
combination.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD></TD>
    <TD>
    <B><I>You will not be entitled to protections normally afforded
    to investors of blank check companies under federal securities
    laws.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the net proceeds of this offering are intended to be
used to complete a business combination with one or more
operating businesses that have not been identified, we may be
deemed to be a &#147;blank check&#148; company under the federal
securities laws. However, since we will have net tangible assets
in excess of
</DIV>

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<DIV align="left" style="font-size: 10pt;">
$5,000,000 upon the successful consummation of this offering and
our units are being offered at an initial price of
$6.00&nbsp;per unit, we believe that we are exempt from rules
promulgated by the SEC to protect investors of blank check
companies such as Rule&nbsp;419. Accordingly, investors will not
be afforded the benefits or protections of those rules. Because
we do not believe we are subject to Rule&nbsp;419, our units
will be immediately tradeable and we have a longer period of
time within which to complete a business combination in certain
circumstances. For a more detailed comparison of our offering to
offerings under Rule&nbsp;419, see the section below entitled
&#147;Proposed Business&nbsp;&#151; Comparison to offerings of
blank check companies.&#148;
</DIV>

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<TR valign="top">
    <TD><B><I>&nbsp;</I></B></TD>
    <TD>
    <B><I>If third parties bring claims against us, the proceeds
    held in trust could be reduced and the per-share liquidation
    price received by stockholders will be less than approximately
    $5.40&nbsp;per share.</I></B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our placing of funds in trust may not protect those funds from
third party claims against us. Although we will seek to have all
vendors, prospective target businesses or other entities we
engage execute agreements with us waiving any right, title,
interest or claim of any kind in or to any monies held in the
trust account for the benefit of our public stockholders, there
is no guarantee that they will execute such agreements. Nor is
there any guarantee that such entities will agree to waive any
claims they may have in the future as a result of, or arising
out of, any negotiations, contracts or agreements with us and
will not seek recourse against the trust account for any reason.
Accordingly, the proceeds held in trust could be subject to
claims which could take priority over the claims of our public
stockholders and the per-share liquidation price could be less
than approximately $5.40, plus interest, due to claims of such
creditors. If we are unable to complete a business combination
and are forced to liquidate, our officers and directors will be
personally liable under certain circumstances to ensure that the
proceeds in the trust account are not reduced by the claims of
various vendors or other entities that are owed money by us for
services rendered or products sold to us. However, we cannot
assure you that our officers and directors will be able to
satisfy those obligations.
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Because we have not currently selected any prospective
    target businesses with which to complete a business combination,
    investors in this offering are unable to currently ascertain the
    merits or risks of any particular target business&#146;
    operations.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because we have not yet identified any prospective target
businesses, investors in this offering have no current basis to
evaluate the possible merits or risks of any particular target
business&#146; operations. To the extent we complete a business
combination with a financially unstable company or an entity in
its development stage, we may be affected by numerous risks
inherent in the business operations of those entities. Although
our management will endeavor to evaluate the risks inherent in a
particular target business, we cannot assure you that we will
properly ascertain or assess all of the significant risk
factors, or that we will have adequate time to complete due
diligence. We also cannot assure you that an investment in our
units will not ultimately prove to be less favorable to
investors in this offering than a direct investment, if an
opportunity were available, in any particular target business.
For a more complete discussion of our selection of target
businesses, see the section below entitled &#147;Proposed
Business&nbsp;&#151; Effecting a business
combination&nbsp;&#151; We have not identified any target
businesses.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD></TD>
    <TD>
    <B><I>We may issue shares of our capital stock, including
    through convertible debt securities, to complete a business
    combination, which would reduce the equity interest of our
    stockholders and likely cause a change in control of our
    ownership.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation authorizes the issuance of up
to 150,000,000&nbsp;shares of common stock, par value
$.0001&nbsp;per share and 1,000,000&nbsp;shares of preferred
stock, par value $.0001&nbsp;per share. Immediately after this
offering (assuming no exercise of the underwriters&#146;
over-allotment option), there will be 82,000,000 authorized but
unissued shares of our common stock available for issuance
(after appropriate reservation for the issuance of shares upon
full exercise of our outstanding warrants and the purchase
option granted to Ferris, Baker Watts, Inc.) and all of the
1,000,000&nbsp;shares of preferred stock available for issuance.
Although we have no commitments as of the date of this offering
to issue any securities, we may issue a substantial number of
additional shares of our common stock or preferred stock or a
combination of both, including through
</DIV>

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<DIV align="left" style="font-size: 10pt;">
convertible debt securities, to complete a business combination.
The issuance of additional shares of our common stock including
upon conversion of any debt securities:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may significantly reduce the equity interest of investors in
    this offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    will likely cause a change in control if a substantial number of
    our shares of common stock or voting preferred are issued, which
    may affect, among other things, our ability to use our net
    operating loss carry forwards, if any, and most likely also
    result in the resignation or removal of our present officers and
    directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may adversely affect the voting power or other rights of holders
    of our common stock if we issue preferred stock with dividend,
    liquidation, compensation or other rights superior to the common
    stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may adversely affect prevailing market prices for our common
    stock, warrants or units.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For a more complete discussion of the possible structure of a
business combination, see the section below entitled
&#147;Proposed Business&nbsp;&#151; Effecting a business
combination&nbsp;&#151; Selection of target businesses and
structuring of a business combination.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
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<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may issue notes or other debt securities, or otherwise
    incur substantial debt, to complete a business combination,
    which may adversely affect our leverage and financial
    condition.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although we have no commitments as of the date of this offering
to incur any debt, we may choose to incur a substantial amount
of debt to finance a business combination. The incurrence of
debt:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may lead to default and foreclosure on our assets if our
    operating revenues after a business combination are insufficient
    to pay our debt obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may cause an acceleration of our obligations to repay the debt
    even if we make all principal and interest payments when due if
    we breach the covenants contained in the terms of the debt
    documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may create an obligation to immediately repay all principal and
    accrued interest, if any, upon demand to the extent any debt
    securities are payable on demand;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may hinder our ability to obtain additional financing, if
    necessary, to the extent any debt securities contain covenants
    restricting our ability to obtain additional financing while
    such security is outstanding, or to the extent our existing
    leverage discourages other potential investors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For a more complete discussion of the possible structure of a
business combination, see the section below entitled
&#147;Proposed Business&nbsp;&#151; Effecting a business
combination&nbsp;&#151; Selection of target businesses and
structuring of a business combination.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>


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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our current officers and directors may resign upon
    consummation of a business combination.</I></B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our ability to successfully effect a business combination will
be totally dependent upon the efforts of our key personnel. The
future role of our key personnel, particularly Ram Mukunda, our
Chairman of the Board, Chief Executive Officer and President and
John Cherin, our Chief Financial Officer, Treasurer, and a
director following a business combination, however, cannot
presently be fully ascertained. Although we expect several of
our management and other key personnel, particularly
Messrs.&nbsp;Mukunda and Cherin, to remain associated with us
following a business combination, we may employ other personnel
following the business combination. Moreover, our current
management will only be able to remain with the combined company
after the consummation of a business combination if they are
able to negotiate the same as part of any such combination. If
we acquired a target business in an all-cash transaction, it
would be more likely that current members of management would
remain with us if they chose to do so. If a business combination
were structured as a merger whereby the stockholders of the
target company were to control the combined company following a
business combination, it may be less likely that management
would remain with the combined company unless it was negotiated
as part of the transaction via the acquisition agreement, an
employment agreement or other arrangement. In making the
determination as to whether current management should
</DIV>


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<DIV align="left" style="font-size: 10pt;">
remain with us following the business combination, management
will analyze the experience and skill set of the target
business&#146; management and negotiate as part of the business
combination that certain members of current management remain if
it is believed that it is in the best interests of the combined
company post-business combination. If management negotiates to
be retained post-business combination as a condition to any
potential business combination, such negotiations may result in
a conflict of interest.
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our ability to successfully effect a business combination
    and to be successful afterwards will be completely dependent
    upon the efforts of our key personnel, some of whom may join us
    following a business combination and whom we would have only a
    limited ability to evaluate.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may employ other personnel following a business combination
regardless of whether our existing personnel remain with us.
While we intend to closely scrutinize any additional individuals
we engage after a business combination, we cannot assure you
that our assessment of these individuals will prove to be
correct. These individuals may be unfamiliar with the
requirements of operating a public company as well as United
States securities laws, which could cause us to have to expend
time and resources helping them become familiar with such laws.
This could be expensive and time-consuming and could lead to
various regulatory issues that may adversely affect our
operations.
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our officers, directors and special advisors may allocate
    their time to other businesses, thereby causing conflicts of
    interests in their determination as to how much time to devote
    to our affairs. This may have a negative impact on our ability
    to consummate a business combination.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our officers, directors and special advisors are not required
to, and will not, commit their full time to our affairs, which
may result in a conflict of interest in allocating their time
between our operations and other businesses. This could have a
negative impact on our ability to consummate a business
combination. We do not intend to have any full time employees
prior to the consummation of a business combination. Each of our
officers is engaged in several other business endeavors and are
not obligated to contribute any specific number of hours per
week to our affairs, although we expect each of
Messrs.&nbsp;Mukunda and Cherin to devote an average of
approximately fifteen hours per week to our business and for
Mr.&nbsp;Mukunda to devote substantially all of his time to our
business during the process of conducting due diligence on a
target company. For example, Mr.&nbsp;Mukunda, our Chairman of
the Board, Chief Executive Officer and President, serves as
chairman and chief executive officer, and is a managing member
for Integrated Global Networks, LLC and Global Starlink LLC,
both privately-held telecommunications companies. If Messrs.
Mukunda and Cherin&#146;s other business affairs require them to
devote substantial amounts of time to such affairs in excess of
their current commitment levels, it could limit their ability to
devote time to our affairs and could have a negative impact on
our ability to consummate a business combination. We cannot
assure you that these conflicts will be resolved in our favor.
For a complete discussion of the potential conflicts of interest
that you should be aware of, see the section below entitled
&#147;Certain Relationships and Related Transactions.&#148;
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our officers, directors and special advisors are and may
    in the future become affiliated with entities engaged in
    business activities similar to those intended to be conducted by
    us and, accordingly, may have conflicts of interest in
    determining to which entity a particular business opportunity
    should be presented.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our officers, directors and special advisors may in the future
become affiliated with entities, including other &#147;blank
check&#148; companies, engaged in business activities similar to
those intended to be conducted by us. Additionally, our
officers, directors and special advisors may become aware of
business opportunities that may be appropriate for presentation
to us as well as the other entities with which they are or may
be affiliated. Our officers, directors and special advisors
involved in businesses similar to what we may intend to conduct
following a business combination may have fiduciary or
contractual obligations to present opportunities to those
entities first. We cannot assure you that any such conflicts
will be resolved in our favor. For a complete discussion of our
management&#146;s business affiliations and the potential
conflicts of interest that you should be aware of, see the
sections below entitled &#147;Management&nbsp;&#151; Directors
and Executive Officers&#148; and &#147;Certain Relationships and
Related Transactions.&#148;
</DIV>

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<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Because all of our directors and our special advisors own
    shares of our securities that will not participate in
    liquidation distributions, they may have a conflict of interest
    in determining whether a particular target business is
    appropriate for a business combination.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of our directors and our special advisors own stock in our
company, but have, with respect to those shares of common stock
acquired by them prior to this offering, waived their right to
receive distributions upon our liquidation in the event we fail
to complete a business combination. Additionally,
Mr.&nbsp;Mukunda has agreed with Ferris, Baker Watts, Inc. that
he and certain of his affiliates, designees and assignees
collectively will use their reasonable best efforts to purchase,
in the aggregate up to 1,400,000 warrants in the open market
following this offering. Those shares and warrants owned by our
directors and our special advisors will be worthless if we do
not consummate a business combination. The personal and
financial interests of our directors may influence their
motivation in identifying and selecting target businesses and
completing a business combination in a timely manner.
Consequently, our directors&#146; and special advisors&#146;
discretion in identifying and selecting suitable target
businesses may result in a conflict of interest when determining
whether the terms, conditions and timing of a particular
business combination are appropriate and in our
stockholders&#146; best interest.
</DIV>


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    <TD></TD>
    <TD>
    <B><I>If our common stock becomes subject to the SEC&#146;s
    penny stock rules, broker-dealers may experience difficulty in
    completing customer transactions and trading activity in our
    securities may be adversely affected.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If at any time we have net tangible assets of $5,000,000 or less
and our common stock has a market price per share of less than
$5.00, transactions in our common stock may be subject to the
&#147;penny stock&#148; rules promulgated under the Securities
Exchange Act of 1934, as amended. Under these rules,
broker-dealers who recommend such securities to persons other
than institutional accredited investors must:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    make a special written suitability determination for the
    purchaser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    receive the purchaser&#146;s written agreement to a transaction
    prior to sale;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    provide the purchaser with risk disclosure documents that
    identify certain risks associated with investing in &#147;penny
    stocks&#148; and that describe the market for these &#147;penny
    stocks&#148; as well as a purchasers legal remedies;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    obtain a signed and dated acknowledgment from the purchaser
    demonstrating that the purchaser has actually received the
    required risk disclosure document before a transaction in a
    &#147;penny stock&#148; can be completed.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If our common stock becomes subject to these rules,
broker-dealers may find it difficult to effect customer
transactions and trading activity in our securities may be
adversely affected. As a result, the market price of our
securities may be depressed, and you may find it more difficult
to sell our securities.
</DIV>

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    <TD></TD>
    <TD>
    <B><I>It is probable that we will only be able to complete one
    business combination, which may cause us to be solely dependent
    on a single business and a limited number of products or
    services.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds from this offering will provide us with
approximately $107,998,000, which we may use to complete a
business combination. While we may seek to effect a business
combination with more than one target business, our initial
business acquisition must be with one or more operating
businesses whose fair market value, collectively, is at least
equal to 80% of our net assets at the time of such acquisition.
At the time of our initial business combination, we may not be
able to acquire more than one target business because of various
factors, including insufficient financing or the difficulties
involved in consummating the contemporaneous acquisition of more
than one operating company; therefore, it is probable that we
will have the ability to
</DIV>


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<DIV align="left" style="font-size: 10pt;">
complete a business combination with only a single operating
business, which may have only a limited number of products or
services. The resulting lack of diversification may:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    result in our dependency upon the performance of a single or
    small number of operating businesses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    result in our dependency upon the development or market
    acceptance of a single or limited number of products, processes
    or services;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    subject us to numerous economic, competitive and regulatory
    developments, any or all of which may have a substantial adverse
    impact upon the particular industry in which we may operate
    subsequent to a business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this case, we will not be able to diversify our operations or
benefit from the possible spreading of risks or offsetting of
losses, unlike other entities that may have the resources to
complete several business combinations in different industries
or different areas of a single industry so as to diversify risks
and offset losses. Further, the prospects for our success may be
entirely dependent upon the future performance of the initial
target business or businesses we acquire.
</DIV>

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    <TD><B><I>&nbsp;</I></B></TD>
    <TD>
    <B><I>We will not generally be required to obtain a
    determination of the fair market value of a target business from
    an independent, unaffiliated third party.</I></B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The initial target business or businesses with which we entered
into a business combination must have a collective fair market
value equal to at least 80% of our net assets at the time of
such acquisition. The fair market value of such business
generally will be determined by our board of directors based
upon standards generally accepted by the financial community,
such as actual and potential sales, earnings and cash flow and
book value. We will obtain an opinion from an unaffiliated,
independent investment banking firm that is a member of the
National Association of Securities Dealers, Inc. with respect to
the satisfaction of the 80% requirement only if our board is not
able to independently determine that the target businesses have
a sufficient fair market value or if a conflict of interest
exists with respect to such determination, such as the target
business being affiliated with one or more of our officers or
directors. We will not be required to obtain an opinion from an
investment banking firm as to the fair market value if our board
of directors independently determines that the target business
has sufficient fair market value or if no such conflict exists.
</DIV>


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    <TD></TD>
    <TD>
    <B><I>Because of our limited resources and the significant
    competition for business combination opportunities, we may not
    be able to consummate an attractive business combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect to encounter intense competition from other entities
having a business objective similar to ours, including venture
capital funds, leveraged buyout funds and operating businesses
competing for acquisitions. Many of these entities are well
established and have extensive experience in identifying and
effecting business combinations directly or through affiliates.
Many of these competitors possess greater technical, human and
other resources than we do and our financial resources will be
relatively limited when contrasted with those of many of these
competitors. While we believe that there are numerous potential
target businesses that we could acquire with the net proceeds of
this offering, together with additional financing if available,
our ability to compete in acquiring certain sizable target
businesses will be limited by our available financial resources.
This inherent competitive limitation gives others an advantage
in pursuing the acquisition of certain target businesses.
Further:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our obligation to seek stockholder approval of a business
    combination may delay the consummation of a transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our obligation to convert into cash the shares of common stock
    in certain instances may reduce the resources available for a
    business combination;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our outstanding warrants and the purchase option granted to
    Ferris, Baker Watts,&nbsp;Inc., and the future dilution they
    potentially represent, may not be viewed favorably by certain
    target businesses.</TD>
</TR>

</TABLE>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, because our business combination may entail the
contemporaneous acquisition of several operating businesses and
may be with different sellers, we will need to convince such
sellers to agree that the purchase of their businesses is
contingent upon the simultaneous closings of the other
acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any of these obligations may place us at a competitive
disadvantage in successfully negotiating a business combination.
</DIV>

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    <TD><B><I>&nbsp;</I></B></TD>
    <TD>
    <B><I>Because there are numerous companies with a business plan
    similar to ours seeking to effectuate a business combination, it
    may be more difficult for us to do so.</I></B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since August 2003, based upon publicly available information,
approximately 20 similarly structured blank check companies have
completed initial public offerings. Of these companies, only one
company has consummated a business combination, while three
other companies have announced they have entered into a
definitive agreement for a business combination, but have not
consummated such business combination. Accordingly, there are
approximately 16 blank check companies with more than
$460&nbsp;million in trust that are seeking to carry out a
business plan similar to our business plan. While, like us, some
of those companies have specific industries that they must
complete a business combination in, a number of them may
consummate a business combination in any industry they choose.
We may therefore be subject to competition from these and other
companies seeking to consummate a business plan similar to ours,
which will, as a result, increase demand for privately-held
companies to combine with companies structured similarly to
ours. Further, the fact that only one of such companies has
completed a business combination and three of such companies
have entered into a definitive agreement for a business
combination may be an indication that there are only a limited
number of attractive target businesses available to such
entities or that many privately-held target businesses may not
be inclined to enter into business combinations with publicly
held blank check companies like us. We cannot assure you that we
will be able to successfully compete for an attractive business
combination. Additionally, because of this competition, we
cannot assure you that we will be able to effectuate a business
combination within the required time periods. If we are unable
to find a suitable target business within such time periods, we
will be forced to liquidate.
</DIV>


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    <TD></TD>
    <TD>
    <B><I>We may be unable to obtain additional financing, if
    required, to complete a business combination or to fund the
    operations and growth of the target business, which could compel
    us to restructure or abandon a particular business
    combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although we believe that the net proceeds of this offering will
be sufficient to allow us to consummate a business combination,
in as much as we have not yet identified any prospective target
businesses, we cannot ascertain the capital requirements for any
particular business combination. If the net proceeds of this
offering prove to be insufficient, either because of the size of
the business combination or the depletion of the available net
proceeds in search of target businesses, or because we become
obligated to convert into cash a significant number of shares
from dissenting stockholders, we will be required to seek
additional financing through the issuance of equity or debt
securities or other financing arrangements. We cannot assure you
that such financing would be available on acceptable terms, if
at all. To the extent that additional financing proves to be
unavailable when needed to consummate a particular business
combination, we would be compelled to restructure or abandon
that particular business combination and seek alternative target
business candidates. In addition, if we consummate a business
combination, we may require additional financing to fund the
operations or growth of the target businesses. The failure to
secure additional financing could have a material adverse effect
on the continued development or growth of the target businesses.
None of our officers, directors or stockholders is required to
provide any financing to us in connection with or after a
business combination.
</DIV>

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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our existing stockholders, including our officers,
    directors and special advisors, control a substantial interest
    in us and thus may influence certain actions requiring
    stockholder vote.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon consummation of our offering, our existing stockholders,
including our officers, directors and special advisors, will
collectively own 20% of our issued and outstanding shares of
common stock (assuming they do not purchase units in this
offering).
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the vote required for our initial business
combination, all of our existing stockholders, including all of
our officers, directors and special advisors, have agreed to
vote the shares of common stock owned by them (whether purchased
prior to, during or after the offering) in accordance with the
majority of the shares of common stock voted by the public
stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board of directors is divided into three classes
(Class&nbsp;A, Class&nbsp;B, and Class&nbsp;C), each of which
will generally serve for a term of three years with only one
class of directors being elected in each year. It is unlikely
that there will be an annual meeting of stockholders to elect
new directors prior to the consummation of a business
combination, in which case all of the current directors will
continue in office at least until the consummation of the
business combination. If there is an annual meeting, as a
consequence of our &#147;staggered&#148; board of directors,
only a minority of the board of directors will be considered for
election and our existing stockholders, because of their
ownership position, will have considerable influence regarding
the outcome. Accordingly, our existing stockholders will
continue to exert control at least until the consummation of a
business combination. In addition, our existing stockholders and
their affiliates and relatives are not prohibited from
purchasing units in this offering or shares in the aftermarket,
and they will have full voting rights with respect to any shares
of common stock they may acquire, either through this offering
or in subsequent market transactions. If they do, we cannot
assure you that our existing stockholders will not have
considerable influence upon the vote in connection with a
business combination.
</DIV>

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</TR>

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    <TD><B><I>&nbsp;</I></B></TD>
    <TD>
    <B><I>Our existing stockholders paid an aggregate of $25,000, or
    an average of approximately $.005&nbsp;per share for their
    shares and, accordingly, you will experience immediate and
    substantial dilution from the purchase of our common
    stock.</I></B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The difference between the public offering price per share of
our common stock and the pro forma net tangible book value per
share of our common stock after this offering constitutes the
dilution to you and the other investors in this offering. The
fact that our existing stockholders acquired their shares of
common stock at a nominal price has significantly contributed to
this dilution. Assuming the offering is completed, you and the
other new investors will incur an immediate and substantial
dilution of approximately 29.8% or $1.79&nbsp;per share (the
difference between the pro forma net tangible book value per
share of $4.21 and the initial offering price of $6.00&nbsp;per
unit).
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our outstanding warrants may have an adverse effect on the
    market price of common stock and make it more difficult to
    effect a business combination.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with this offering, as part of the units, we will
be issuing warrants to purchase&nbsp;40,000,000&nbsp;shares of
common stock (assuming no exercise of the underwriter&#146;s
over-allotment option). In addition, we have agreed to sell to
Ferris, Baker Watts, Inc. an option to purchase up to a total of
1,000,000&nbsp;units, which, if exercised, will result in the
issuance of warrants to purchase an additional
2,000,000&nbsp;shares of common stock. To the extent we issue
shares of common stock to effect a business combination, the
potential for the issuance of substantial numbers of additional
shares upon exercise of these warrants could make us a less
attractive acquisition vehicle in the eyes of a target business
as such securities, when exercised, will increase the number of
issued and outstanding shares of our common stock and reduce the
value of the shares issued to complete the business combination.
Accordingly, our warrants may make it more difficult to
effectuate a business combination or increase the cost of a
target business. Additionally, the sale, or even the possibility
of sale, of the shares underlying the warrants could have an
adverse effect on the market price for our securities or on our
ability to obtain future public financing. If and to the extent
these warrants are exercised, you may experience dilution to
your holdings.
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If our existing stockholders exercise their registration
    rights, it may have an adverse effect on the market price of our
    common stock and the existence of these rights may make it more
    difficult to effect a business combination.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our existing stockholders are entitled to demand that we
register the resale of their shares of common stock in certain
circumstances. If our existing stockholders exercise their
registration rights with respect to all of their shares of
common stock, then there will be an additional
5,000,000&nbsp;shares of common stock eligible for trading in
</DIV>


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the public market. The presence of this additional number of
shares of common stock eligible for trading in the public market
may have an adverse effect on the market price of our common
stock. In addition, the existence of these rights may make it
more difficult to effect a business combination or increase the
cost of a target business, as the stockholders of a particular
target business may be discouraged from entering into a business
combination with us or will request a higher price for their
securities as a result of these registration rights and the
potential future effect their exercise may have on the trading
market for our common stock.
</DIV>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>&nbsp;</I></B></TD>
    <TD>
    <B><I>The American Stock Exchange may not accept our application
    for listing or may delist our securities from quotation on its
    exchange which could limit investors&#146; ability to make
    transactions in our securities and subject us to additional
    trading restrictions.</I></B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have applied to list our securities on the American Stock
Exchange, a national securities exchange, upon consummation of
this offering. We cannot assure you that our securities will be
listed or continue to be listed on the American Stock Exchange
in the future prior to a business combination. Additionally, in
connection with our business combination, it is likely that the
American Stock Exchange may require us to file a new initial
listing application and meet its initial listing requirements as
opposed to its more lenient continued listing requirements. We
cannot assure you that we will be able to meet those initial
listing requirements at that time.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the American Stock Exchange delists our securities from
trading on its exchange, we could face significant material
adverse consequences including:
</DIV>


<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a limited availability of market quotations for our securities;</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a determination that our common stock is a &#147;penny
    stock&#148; which will require brokers trading in our common
    stock to adhere to more stringent rules and possibly resulting
    in a reduced level of trading activity in the secondary trading
    market for our common stock;</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a limited amount of news and analyst coverage for our company;
    and</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a decreased ability to issue additional securities or obtain
    additional financing in the future.</TD>
</TR>


</TABLE>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>There is currently no market for our securities and a
    market for our securities may not develop, which could adversely
    affect the liquidity and price of our securities.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There is no market for our securities. Therefore, stockholders
should be aware that they cannot benefit from information about
prior market history as to their decisions to invest which means
they are at further risk if they invest. In addition, the price
of the securities, after the offering, can vary due to general
economic conditions and forecasts, our general business
condition and the release of our financial reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Furthermore, an active trading market for our securities may
never develop or, if developed, it may not be maintained.
Investors may be unable to sell their securities unless a market
can be established or maintained.
</DIV>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>&nbsp;</I></B></TD>
    <TD>
    <B><I>If we are deemed to be an investment company, we may be
    required to institute burdensome compliance requirements and our
    activities may be restricted, which may make it difficult for us
    to complete a business combination.</I></B></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are deemed to be an investment company under the
Investment Company Act of 1940, as amended, our activities may
be restricted, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    restrictions on the nature of our investments;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    restrictions on the issuance of securities, each of which may
    make it difficult for us to complete a business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we may have imposed upon us burdensome
requirements, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    registration as an investment company;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">18

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    adoption of a specific form of corporate structure;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    reporting, record keeping, voting, proxy and disclosure
    requirements and other rules and regulations.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not believe that our anticipated principal activities will
subject us to the Investment Company Act of 1940. To this end,
the proceeds held in trust may only be invested by the trust
agent in &#147;government securities&#148; with specific
maturity dates. By restricting the investment of the proceeds to
these instruments, we intend to meet the requirements for the
exemption provided in Rule&nbsp;3a-1 promulgated under the
Investment Company Act of 1940. If we were deemed to be subject
to the act, compliance with these additional regulatory burdens
would require additional expense that we have not allotted for.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks associated with companies with primary operations in
India.</B>
</DIV>


<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>India has different corporate disclosure, governance and
    regulatory requirements than those in the United States which
    may make it more difficult or complex to consummate a business
    combination.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Companies in India are subject to accounting, auditing,
regulatory and financial standards and requirements that differ,
in some cases significantly, from those applicable to public
companies in the United States, which may make it more difficult
or complex to consummate a business combination. In particular,
the assets and profits appearing on the financial statements of
an Indian company may not reflect its financial position or
results of operations in the way they would be reflected had
such financial statements been prepared in accordance with GAAP.
There is substantially less publicly available information about
Indian companies than there is about United States companies.
Moreover, companies in India are not subject to the same degree
of regulation as are United States companies with respect to
such matters as insider trading rules, tender offer regulation,
shareholder proxy requirements and the timely disclosure of
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Legal principles relating to corporate affairs and the validity
of corporate procedures, directors&#146; fiduciary duties and
liabilities and shareholders&#146; rights for Indian
corporations may differ from those that may apply in the U.S.,
which may make the consummation of a business combination with
an Indian company more difficult. We therefore may have more
difficulty in achieving our business objective.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Foreign currency fluctuations could adversely affect our
    ability to achieve our business objective.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because our business objective is to acquire one or more
operating businesses with primary operations in India, changes
in the U.S.&nbsp;dollar&nbsp;&#150; Indian rupee exchange rate
may affect our ability to achieve such objective. The exchange
rate between the Indian rupee and the U.S.&nbsp;dollar has
changed substantially in the last two decades and may fluctuate
substantially in the future. If the U.S.&nbsp;dollar declines in
value against the Indian rupee, any business combination will be
more expensive and therefore more difficult to complete.
Furthermore, we may incur costs in connection with conversions
between U.S.&nbsp;dollars and Indian rupees, which may make it
more difficult to consummate a business combination.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>&nbsp;</I></B></TD>
    <TD>
    <B><I>Exchange controls that exist in India may limit our
    ability to utilize our cash flow effectively following a
    business combination.</I></B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following a business combination, we will be subject to
India&#146;s rules and regulations on currency conversion. In
India, the Foreign Exchange Regulation Act or FERA, regulates
the conversion of the Indian rupee into foreign currencies. FERA
provisions previously imposed restrictions on locally
incorporated companies with foreign equity holdings in excess of
40% known as FERA companies. Following a business combination,
we will likely be a FERA company as a result of our ownership
structure. However, comprehensive amendments have been made to
FERA to add strength to the liberalizations announced in their
recent economic policies. Such companies are now permitted to
operate in India without any special restrictions, effectively
placing them on par with wholly Indian owned companies. In
addition, foreign exchange controls have been substantially
relaxed. Notwithstanding, the Indian foreign exchange market is
not yet fully developed and we cannot assure you that the Indian
authorities will not revert back to regulating FERA companies
and impose new restrictions on the convertibility of the Rupee.
Any future restrictions on
</DIV>


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<DIV align="left" style="font-size: 10pt;">
currency exchanges may limit our ability to use our cash flow
for the distribution of dividends to our shareholders or to fund
operations we may have outside of India.
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Returns on investment in Indian companies may be decreased
    by withholding and other taxes.</I></B></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our investments in India will incur tax risk unique to
investment in India and in developing economies in general.
Income that might otherwise not be subject to withholding of
local income tax under normal international conventions may be
subject to withholding of Indian income tax. This is especially
true in the area of supply of technology and management support
services to Indian companies which may be an area of interest to
us. Under treaties with India and under local Indian income tax
law income is generally sourced in India and subject to Indian
tax if paid from India. This is true whether or not the services
or the earning of the income would normally be considered as
from sources outside India in other contexts. Additionally,
proof of payment of withholding taxes may be required as part of
the remittance procedure. Any withholding taxes paid by us on
income from our investments in India may or may not be
creditable on our income tax returns.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to avail ourselves of income tax treaties with India
to seek to minimize any Indian withholding tax or local tax
otherwise imposed. However, there is no assurance that the
Indian tax authorities will recognize application of such
treaties to achieve a minimization of Indian tax. We may also
elect to create foreign subsidiaries to effect the business
combinations to attempt to limit the potential tax consequences
of a business combination.
</DIV>


<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Certain sectors of the Indian economy are subject to
    government regulations that limit foreign ownership, which may
    adversely affect our ability to achieve our business objective
    which is to acquire one or more operating businesses with
    primary operations in India.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Indian government prohibits investments in certain sectors
and limits the ownership in certain other sectors. We intend to
avoid sectors in which foreign investment is disallowed. This
could limit the possible number of acquisitions that are
available for investment. The Indian government also regulates
investments in certain other sectors (e.g. banking) by
increasing the amount of ownership over time. The management
team will evaluate the risk associated with investments in
sectors in which ownership is restricted. However, there can be
no guarantee that management will be correct in its assessment
of political and policy risk associated with investments in
general and in particular in sectors that are regulated by the
Indian government. Any changes in policy could have an adverse
impact on our ability to achieve our business objective which is
to acquire one or more operating businesses with primary
operations in India.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the relevant Indian authorities find us or the target
business with which we ultimately complete a business
combination to be in violation of any existing or future Indian
laws or regulations, they would have broad discretion in dealing
with such a violation, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Levying fines;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Revoking our business and other licenses;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Requiring that we restructure our ownership or operations.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The requirement that Indian companies provide accounting
    statements that are in compliance with U.S.&nbsp;Generally
    Accepted Accounting Principles (GAAP)&nbsp;may limit the
    potential number of acquisition targets.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To meet the requirements of the United States Federal securities
laws, in order to seek stockholder approval of a business
combination, a proposed target business will be required to have
certain financial statements which are prepared in accordance
with, or which can be reconciled to GAAP and audited in
accordance with U.S.&nbsp;Generally Accepted Auditing Standards
(GAAS). GAAP and GAAS compliance may limit the potential number
of acquisition targets.
</DIV>

<P align="center" style="font-size: 10pt;">20

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<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If political relations between the U.S. and India weaken,
    it could make a target business&#146; operations less
    attractive.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The relationship between the United States and India may
deteriorate over time. Changes in political conditions in India
and changes in the state of Indian-U.S.&nbsp;relations are
difficult to predict and could adversely affect our future
operations or cause potential target businesses to become less
attractive. This could lead to a decline in our profitability.
Any weakening of relations with India could have a material
adverse effect on our operations after a successful completion
of a business combination.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Because the Indian judiciary will determine the scope and
    enforcement under Indian law of almost all of our target
    business&#146; material agreements, we may be unable to enforce
    our rights inside and outside of India.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indian law will govern almost all of our target business&#146;
material agreements, some of which may be with Indian
governmental agencies. We cannot assure you that the target
business or businesses will be able to enforce any of their
material agreements or that remedies will be available outside
of India. The inability to enforce or obtain a remedy under any
of our future agreements may have a material adverse impact on
our future operations.
</DIV>

<P align="center" style="font-size: 10pt;">21

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<DIV align="left" style="font-size: 10pt;">
<A name='105'></A>
</DIV>

<!-- link1 "FORWARD-LOOKING STATEMENTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus contains forward-looking statements, including,
among others, (a)&nbsp;our expectations about possible business
combinations, (b)&nbsp;our growth strategies, (c)&nbsp;our
future financing plans, and (d)&nbsp;our anticipated needs for
working capital. Forward-looking statements, which involve
assumptions and describe our future plans, strategies, and
expectations, are generally identifiable by use of the words
&#147;may,&#148; &#147;should,&#148; &#147;expect,&#148;
&#147;anticipate,&#148; &#147;approximate,&#148;
&#147;estimate,&#148; &#147;believe,&#148; &#147;intend,&#148;
&#147;plan,&#148; or &#147;project,&#148; or the negative of
these words or other variations on these words or comparable
terminology. This information may involve known and unknown
risks, uncertainties, and other factors that may cause our
actual results, performance, or achievements to be materially
different from the future results, performance, or achievements
expressed or implied by any forward-looking statements. These
statements may be found in this prospectus. Actual events or
results may differ materially from those discussed in
forward-looking statements as a result of various factors,
including, without limitation, the risks outlined under
&#147;Risk Factors&#148; and matters described in this
prospectus generally. In light of these risks and uncertainties,
the events anticipated in the forward-looking statements may or
may not occur. These statements are based on current
expectations and speak only as of the date of such statements.
We undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of future events,
new information or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The information contained in this prospectus identifies
important factors that could adversely affect actual results and
performance. Prospective investors are urged to carefully
consider such factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All forward-looking statements attributable to us are expressly
qualified in their entirety by the foregoing cautionary
statements.
</DIV>

<P align="center" style="font-size: 10pt;">22

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='106'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>USE OF PROCEEDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that the net proceeds of this offering will be set
forth in the following table:
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Without Over-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>With Over-</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allotment Option</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Allotment Option</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Gross proceeds</I>(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>138,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Offering expenses</I>(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting discount (5.5% of gross proceeds)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,590,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting non-accountable expense allowance (2.5% of gross
    proceeds without the over-allotment option)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal fees and expenses (including blue sky services and
    expenses)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>300,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,032.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,032.39</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing and engraving expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounting fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SEC registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,667.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,667.60</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NASD registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,300.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,300.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Net proceeds</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Held in trust</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>107,998,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>125,008,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Not held in trust</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,900,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total net proceeds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>109,898,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>126,908,000</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Use of net proceeds not held in trust</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal, accounting and other expenses attendant to the due
    diligence investigations, structuring and negotiation of a
    business combination</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(21.05</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Due diligence of prospective target businesses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15.79</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal and accounting fees relating to SEC reporting obligations</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7.90</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Administrative fees relating to office space ($7,500 per month
    for 24&nbsp;months)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(9.47</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Working capital to cover travel, miscellaneous expenses,
    (including potential deposits, down payments or funding of a
    &#147;no-shop&#148; provision with respect to a prospective
    business combination) D&#38;O insurance and reserves</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>870,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(45.79</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B>(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>1,900,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>100.00%</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Excludes the payment of $100 from Ferris, Baker Watts, Inc. for
    its purchase option, proceeds from the sale of units under the
    purchase option and proceeds from the exercise of any warrants.</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    A portion of the offering expenses have been paid from the funds
    we received from Mr.&nbsp;Mukunda as described below. These
    funds will be repaid out of the proceeds of this offering not
    being placed in trust upon consummation of this offering.</TD>
</TR>


<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Rounded to the nearest whole percentage. Excludes a fee payable
    to Ferris, Baker Watts equal to two percent (2%) of the
    consideration of any business combination by us up to a maximum
    fee of $2,000,000.</TD>
</TR>


</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use the proceeds from the sale of the units to
acquire one or more operating businesses with primary operations
in India.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Of the net proceeds, $107,998,000, or $125,008,000 if the
underwriters&#146; over-allotment option is exercised in full,
of net proceeds will be placed in a trust account at United Bank
maintained by Continental Stock Transfer &#38; Trust Company
acting as trustee. The proceeds will not be released from the
trust account until the earlier of the completion of a business
combination or our liquidation. The proceeds held in the trust
account may be used as consideration to pay the sellers of a
target business with which we ultimately complete a business
combination. Any amounts not paid as consideration to the
sellers of the target business may be used to finance operations
of the target businesses. While it is difficult to determine
what the specific operating expenses of a target business may
entail, we expect that they may include some or all of the
following: capital expenditures, expenditures for future
projects, general ongoing expenses including supplies and
payroll, expanding markets and strategic acquisitions or
alliances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to pay Integrated Global Networks, LLC or IGN,
LLC, an affiliate of Mr.&nbsp;Mukunda, a monthly fee of $7,500
for general and administrative services including office space,
utilities and secretarial support. This arrangement is for our
benefit and is not intended to provide Mr.&nbsp;Mukunda, the
Chief
</DIV>

<P align="center" style="font-size: 10pt;">23

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
Executive Officer of IGN, LLC and our Chairman, Chief Executive
Officer and President, with compensation in lieu of salary. We
believe, based on rents and fees for similar services in the
Washington, DC metropolitan area, that the fee charged by IGN,
LLC is at least as favorable as we could have obtained from an
unaffiliated third party. However, because our directors may not
be deemed &#147;independent&#148;, we did not have the benefit
of disinterested directors approving the transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use the excess working capital (approximately
$1,900,000) for director and officer liability insurance
premiums (approximately $125,000), with the balance being held
in reserve for other expenses of travel to India, due diligence,
legal accounting, and other expenses of structuring and
negotiating business combinations, as well as for reimbursement
of any out-of-pocket expenses incurred by our existing
stockholders in connection with activities on our behalf as
described below. We believe that the excess working capital will
be sufficient to cover the foregoing expenses and reimbursement
costs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may not use all of the proceeds in the trust in connection
with a business combination, either because the consideration
for the business combination is less than the proceeds in trust
or because we financed a portion of the consideration with our
capital stock or debt securities. In that event, the proceeds
held in the trust account as well as any other net proceeds not
expended will be used to finance the operations of the target
businesses, which may include subsequent acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda has loaned a total of $100,000 to us for the
payment of offering expenses. The loan bears interest at a rate
of 4% per year and will be payable on the earlier of
April&nbsp;30, 2006 or the consummation of this offering. The
loan will be repaid out of the net proceeds of this offering not
being placed in trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds of this offering that are not immediately
required for the purposes set forth above will be invested only
in United States &#147;government securities,&#148; defined as
any Treasury Bill issued by the United States having a maturity
of 180&nbsp;days or less so that we are not deemed to be an
investment company under the Investment Company Act of 1940. The
interest income derived from investment of the net proceeds not
held in trust during this period will be used to defray our
general and administrative expenses, as well as costs relating
to compliance with securities laws and regulations, including
associated professional fees, until a business combination is
completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that, upon consummation of this offering, we will
have sufficient available funds to operate for at least the next
24&nbsp;months, assuming that a business combination is not
consummated during that time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to allocate $300,000 of the proceeds not held in trust
for expenses incurred in examining and evaluating prospective
target businesses. Mr.&nbsp;Mukunda will supervise this process
and we expect that he will devote substantially all of his time
to our business once we have signed a term sheet with a target
business. We anticipate that Mr.&nbsp;Mukunda will be assisted
in his efforts by the officers and advisors of the Company,
together with the Company&#146;s outside attorneys, accountants
and other representatives. Other than IGN, LLC, we will not pay
compensation of any kind (including finder&#146;s and consulting
fees) to the Company&#146;s directors, officers, employees,
stockholders or special advisors or their respective affiliates
for services rendered to us prior to or in connection with the
consummation of the business combination. However, our existing
stockholders will receive reimbursement for any out-of-pocket
expenses incurred by them in connection with activities on our
behalf, such as identifying potential target businesses and
performing due diligence on suitable business combinations.
Since the role of present management after a business
combination is uncertain, we have no ability to determine what
remuneration, if any, will be paid to those persons after a
business combination. These reimbursements may be paid from the
$300,000 allocated for due diligence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A public stockholder will be entitled to receive funds from the
trust account (including interest earned on his, her or its
portion of the trust account) only in the event of our
liquidation upon our failure to complete a business combination
or if that public stockholder were to seek to convert such
shares into cash in connection with a business combination which
the public stockholder voted against and which we actually
consummate. In no other circumstances will a public stockholder
have any right or interest of any kind to or in the trust
account.
</DIV>

<P align="center" style="font-size: 10pt;">24
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='107'></A>
</DIV>

<!-- link1 "CAPITALIZATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CAPITALIZATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth our capitalization at
June&nbsp;30, 2005 and as adjusted to give effect to the sale of
our units and the application of the estimated net proceeds
derived from the sale of our units:
</DIV>



<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>June 30, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>As Adjusted</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Audited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Note payable to stockholder</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Stock, $.0001 par value&nbsp;&#151; 0&nbsp;&#151; and
    3,998,000 shares which are subject to possible conversion,
    shares at conversion value</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,588,800</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock, $.0001 par value, 1,000,000 shares authorized;
    none issued and outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock, $.0001 par value, 150,000,000 shares authorized;
    5,000,000 shares issued and outstanding, 21,002,000 shares
    issued and outstanding (excluding 3,998,000 shares which are
    subject to possible conversion), as adjusted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional paid-in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>88,332,100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deficit accumulated during the development stage</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total stockholders&#146; equity</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>88,319,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total capitalization</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>109,908,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we consummate a business combination, the conversion rights
afforded to our public stockholders may result in the conversion
into cash of up to approximately 19.99% of the aggregate number
of shares sold in this offering at a per-share conversion price
equal to the amount in the trust account, inclusive of any
interest thereon, as of the record date for determination of
stockholders entitled to vote on a proposed business
combination, divided by the number of shares sold in this
offering.
</DIV>

<P align="center" style="font-size: 10pt;">25
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='108'></A>
</DIV>

<!-- link1 "DILUTION" -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DILUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The difference between the public offering price per share of
common stock, assuming no value is attributed to the warrants
included in the units, and the pro forma net tangible book value
per share of our common stock after this offering constitutes
the dilution to investors in this offering. Net tangible book
value per share is determined by dividing our net tangible book
value, which is our total tangible assets less total liabilities
(including the value of common stock that may be converted into
cash), by the number of outstanding shares of our common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At June&nbsp;30, 2005, our net tangible book value was a
deficiency of approximately $320,500, or approximately $(0.06)
per share of common stock. After giving effect to the sale of
20,000,000&nbsp;shares of common stock included in the units
(but excluding shares underlying the warrants included in the
units), and the deduction of underwriting discounts and
estimated expenses of this offering, our pro forma net tangible
book value (as decreased by the value of 3,998,000&nbsp;shares
of common stock which may be converted into cash) as of
June&nbsp;30, 2005 would have been approximately $88,319,200 or
approximately $4.21&nbsp;per share, representing an immediate
increase in net tangible book value of $4.27&nbsp;per share to
the existing stockholders and an immediate dilution of
$1.79&nbsp;per share or approximately 29.8% to new investors not
exercising their conversion rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table illustrates the dilution to the new
investors on a per-share basis, assuming no value is attributed
to the warrants included in the units:
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public offering price</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net tangible book value before this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.06</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Increase attributable to new investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pro forma net tangible book value after this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dilution to new investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.79</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our pro forma net tangible book value after this offering has
been reduced by approximately $21,588,800 because if we effect a
business combination, the conversion rights to the public
stockholders may result in the conversion into cash of up to
approximately 19.99% of the aggregate number of the shares sold
in this offering at a per-share conversion price equal to the
amount in the trust account calculated as of the record date for
determination of stockholders entitled to vote on a proposed
business consummation, inclusive of any interest, divided by the
number of shares sold in this offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information with respect to our
existing stockholders and the new investors:
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Shares Purchased</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Total Consideration</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Average Price</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>per Share</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Existing stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>.0208</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>.005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>99.9792</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>25,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>100.00</B></TD>
    <TD align="left" valign="bottom" nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>120,025,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>100.00</B></TD>
    <TD align="left" valign="bottom" nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<P align="center" style="font-size: 10pt;">26
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our pro forma net tangible book value after this offering is
calculated as follows:
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Numerator:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net tangible book value before this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(320,500</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>109,898,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Offering costs excluded from net tangible book value before this
    offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>330,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Less: Proceeds held in trust subject to conversion<BR>
    to cash ($107,998,000 &#215; 19.99%)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(21,588,800</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>88,319,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Denominator:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares of common stock outstanding prior to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares of common stock included in the units offered</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Less: Shares subject to conversion (20,000,000 &#215; 19.99%)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,998,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,002,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<P align="center" style="font-size: 10pt;">27

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='109'></A>
</DIV>

<!-- link1 "MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We were formed on April&nbsp;29, 2005, as a blank check company
for the purpose of acquiring, through a merger, capital stock
exchange, asset acquisition or other similar business
combination, one or more businesses in an unspecified industry,
with operations primarily in India. We do not have any specific
merger, capital stock exchange, asset acquisition or other
similar business combination under consideration and have not
had any discussions, formal or otherwise, with respect to such a
transaction. We intend to use cash derived from the proceeds of
this offering, our capital stock, debt or a combination of cash,
capital stock and debt, to effect a business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The issuance of additional capital stock, including upon
conversion of any convertible debt securities we may issue, or
the incurrence of debt could have material consequences on our
business and financial condition. The issuance of additional
shares of our capital stock (including upon conversion of
convertible debt securities):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may significantly reduce the equity interest of our stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    will likely cause a change in control if a substantial number of
    our shares of common stock or voting preferred stock are issued,
    which may affect, among other things, our ability to use our net
    operating loss carry forwards, if any, and may also result in
    the resignation or removal of one or more of our present
    officers and directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may adversely affect the voting power or other rights of holders
    of our common stock if we issue preferred stock with dividend,
    liquidation, conversion or other rights superior to the common
    stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may adversely affect prevailing market prices for our common
    stock, warrants or units.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Similarly, the incurrence of debt:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may lead to default and foreclosure on our assets if our
    operating revenues after a business combination are insufficient
    to pay our debt obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may cause an acceleration of our obligations to repay the debt
    even if we make all principal and interest payments when due if
    we breach the covenants contained in the terms of the debt
    documents, such as covenants that require the maintenance of
    certain financial ratios or reserves, without a waiver or
    renegotiation of such covenants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may create an obligation to immediately repay all principal and
    accrued interest, if any, upon demand to the extent any debt
    securities are payable on demand;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    may hinder our ability to obtain additional financing, if
    necessary, to the extent any debt securities contain covenants
    restricting our ability to obtain additional financing while
    such security is outstanding, or to the extent our existing
    leverage discourages other potential investors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To date, our efforts have been limited to organizational
activities. We have neither engaged in any operations nor
generated any revenues to date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that the net proceeds from the sale of the units
will be $109,898,000 (or $126,908,000 if the underwriters&#146;
over-allotment is exercised in full), after deducting offering
expenses of approximately $502,000 and underwriting discounts of
approximately $9,600,000 (or $10,590,000 if the
underwriters&#146; over-allotment option is exercised in full),
including $3,000,000 evidencing the underwriters&#146;
non-accountable expense allowance of 2.5% of the gross proceeds.
Of this amount, $107,998,000, or $125,008,000 if the
underwriters&#146; over-allotment option is exercised in full,
will be held in trust and the remaining $1,900,000 in either
case will not be held in trust. We will use substantially all of
the net proceeds of this offering to acquire one or more
operating businesses, including identifying and evaluating
prospective acquisition candidates, selecting one or more
operating businesses, and structuring, negotiating and
consummating the business combination. However, we may not use
all of the proceeds in the trust in connection with a business
combination, either because the consideration for the business
combination is less than the proceeds in trust or because we
finance
</DIV>


<P align="center" style="font-size: 10pt;">28

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
a portion of the consideration with our capital stock or debt
securities. In that event, the proceeds held in the trust
account as well as any other net proceeds not expended will be
used to finance the operations of the target business or
businesses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that we consummate a business combination, the
proceeds held in the trust account will be used for the
following purposes:
</DIV>


<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Payment of the purchase price for the business combination;</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Payment of the fees and costs due to Ferris, Baker Watts, Inc.
    as financial advisor to the company;</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Payment of any finder&#146;s fees or professional fees and
    costs; and</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Payment of any fees and costs the Company may incur in
    connection with any equity or debt financing relating to the
    business combination.</TD>
</TR>


</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that, upon consummation of this offering, the funds
available to us outside of the trust account will be sufficient
to allow us to operate for at least the next 24&nbsp;months,
assuming that a business combination is not consummated during
that time. Over this time period, we anticipate making the
following expenditures:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $400,000 of expenses for legal, accounting and
    other expenses attendant to the due diligence investigations,
    structuring and negotiating of a business combination;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Approximately $300,000 of expenses for the due diligence and
    investigation of a target business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $150,000 of expenses in legal and accounting fees
    relating to our SEC reporting obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $180,000 of expenses in fees relating to our
    office space and certain general and administrative
    services;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $870,000 for travel, general working capital that
    will be used for miscellaneous expenses and reserves, including
    approximately $125,000 for director and officer liability
    insurance premium.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not believe we will need additional financing following
this offering in order to meet the expenditures required for
operating our business. However, we may need to obtain
additional financing to the extent such financing is required to
consummate a business combination, in which case we may issue
additional securities or incur debt in connection with such
business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of May&nbsp;2, 2005, Mr.&nbsp;Mukunda loaned a total of
$100,000 to us for payment of offering expenses. The loan bears
interest at a rate of 4%&nbsp;per year and will be payable on
the earlier of April&nbsp;30, 2006 or the consummation of this
offering. The loan will be repaid out of the proceeds of this
offering not being placed in trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to pay IGN, LLC, an affiliate of
Mr.&nbsp;Mukunda, a monthly fee of $7,500 for general and
administrative services including office space, utilities and
secretarial support. This arrangement is for our benefit and is
not intended to provide Mr.&nbsp;Mukunda, Chief Executive
Officer of IGN, LLC and our Chairman, Chief Executive Officer
and President, with compensation in lieu of salary. We believe,
based on rents and fees for similar services in the Washington,
DC metropolitan area, that the fee charged by IGN, LLC is at
least as favorable as we could have obtained from an
unaffiliated third party. However, because our directors may not
be deemed &#147;independent&#148;, we did not have the benefit
of disinterested directors approving the transaction.
</DIV>

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<A name='110'></A>
</DIV>

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<B>PROPOSED BUSINESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Introduction</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a recently organized Maryland blank check company formed
on April&nbsp;29, 2005 for the purpose of acquiring, through a
merger, capital stock exchange, asset acquisition or other
similar business combination or acquisition, one or more
businesses with operations primarily in India. To date, our
efforts have been limited to organizational activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Country Focus:</I><B> </B>We intend to focus on finding
opportunities with operations in India. We believe that India
presents opportunities to acquire target businesses that have
not previously been available because it has become one of the
world&#146;s largest democracies, and in recent years, has
undergone significant deregulation of certain sectors of its
economy. According to the 2001 World Factbook published by the
U.S. Central Intelligence Agency, India&#146;s economy, in terms
of gross domestic product (GDP), the total value of goods and
services produced in India, as measured by purchasing power
parity (PPP), the relative value of a nation&#146;s currency
based on what the currency can buy in the country of origin, is
the fourth largest in the world just behind Japan and ahead of
Germany. The Indian economy is also currently transitioning from
traditional farming and handicrafts to modern agriculture,
modernized industries and services. Some basic facts relating to
India as set forth in the 2001 World Factbook are:
</DIV>


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    <TD width="1%"></TD>
    <TD width="96%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    India is the world&#146;s second most populous country. The
    population of India is approximately 1.1&nbsp;billion, with a
    total labor force of about 482&nbsp;million (2004 estimate).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Inflation is approximately 4.2% (2004 estimate).</TD>
</TR>

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    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    India&#146;s exports are approximately $69.18&nbsp;billion on a
    free on board basis (f.o.b.) (2004 estimate).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    India&#146;s top five export partners as of the end of 2003 are
    the following:</TD>
</TR>

</TABLE>

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    <TD width="97%"></TD>
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    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;United States (approximately 20.3%);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;China (approximately 6.3%);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;United Kingdom (approximately 5.2%);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;Hong Kong (approximately 4.7%); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;Germany (approximately 4.3%).</TD>
</TR>

</TABLE>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    India&#146;s reserves of foreign exchange and gold are
    approximately $126&nbsp;billion (2004 estimate).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The Indian currency is the rupee and over the past three years
    on average US $1.00 was equivalent to:</TD>
</TR>

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<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    45.8692 Indian rupees in 2004,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    46.5806 Indian rupees in 2003, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    48.6103 Indian rupees in 2002.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Determinate Factors for Acquisition Opportunities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that there is an opportunity to buy a business in
India at an attractive valuation, which may lead to exceptional
potential growth opportunity. There are two significant macro
economic factors that we believe drive this opportunity:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Rapidly Growing Economy:</I> India has posted a growth rate
of 6.8% since 1994 and, according to the World Factbook, has
become the fourth largest economy in the world behind Japan in
terms of PPP. However, the Japanese economy with a GDP of
approximately $3.745 trillion is growing at a rate of
approximately 2.9% compared to the Indian economy which is
growing at a rate of approximately 6.2% and
</DIV>

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<DIV align="left" style="font-size: 10pt;">
has a GDP of approximately $3.319 trillion. Below is a table
illustrating GDP, as measured in terms of PPP, of the top eight
economies and their growth rates.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="63%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>GDP as measured</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>in terms of PPP</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Growth rate</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(2004 estimate)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(2004 estimate)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.S.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11.75 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    China</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7.262 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Japan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3.745 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    India</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3.319 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Germany</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2.362 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.K.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.782 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    France</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.737 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Italy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.609 trillion</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Source: World Factbook published by the United States Central
Intelligence Agency in 2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>A commitment to stability and economic reforms. </I>According
to Mega Ace Consultancy, an India-based think tank studying the
Indian economy, since mid-1991, the Indian government has
committed itself to implementing an economic structural reform
program with the objective of liberalizing India&#146;s exchange
and trade policies, reducing the fiscal deficit, controlling
inflation, promoting a sound monetary policy, reforming the
financial sector, and placing greater reliance on market
mechanisms to direct economic activity. According to Mega Ace
Consultancy, a significant component of the program is the
promotion of foreign investment in key areas of the economy and
the further development of, and the relaxation of restrictions
in, the private sector. As a result, we believe the regulatory
environment has become more favorable. There are already a
number of industry sectors that have been deregulated,
including, but not limited to, telecommunications, drug and
pharmaceuticals, banking and insurance, airports and airlines
and mining and petroleum whereby foreign investors may own and
control Indian companies and profits may be reinvested in India
or repatriated to the U.S. or to other foreign countries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Identification of Industry Sectors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we are not limited to the sectors outlined below, we
believe that there are two broad areas: (1)&nbsp;Business
Process Outsourcing and Information Technology and
(2)&nbsp;Infrastructure, that are illustrative of the
opportunities that we may consider. We believe that some
industry sectors are fragmented and present a greater
opportunity for a capitalized entity to consolidate a number of
the best middle tier companies in India. Our strategy in each of
these sectors (as well as others we may consider) is to identify
potential &#147;market sector leaders&#148; which we think will
grow at a substantially faster rate than the overall economy.
The two broad illustrative areas are as follows:
</DIV>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I>Business Process Outsourcing and Information Technology:
    </I>Business Process Outsourcing or BPO typically refers to the
    act of transferring business processes to an outside provider in
    order to achieve cost savings while improving service quality.
    BPO extends beyond typical information technology outsourcing. A
    BPO service provider may take on a specific corporate function
    like customer service and/or help desk, or more complex and
    knowledge-based functions, such as human resources, accounting
    and finance, research and development, and monitoring of
    networks. A BPO service provider may also assume the
    responsibility for re-engineering and introducing best practices
    into processes that are outsourced. In this way, BPO is fast
    emerging as not just a cost saving mechanism, but a powerful
    strategic management tool in achieving business objectives. We
    believe that India has a well educated, English speaking middle
    class and a low wage base that will allow the BPO and
    Information Technology businesses to continue to grow. Within
    the BPO and Information Technology sector, we believe there are
    several compelling industries to explore, including, but not
    limited to:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <U>Knowledge-based and Other Back Office Outsourcing</U>: As
    labor costs for information technology and similar professionals
    soar in the U.S. and technology facilitates communica-</TD>
</TR>

</TABLE>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    tion between persons in disparate parts of the world, we believe
    that the benefits of out-sourcing knowledge-based and back
    office functions to countries such as India, will be
    increasingly utilized by businesses all over the world. We may
    consider sectors, such as software development, research and
    development, information technology, telecommunications
    outsourcing, financial services, and customer care.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <U>Pharmaceutical and Health Services</U>: As healthcare costs
    soar in the U.S., we believe that the benefits of outsourcing
    medical care, drug manufacturing or medical transcription to
    countries such as India, will be increasingly utilized in the
    healthcare industry and by consumers all over the world. For
    example, medical transcription (where medical dictation is
    converted by workers in India into print) is an area that has
    taken advantage of the lower labor rates in India and other
    countries. Other areas that are expected to benefit from
    outsourcing are generic drug manufacturing, drug trial testing,
    and telemedicine. For example, we might consider buying a middle
    tier generic drug manufacturer with a U.S. Federal Drug
    Administration approved manufacturing plant and combining it
    with a distributor in the U.S. to create a vertical generic drug
    manufacturing and distribution company.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I>Infrastructure: </I>We believe that because of rapid economic
    growth there is a substantial demand for ongoing infrastructure
    improvements to support continued growth. We further believe
    that the rapid economic growth has created a growing middle
    class that has developed increasing buying power. As a result of
    these factors, we further believe there has been an increased
    growth opportunity for companies that develop and build
    infrastructure. Some middle tier infrastructure acquisition
    opportunities would include, among others, companies that build
    business complexes, residential housing and shopping complexes.
    We would also consider transportation companies, logistics
    companies or financial services companies operating within India
    as prospective middle tier infrastructure acquisition target
    businesses.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we may seek to effect a business combination with more
than one target business, our initial business acquisition must
be with one or more operating businesses whose fair market
value, collectively, is at least equal to 80% of our net assets
at the time of such acquisition. Consequently, if we cannot
identify and acquire multiple operating businesses
contemporaneously, we will need to identify and acquire a larger
single operating business or a small number of similarly focused
operating businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not have any specific merger, capital stock exchange,
asset acquisition or other similar business combination under
consideration and have not had any discussions, formal or
otherwise, with respect to such a transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Effecting a business combination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>General</I></B> To date, we have not selected any target
business for a business combination. Moreover, neither we nor
any of our affiliates, agents or representatives has had any
contact or discussions, directly or indirectly, with
representatives of any other company regarding a potential
business combination with such company nor have we, nor any of
our affiliates, agents or representatives, been approached,
directly or indirectly, by any potential candidates (or
representatives of any potential candidates) with respect to
such a transaction or by any unaffiliated party with respect to
a potential candidate or a potential transaction with such a
candidate. Additionally, we have not engaged or retained any
agent or other representative to identify or locate any suitable
candidate for a proposed business combination with us other than
Ferris, Baker Watts, Inc. with whom we have entered into the
advisory agreement described below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are not presently engaged in, and we will not engage in, any
substantive commercial business for an indefinite period of time
following this offering. We intend to use cash derived from the
proceeds of this offering, our capital stock, debt or a
combination of these to effect a business combination involving
one or more operating businesses in India, in an unspecified
industry. Although substantially all of the net proceeds of this
offering are intended to be generally applied toward effecting a
business combination as described in this prospectus, the
proceeds are not otherwise being designated for any more
specific purposes. Accordingly, prospective investors will
invest in us without an opportunity to evaluate the specific
merits or risks of any one
</DIV>

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<DIV align="left" style="font-size: 10pt;">
or more business combinations. A business combination may
involve the acquisition of, or merger with, one or more
operating businesses that do not need substantial additional
capital but desire to establish a public trading market for
their shares, while avoiding what they may deem to be adverse
consequences of undertaking a public offering itself. We believe
these include certain time delays, significant expense, loss of
voting control and compliance with various federal and state
securities laws. In the alternative, a business combination may
involve one or more companies that may be financially unstable
or in their early stages of development or growth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not identified any
target business</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To date, we have not selected any target businesses. Subject to
the requirement that our initial business combination must be
with one or more operating businesses that, collectively, have a
fair market value of at least 80% of our net assets at the time
of the acquisition, we will have limited, if any, restrictions
on our ability to identify and select prospective acquisition
candidates. Accordingly, there is no basis for investors in this
offering to evaluate the possible merits or risks of the
particular industry in which we may ultimately operate or the
target businesses with which we may ultimately complete a
business combination. To the extent we effect a business
combination with a financially unstable company or an entity in
its early stage of development or growth, including entities
without established records of sales or earnings; we may be
affected by numerous risks inherent in the business and
operations of financially unstable and early stage or potential
emerging growth companies. Although our management will endeavor
to evaluate the risks inherent in a particular target business,
we cannot assure you that we will properly ascertain or assess
all significant risk factors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sources of target
businesses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We anticipate that acquisition candidates will be primarily
derived from three possible sources: (1)&nbsp;the professional
community, including, without limitation, investment bankers,
attorneys and accountants, (2)&nbsp;quasi-governmental
associations such as the International Finance Corporation,
which is a member of the World Bank, and (3)&nbsp;the
deregulation of industries by the government of India. In
addition, we may receive acquisition candidates from other
unaffiliated sources, including private equity and venture
capital funds and public and private companies. Our officers,
directors and special advisors and their affiliates may also
bring to our attention acquisition candidates. In addition to
contacting the sources described above for potential acquisition
candidates, we expect that we may be contacted by unsolicited
parties who become aware of our interest in prospective targets
through press releases, word of mouth, media coverage and our
website, should these outlets develop. We may pay a
finder&#146;s fee to any unaffiliated party that provides
information regarding prospective targets to us. Any such fee
would be conditioned on our consummating a business combination
with the identified target. We anticipate that such fees, if
any, like the Ferris, Baker Watts Inc. fee described below,
would be a percentage of the consideration associated with such
business combination, with the percentage to be determined based
on local market conditions at the time of such combination.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have also entered into a financial advisory agreement with
Ferris, Baker Watts, Inc., the representative of the
underwriters in this offering, whereby Ferris, Baker Watts,
Inc., will serve as our exclusive financial advisor in
connection with a business combination for a period of two years
from the effective date of this offering. Ferris, Baker Watts,
Inc. will perform certain advisory services for us, including
without limitation, assisting us in determining an appropriate
acquisition strategy and tactics, evaluating the consideration
that may be offered to a target business, assisting us in the
negotiation of the financial terms and conditions of a business
combination and preparing a due diligence package regarding a
business combination for our board of directors. Pursuant to the
terms of this agreement, Ferris, Baker Watts, Inc. will be
entitled to receive two percent (2%) of the consideration
associated with any business combination by us. The fee will be
capped at $2,000,000 and will be paid only upon consummation of
a suitable business combination. In addition to the foregoing
fee, we have agreed to reimburse Ferris, Baker Watts, Inc.,
promptly, on a monthly basis, for all of the reasonable
out-of-pocket expenses incurred by Ferris, Baker Watts, Inc.,
whether or not a business combination is consummated; provided,
however, that such expenses in the aggregate will not exceed
$25,000 without our prior consent.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than our advisory agreement with Ferris, Baker Watts,
Inc., we do not presently anticipate engaging the services of
professional firms that specialize in business acquisitions on
any formal basis. Notwithstanding the foregoing, we may engage
these firms in the future, in which event we may pay a
finder&#146;s fee or other compensation. In no event, however,
will we pay any of our existing officers, directors,
stockholders or any entity with which they are affiliated (other
than IGN, LLC) any finder&#146;s fee or other compensation for
services rendered to us prior to or in connection with the
consummation of a business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selection of target
businesses and structuring of a business combination</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda will supervise the process of evaluating
prospective target businesses, and we expect that he will devote
substantially all of his time to our business once we have
signed a term sheet with a target business. We anticipate that
Mr.&nbsp;Mukunda will be assisted in his efforts by officers and
advisors of the Company, together with the Company&#146;s
outside attorneys, accountants and other representatives. As
described above, under their advisory agreement with us, Ferris,
Baker Watts, Inc. may also assist in this process, including the
preparation of due diligence packages for management&#146;s
review.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the requirement that our initial business combination
must be with one or more operating businesses that,
collectively, have a fair market value of at least 80% of our
net assets at the time of such acquisition, our management will
have limited, if any, restrictions on our ability to identify
and select prospective target businesses. In evaluating
prospective target businesses, our management will likely
consider, among other factors, the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    financial condition, results of operation and repatriation
    regulations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    growth potential both in India and growth potential outside of
    India;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    capital requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    experience and skill of management and availability of
    additional personnel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    competitive position;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    barriers to entry into the businesses&#146; industries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    potential for compliance with GAAP, SEC regulations, Sarbanes
    Oxley requirements and capital requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    domestic and global competitive position and potential to
    compete in the U.S. and other markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    position within a sector and barriers to entry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    stage of development of the products, processes or services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    degree of current or potential market acceptance of the
    products, processes or services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    proprietary features and degree of intellectual property or
    other protection of the products, processes or services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    regulatory environment of the industry and the Indian
    government&#146;s policy towards the sector; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    costs associated with effecting the business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These criteria are not intended to be exhaustive. Any evaluation
relating to the merits of a particular business combination with
one or more operating businesses will be based, to the extent
relevant, on the above factors as well as other considerations
deemed relevant by our management in effecting a business
combination consistent with our business objective. In
evaluating prospective target businesses, we intend to conduct
an extensive due diligence review that will encompass, among
other things, meetings with incumbent management and inspection
of facilities, as well as review of financial and other
information that will be made available to us.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will endeavor to structure a business combination so as to
achieve the most favorable tax treatment to the target
businesses, their stockholders, as well as our own stockholders
and us. We cannot assure you, however, that the Internal Revenue
Service or appropriate state tax or foreign tax authority will
agree with our tax treatment of the business combination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The time and costs required to select and evaluate target
businesses and to structure and complete the business
combination cannot presently be ascertained with any degree of
certainty. Any costs incurred with respect to the identification
and evaluation of prospective target businesses with which a
business combination is not ultimately completed will result in
a loss to us and reduce the amount of capital available to
otherwise complete a business combination. However, other than
IGN, LLC, we will not, and no other person or entity will, pay
any finders or consulting fees to our existing directors,
officers, stockholders or special advisors, or any of their
respective affiliates, for services rendered to or in connection
with a business combination. In addition, we will not make any
other payment to them out of the proceeds of this offering (or
the funds held in trust) other than reimbursement for any
out-of-pocket expenses they incur in conducting due diligence,
the payments to IGN, LLC for administrative services and the
repayment of the $100,000 loan issued by Mr.&nbsp;Mukunda to us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair market value of target
businesses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The initial target businesses that we acquire must have a fair
market value equal to at least 80% of our net assets at the time
of such acquisition, although we may acquire a target business
whose fair market value significantly exceeds 80% of our net
assets. To this end, we may seek to raise additional funds
through the sale of our securities or through loan arrangements
if additional funds are required to consummate such a business
combination, although we have not engaged or retained, had any
discussions with, or entered into any agreements with, any third
party regarding any such potential financing transactions. If we
were to seek additional funds, any such arrangement would only
be consummated simultaneously with our consummation of a
business combination. The fair market value of such businesses
will be determined by our board of directors based upon
standards generally accepted by the financial community, such as
actual and potential sales, earnings and cash flow and book
value. If our board is not able to independently determine that
the target businesses have a sufficient fair market value or if
a conflict of interest exists with respect to such
determination, including, but not limited to the fact that the
target is affiliated with one or more of our officers or
directors, we will obtain an opinion from an unaffiliated,
independent investment banking firm which is a member of the
NASD with respect to the satisfaction of such criteria. However,
we will not be required to obtain an opinion from an investment
banking firm as to the fair market value if our board of
directors independently determines that the target businesses
have sufficient fair market value or if no such conflict exists.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Possible lack of business
diversification</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds from this offering will provide us with
approximately $109,898,000, which we may use to complete a
business combination. While we may seek to effect a business
combination with more than one target business, our initial
business acquisition must be with one or more operating
businesses whose fair market value, collectively, is at least
equal to 80% of our net assets at the time of such acquisition.
At the time of our initial business combination, we may not be
able to acquire more than one target business because of various
factors, including insufficient financing or the difficulties
involved in consummating the contemporaneous acquisition of more
than one operating company, including, but not limited to, the
potential lack of resources to simultaneously conduct due
diligence reviews and to negotiate acquisition terms with
multiple targets; therefore, it is probable that we will have
the ability to complete a business combination with only a
single operating business, which may have only a limited number
of products or services. The resulting lack of diversification
may:
</DIV>


<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    result in our dependency upon the performance of a single or
    small number of operating businesses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    result in our dependency upon the development or market
    acceptance of a single or limited number of products, processes
    or services; and</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">35

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    subject us to numerous economic, competitive and regulatory
    developments, any or all of which may have a substantial adverse
    impact upon the particular industry in which we may operate
    subsequent to a business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this case, we will not be able to diversify our operations or
benefit from the possible spreading of risks or offsetting of
losses, unlike other entities that may have the resources to
complete several business combinations in different industries
or different areas of a single industry so as to diversify risks
and offset losses. Further, the prospects for our success may be
entirely dependent upon the future performance of the initial
target business or businesses we acquire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, since our business combination may entail the
contemporaneous acquisition of several operating businesses at
the same time and may be with different sellers, we will need to
convince such sellers to agree that the purchase of their
businesses is contingent upon the simultaneous closings of the
other acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited ability to evaluate
the target business&#146; management</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although we intend to closely scrutinize the management of
prospective target businesses when evaluating the desirability
of effecting a business combination, we cannot assure you that
our assessment of the target business&#146; management will
prove to be correct. In addition, we cannot assure you that the
future management will have the necessary skills, qualifications
or abilities to manage a public company intending to embark on a
program of business development. Furthermore, the future role of
our officers, directors and special advisors, if any, in the
target businesses cannot presently be stated with any certainty.
While it is possible that one or more of our officers, directors
and special advisors will remain associated with us in some
capacity following a business combination, it is unlikely that
any of them will devote their full efforts to our affairs
subsequent to a business combination. Moreover, we cannot assure
you that our officers, directors and special advisors will have
significant experience or knowledge relating to the operations
of the particular target businesses acquired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following a business combination, we may seek to recruit
additional managers to supplement the incumbent management of
the target businesses. We cannot assure you that we will have
the ability to recruit additional managers, or that additional
managers will have the requisite skills, knowledge or experience
necessary to enhance the incumbent management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunity for stockholder
approval of business combination</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the completion of a business combination, we will
submit the transaction to our stockholders for approval, even if
the nature of the acquisition is such as would not ordinarily
require stockholder approval under applicable state law. In
connection with seeking stockholder approval of a business
combination, we will furnish our stockholders with proxy
solicitation materials prepared in accordance with the
Securities Exchange Act of 1934, which, among other matters,
will include a description of the operations of the target
business and certain required financial information regarding
the business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the vote required for our initial business
combination, all of our existing stockholders, including all of
our officers, directors, and our special advisors, have agreed
to vote the shares of common stock owned by them in accordance
with the majority of the shares of common stock voted by the
public stockholders. We will proceed with the business
combination only if a majority of the shares of common stock
voted by the public stockholders are voted in favor of the
business combination and public stockholders owning less than
19.99% of the shares sold in this offering exercise their
conversion rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion rights</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the time we seek stockholder approval of any business
combination, we will offer each public stockholder the right to
have such stockholder&#146;s shares of common stock converted to
cash if the stockholder votes against the business combination
and the business combination is approved and completed. The
actual per-share conversion price will be equal to the amount in
the trust account, inclusive of any interest
</DIV>

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<DIV align="left" style="font-size: 10pt;">
(calculated as of the record date for determination of
stockholders entitled to vote on a proposed business
combination), divided by the number of shares sold in this
offering. Without taking into any account interest earned on the
trust account, the initial per-share conversion price would be
approximately $5.40 or approximately $.60 less than the per-unit
offering price of $6.00. An eligible stockholder may request
conversion at any time after the mailing to our stockholders of
the proxy statement and prior to the vote taken with respect to
a proposed business combination at a meeting held for that
purpose, but the request will not be granted unless the
stockholder votes against the business combination and the
business combination is approved and completed. Any request for
conversion, once made, may be withdrawn at any time up to the
date of the meeting. It is anticipated that the funds to be
distributed to stockholders entitled to convert their shares who
elect conversion will be distributed promptly after completion
of a business combination. Public stockholders who convert their
stock into their share of the trust account still have the right
to exercise the warrants that they received as part of the
units. We will not complete any business combination if public
stockholders, owning 20% or more of the shares sold in this
offering, exercise their conversion rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation if no business
combination</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we do not complete a business combination within
18&nbsp;months after the consummation of this offering, or
within 24&nbsp;months if the extension criteria described below
have been satisfied, we will be dissolved and will distribute to
all of our public stockholders, in proportion to their
respective equity interests, an aggregate sum equal to the
amount in the trust account, inclusive of any interest, plus any
remaining net assets. Our existing stockholders have agreed to
waive their respective rights to participate in any liquidation
distribution occurring upon our failure to consummate a business
combination, but only with respect to those shares of common
stock acquired by them prior to this offering; they will
participate in any liquidation distribution with respect to any
shares of common stock acquired in connection with or following
this offering. There will be no distribution from the trust
account with respect to our warrants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we were to expend all of the net proceeds of this offering,
other than the proceeds deposited in the trust account, and
without taking into account interest, if any, earned on the
trust account, the initial per-share liquidation price would be
approximately $5.40 or approximately $.60 less than the per-unit
offering price of $6.00. The proceeds deposited in the trust
account could, however, become subject to the claims of our
creditors that could be prior to the claims of our public
stockholders. We cannot assure you that the actual per-share
liquidation price will not be less than approximately $5.40,
plus interest, due to claims of creditors. The officers and
directors of the Company have agreed pursuant to an agreement
with us and Ferris, Baker Watts, Inc. that, if we liquidate
prior to the consummation of a business combination, they will
be personally liable under certain circumstances to ensure that
the proceeds of the trust account are not reduced by the claims
of vendors or other entities that are owed money by us for
services rendered or products sold to us in excess of the net
proceeds of this offering not held in the trust account. We
cannot assure you, however, that the officers and directors of
the Company will be able to satisfy those obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we enter into either a letter of intent, an agreement in
principle or a definitive agreement to complete a business
combination prior to the expiration of 18&nbsp;months after the
consummation of this offering, but are unable to complete the
business combination within the 18-month period, then we will
have an additional six months in which to complete the business
combination contemplated by the letter of intent, agreement in
principle or definitive agreement. If we are unable to do so by
the expiration of the 24-month period from the consummation of
this offering, we will then liquidate. Upon notice from us, the
trustee of the trust account will commence liquidating the
investments constituting the trust account and will turn over
the proceeds to our transfer agent for distribution to our
public stockholders. We anticipate that our instruction to the
trustee would be given promptly after the expiration of the
applicable 18-month or 24-month period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our public stockholders shall be entitled to receive funds from
the trust account only in the event of our liquidation or if the
stockholders seek to convert their respective shares into cash
upon a business combination that the stockholder voted against
and that is actually completed by us. In no other circumstances
shall a stockholder have any right or interest of any kind to or
in the trust account.
</DIV>

<P align="center" style="font-size: 10pt;">37

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Competition</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In identifying, evaluating and selecting target businesses, we
may encounter intense competition from other entities having a
business objective similar to ours. Many of these entities are
well established and have extensive experience identifying and
effecting business combinations directly or through affiliates.
Many of these competitors possess greater technical, human and
other resources than us and our financial resources will be
relatively limited when contrasted with those of many of these
competitors. While we believe there are numerous potential
target businesses that we could acquire with the net proceeds of
this offering, our ability to compete in acquiring certain
sizable target businesses will be limited by our available
financial resources. This inherent competitive limitation gives
others an advantage in pursuing the acquisition of target
businesses. Further:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our obligation to seek stockholder approval of a business
    combination or obtain the necessary financial statements to be
    included in the proxy materials to be sent to stockholders in
    connection with a proposed business combination may delay the
    completion of a transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our obligation to convert into cash shares of common stock held
    by our public stockholders in certain instances may reduce the
    resources available to us for a business combination;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our outstanding warrants and the purchase option granted to
    Ferris, Baker Watts, Inc., and the future dilution they
    potentially represent, may not be viewed favorably by certain
    target businesses.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any of these factors may place us at a competitive disadvantage
in successfully negotiating a business combination. Our
management believes, however, that our status as a public entity
and potential access to the United States public equity markets
may give us a competitive advantage over privately-held entities
having a similar business objective as ours in acquiring a
target business on favorable terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we succeed in effecting a business combination, there will
be, in all likelihood, intense competition from competitors of
the target businesses. In particular, certain industries that
experience rapid growth frequently attract an increasingly
larger number of competitors, including competitors with
increasingly greater financial, marketing, technical and other
resources than the initial competitors in the industry. The
degree of competition characterizing the industry of any
prospective target business cannot presently be ascertained. We
cannot assure you that, subsequent to a business combination, we
will have the resources to compete effectively, especially to
the extent that the target businesses are in high-growth
industries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Facilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not own any real estate or other physical properties
materially important to our operation. Our headquarters are
located at 4336 Montgomery Avenue, Bethesda, Maryland, 20814.
The cost of this space is included in the $7,500&nbsp;per month
fee IGN, LLC charges us for general and administrative service
pursuant to a letter agreement between us and IGN, LLC. We
believe that our office facilities are suitable and adequate for
our business as it is presently conducted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Employees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We currently have four executive officers, two of whom are
members of our board of directors as well as three special
advisors. We have two other part time employees. These
individuals are not obligated to devote their full time to our
matters and intend to devote only as much time as they deem
necessary to our affairs, although we expect each of
Messrs.&nbsp;Mukunda and Cherin to devote an average of
approximately fifteen hours per week to our business and for
Mr.&nbsp;Mukunda to devote substantially all of his time to our
business once we have signed a term sheet with a target
business. We do not intend to have any full time employees prior
to the consummation of a business combination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Legal Proceedings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are not involved in nor a party to any material legal
proceedings.
</DIV>

<P align="center" style="font-size: 10pt;">38

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Periodic Reporting and Audited Financial Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date on which the SEC declares effective the
registration statement, we will register our units, common stock
and warrants under the Securities Exchange Act of 1934, and
thereafter will have reporting obligations thereunder, including
the requirement that we file annual and quarterly reports with
the SEC. In accordance with the requirements of the Securities
Exchange Act of 1934, our annual reports will contain financial
statements audited and reported on by our independent registered
public accounting firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not acquire a target business if audited financial
statements based on United States generally accepted accounting
principles cannot be obtained for the target business.
Additionally, our management will provide stockholders with
audited financial statements, prepared in accordance with
generally accepted accounting principles, of the prospective
businesses as part of the proxy solicitation materials sent to
stockholders to assist them in assessing a business combination.
Our management believes that the requirement of having available
audited financial statements for the target businesses will not
materially limit the pool of potential target businesses
available for acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Comparison to offerings of blank check companies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table compares and contrasts the terms of our
offering and the terms of an offering by blank check companies
under Rule&nbsp;419 promulgated by the SEC assuming that the
gross proceeds, underwriting discounts and underwriting expenses
for the Rule&nbsp;419 offering are the same as this offering and
that the underwriters will not exercise their over-allotment
option. None of the terms of a Rule&nbsp;419 offering will apply
to this offering.
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms of Our Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms Under a Rule 419 Offering</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Escrow of offering proceeds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $107,998,000 of the net offering proceeds will be deposited into
    a trust account located at United Bank Inc., and maintained by
    Continental Stock Transfer&nbsp;&#38; Trust Company acting as
    trustee.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $99,360,000 of the offering proceeds would be required to be
    deposited into either an escrow account with an insured
    depositary institution or in a separate bank account established
    by a broker-dealer in which the broker-dealer acts as trustee
    for persons having the beneficial interests in the account.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Investment of net proceeds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The $107,998,000 of net offering proceeds held in trust will
    only be invested in U.S.&nbsp;&#147;government securities,&#148;
    defined as any Treasury Bill issued by the United States having
    a maturity of one hundred and eighty days or less.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Proceeds could be invested only in specified securities such as
    a money market fund meeting conditions of the Investment Company
    Act of 1940 or in securities that are direct obligations of, or
    obligations guaranteed as to principal or interest by, the
    United States.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Limitation on fair value or net assets of target business</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The initial target businesses that we acquire must have a fair
    market value equal to at least 80% of our net assets at the time
    of such acquisition.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    We would be restricted from acquiring a target business unless
    the fair value of such business or net assets to be acquired
    represent at least 80% of the maximum offering proceeds.</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt;">39

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms of Our Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms Under a Rule 419 Offering</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Trading of securities issued</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The units may commence trading on or promptly after the date of
    this prospectus. The common stock and warrants comprising the
    units will begin to trade separately on the 90th day after the
    date of this prospectus unless Ferris, Baker Watts, Inc. informs
    us of its decision to allow earlier separate trading, provided
    we have filed with the SEC a Current Report on Form&nbsp;8-K,
    which includes an audited balance sheet reflecting our receipt
    of the proceeds of this offering, including any proceeds we
    receive from the exercise of the over-allotment option, if such
    option is exercised prior to the filing of the Form&nbsp;8-K.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    No trading of the units or the underlying common stock and
    warrants would be permitted until the completion of a business
    combination. During this period, the securities would be held in
    the escrow or trust account.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Exercise of the warrants</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The warrants cannot be exercised until the later of the
    completion of a business combination or one year from the date
    of this prospectus and, accordingly, will only be exercised
    after the trust account has been terminated and distributed.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The warrants could be exercised prior to the completion of a
    business combination, but securities received and cash paid in
    connection with the exercise would be deposited in the escrow or
    trust account.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Election to remain an investor</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    We will give our stockholders the opportunity to vote on the
    business combination. In connection with seeking stockholder
    approval, we will send each stockholder a proxy statement
    containing information required by the SEC. A stockholder
    following the procedures described in this prospectus is given
    the right to convert his or her shares into his or her pro rata
    share of the trust account. However, a stockholder who does not
    follow these procedures or a stockholder who does not take any
    action would not be entitled to the return of any funds.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    A prospectus containing information required by the SEC would be
    sent to each investor. Each investor would be given the
    opportunity to notify the company, in writing, within a period
    of no less than 20 business days and no more than 45 business
    days from the effective date of the post- effective amendment,
    to notify the company of their election to remain an investor.
    If the company has not received the notification by the end of
    the 45th business day, funds and interest or dividends, if any,
    held in the trust or escrow account would automatically be
    returned to the stockholder. Unless a sufficient number of
    investors elect to remain investors, all of the deposited funds
    in the escrow account must be returned to all investors and none
    of the securities will be issued.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">40

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms of Our Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Terms Under a Rule 419 Offering</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Business combination deadline</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    A business combination must occur within 18&nbsp;months after
    the consummation of this offering or within 24&nbsp;months after
    the consummation of this offering if a letter of intent,
    agreement in principal or definitive agreement relating to a
    prospective business combination was entered into prior to the
    end of the 18-month period.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    If an acquisition has not been consummated within 18&nbsp;months
    after the effective date of the initial registration statement,
    funds held in the trust or escrow account would be returned to
    investors.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Release of funds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The proceeds held in the trust account will not be released
    until the earlier of the completion of a business combination or
    our liquidation upon our failure to effect a business
    combination within the allotted time.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The proceeds held in the escrow account would not be released
    until the earlier of the completion of a business combination or
    the failure to effect a business combination within the allotted
    time.</TD>
</TR>

</TABLE>
</CENTER>

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<DIV align="left" style="font-size: 10pt;">
<A name='111'></A>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MANAGEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directors, Executive Officers and Special Advisors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our current directors, executive officers and special advisors
are as follows:
</DIV>


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    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Age</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Position</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ram Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board, Chief Executive Officer and President</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Cherin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Financial Officer, Treasurer and Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr.&nbsp;Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Raghu Ram</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Executive Vice President&nbsp;&#151; Mergers and Acquisitions</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Emmanuel K. Nzai</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Vice President</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Suhail Nathani</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sudhakar Shenoy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shakti Sinha</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Special Advisor</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr.&nbsp;Prabuddha Ganguli&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Special Advisor</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr.&nbsp;Anhu K. Gupta</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Special Advisor</TD>
</TR>

</TABLE>
</CENTER>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Mr.&nbsp;Ram Mukunda,</B> has served as our Chairman of the
Board, Chief Executive Officer and President since our inception
on April&nbsp;29, 2005. Since September, 2004 Mr.&nbsp;Mukunda
has served as Chief Executive Officer of Integrated Global
Networks, LLC, a communications contractor in the U.S.
Government space. From January, 1999 to May, 2004,
Mr.&nbsp;Mukunda served as Founder, Chairman and Chief Executive
Officer of Startec Global Communications, an international
telecommunications carrier focused on providing voice over
Internet protocol (VOIP)&nbsp;services into the emerging
economies. Startec filed for protection under Chapter&nbsp;11 in
December 2001 and emerged from Chapter&nbsp;11 in 2004. Ferris,
Baker Watts, Inc., the representative of the underwriters for
this offering, acted as the managing underwriter in connection
with the initial public offering of Startec in 1997, and one of
its executives is also a member of the board of directors of
Startec.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
From June 1987 to January 1990, Mr.&nbsp;Mukunda served as
Strategic Planning Advisor at INTELSAT, a provider of satellite
capacity. Mr.&nbsp;Mukunda serves on the Board of Visitors at
the University of Maryland, School of Engineering.
Mr.&nbsp;Mukunda is the recipient of several awards, including
the University of Maryland&#146;s 2001 Distinguished Engineering
Alumnus Award and the 1998 Ernst &#38; Young, LLP&#146;s
Entrepreneur of the Year Award. He holds a B.S. in electrical
engineering and a masters degree in Engineering from the
University of Maryland.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Mr.&nbsp;John Cherin,</B> has served as our Chief Financial
Officer and Treasurer and Director since our inception on
April&nbsp;29, 2005. Since 1998, Mr.&nbsp;Cherin has acted as a
consultant and the principal of various partnerships, such as
Cherin Global Consulting LC, Cherin Group LLC, Dolphin LLC,
Infinity Global LLC and Cruising Global Inc. From 1966 through
1998 he worked at Arthur Andersen, an independent registered
public accounting firm. Mr.&nbsp;Cherin was admitted to the
worldwide partnership in 1977. Mr.&nbsp;Cherin served as a
Senior Partner from March, 1993 to June 1998. From October 1984
to March 1993 Mr.&nbsp;Cherin ran the Enterprise practice for
the metropolitan Washington area. Prior to that, Mr. Cherin ran
the entrepreneurial practice in South Florida from September,
1977 to October, 1984. Mr.&nbsp;Cherin holds a BA degree from
Northeastern University in Boston.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Dr.&nbsp;Ranga Krishna,</B> has served as our Director since
May&nbsp;25, 2005 and served as our Special Advisor from
April&nbsp;29, 2005 through June&nbsp;29, 2005. Since 1996, he
has been in private practice as a Neurologist and a
Neurophysiologist. In September 1999, he co-founded Fastscribe,
Inc., an Internet-based medical and legal transcription company
with its operations in India. He has served as a director of
Fastscribe since September 1999. In February 2003,
Dr.&nbsp;Krishna founded International Pharma Trials, Inc., a
company which assists U.S. pharmaceutical companies performing
Phase II clinical trials, and he is currently the Chairman and
CEO. In April 2004, Dr.&nbsp;Krishna founded Global Medical
Staffing Solutions, Inc., a company that recruits nurses and
other medical professionals from India and the Philippines and
places them in U.S. hospitals; he is currently serving as the
Chairman and CEO. Dr. Krishna is a member of several
organizations, including the American Academy of Neurology and
the Medical Society of the State of New York. He is also a
member of the Medical
</DIV>


<P align="center" style="font-size: 10pt;">42

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<DIV align="left" style="font-size: 10pt;">
Arbitration panel for the New York State Worker&#146;s
Compensation Board. Dr.&nbsp;Krishna was trained at New
York&#146;s Mount Sinai Medical Center (1991-1994) and New York
University (1994-1996).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Raghu Ram,</B> has served as our Executive Vice
President&nbsp;&#151; Mergers and Acquisitions since
May&nbsp;25, 2005. Since July 2000 Mr.&nbsp;Ram has been a
Senior Partner at Linsang Partners, LLC an incubator of
next-generation technology enterprises with combined assets in
excess of $4&nbsp;billion. He was responsible for business
development, strategic investments and deal making in the Indian
and Chinese markets as well as global strategy for portfolio
companies. During his tenure he was also the COO and CFO of a
Linsang portfolio company, Armillaire Technologies, Inc., a
400-employee company that developed a packet-based switching
platform. From January 2000 to June 2000 he was a Managing
Director in the Telecom practice at ING Barings. From 1998 to
2000 he was Managing Director of the Telecom Investment banking
practice at Prudential Securities. From 1996 to 1998 he was SVP
and Senior Equity research Analyst at Wheat First Union. From
1994 to 1996 he was a SVP and Senior Equity Research
Analyst/Portfolio Manager at Alliance Capital where he performed
research on the Telecom and Media industry. From 1988 to 1994 he
was a Senior Research Analyst/Portfolio Manager at Woodbridge
Capital Management. In 1982 Mr.&nbsp;Ram graduated with an MBA
in Corporate Strategy and Financial Management from the
University of Michigan/Detroit and in 1979 he earned a BS in
Physics and Mathematics from the University of Madras, India.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Emmanuel K. Nzai,</B> has served as our Vice President since
May&nbsp;25, 2005. Since June 2003 Mr.&nbsp;Nzai has served as
President and CEO of Linkagepoint, LLC, a global management and
information technology consulting firm that he founded. From
November 2000 through June 2003 Mr.&nbsp;Nzai served as the COO
of Venture Technologies. From November 1997 to November 2001 he
was a Managing Consultant at Xpedior, Mid Atlantic. In 1995 and
1994, Mr.&nbsp;Nzai earned an MBA and a BA, respectively, from
the Shenandoah University, VA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Suhail Nathani,</B> has served as our Director since
May&nbsp;25, 2005. Since September, 2001 he has served as a
partner at the Economics Laws Practice in India, which he
co-founded. The 25-person firm focuses on consulting, general
corporate law, tax regulations, foreign investments and issues
relating to the World Trade Organization (WTO). From December
1998 to September 2001, Mr.&nbsp;Nathani was the Proprietor of
the Strategic Law Group, also in India, where he practiced
telecommunications law, general litigation and licensing.
Mr.&nbsp;Nathani earned a LLM in 1991 from Duke University;
School of Law. In 1990 Mr.&nbsp;Nathani graduated from Cambridge
University with a MA (Hons) in Law. In 1987 he graduated from
Sydenham College of Commerce and Economics, Bombay India.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Sudhakar Shenoy,</B> has served as our Director since
May&nbsp;25, 2005. Since January 1981, Mr.&nbsp;Shenoy has been
the Founder, Chairman and CEO of Information Management
Consulting, Inc., a business solutions and technology provider
to the government, business, health and life science sectors.
Mr.&nbsp;Shenoy is a member of the Non Resident Indian Advisory
Group that advises the Prime Minister of India on strategies for
attracting foreign direct investment. Mr.&nbsp;Shenoy was
selected for the United States Presidential Trade and
Development Mission to India in 1995. From 2002 to June 2005 he
served as the chairman of the Northern Virginia Technology
Council. Since 1998 Mr.&nbsp;Shenoy has served on the Board of
Directors of Startec Global Communications, a telecommunication
company of which Mr.&nbsp;Mukunda, our CEO, was Chairman and
CEO. In 1970, Mr.&nbsp;Shenoy received a B.&nbsp;Tech (Hons.) in
electrical engineering from the Indian Institute of Technology
(IIIT). In 1971 and 1973 he received an M.S. in electrical
engineering and an M.B.A from the University of Connecticut
Schools of Engineering and Business Administration, respectively.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Dr.&nbsp;Anil K. Gupta,</B> has served as our Special Advisor
since May&nbsp;25, 2005. Dr.&nbsp;Gupta has been Chair of the
Management&nbsp;&#38; Organization Department, Ralph J. Tyser
Professor of Strategy and Organization, and Research Director of
the Dingman Center for Entrepreneurship at the Robert H. Smith
School of Business, The University of Maryland at College Park
since July 2003. Dr.&nbsp;Gupta earned a Bachelor of Technology
from the Indian Institute of Technology in 1970, an MBA from the
Indian Institute of Management in 1972, and a Doctor of Business
Administration from the Harvard Business School in 1980.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dr.&nbsp;Gupta has served on the board of directors of NeoMagic
Corporation (NASDAQ) since October 2000 and has previously
served as a director of Omega Worldwide (NASDAQ) from October
1999 through August 2003 and Vitalink Pharmacy Services (NYSE)
from July 1992 through July 1999.
</DIV>

<P align="center" style="font-size: 10pt;">43
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Shakti Sinha,</B> has served as our Special Advisor since
May&nbsp;25, 2005. Since July 2004, Mr.&nbsp;Sinha has been
working as a Visiting Senior Fellow, on economic development,
with the Government of Bihar, India. From January 2000 to June
2004 he was a Senior Advisor to the Executive Director on the
Board of the World Bank. From March 1998 to November 1999 he was
the Private Secretary to the Prime Minister of India. He was
also the Chief of the Office of the Prime Minister. Prior to
that he has held high level positions in the Government of
India, including from January 1998 to March 1998 as a Board
Member responsible for Administration in the Electricity Utility
Board of Delhi. From January 1996 to January 1998 he was the
Secretary to the Leader of the Opposition in the lower house of
the Indian Parliament. From December 1995 to May 1996 he was a
Director in the Ministry of Commerce. In 2002, Mr.&nbsp;Sinha
earned a M.S. in International Commerce and Policy from the
George Mason University, USA. In 1978 he earned a M.A. in
History from the University of Delhi and in 1976 he earned a BA
(Honors) in Economics from the University of Delhi.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Dr.&nbsp;Prabuddha Ganguli</B> has served as our Special
Advisor since May&nbsp;25, 2005. Since September 1996
Dr.&nbsp;Ganguli has been the CEO of Vision-IPR. The company
offers management consulting on the protection of Intellectual
Property Rights (IPR). His clients include companies in the
Pharmaceutical, Chemical and Engineering industries. He is an
adjunct professor of IPR at the Indian Institute of Technology,
Bombay. Prior to 1996, from August 1991 to August 1996 he was
the Head of Information Services and Patents at the Hindustan
Lever Research Center. In 1986 he was elected as a fellow to the
Maharastra Academy of Sciences. In 1966 he received the National
Science Talent Scholarship (NSTS). In 1977 he was awarded the
Alexander von Humboldt Foundation Fellow (Germany). He is
Honorary Scientific Consultant to the Principal Scientific
Adviser to the Government of India. He is a Member of the
National Expert Group on Issues linked to Access to Biological
materials vis-&#224;-vis TRIPS and CBD Agreements constituted by
the Indian Ministry of Commerce and Industry. He is also a
Member of the Editorial Board of the IPR journal &#147;World
Patent Information&#148; published by Elsevier Science Limited,
UK. He is a Consultant to the World Intellectual Property
Organization (WIPO), Geneva in IPR capability building training
programs in various parts of the world. In 1976 Dr.&nbsp;Ganguli
received a PhD from the Tata Institute of Fundamental Research,
Bombay in chemical physics. In 1971 he received a M.Sc. in
Chemistry from the Indian Institute of Technology (Kanpur) and
in 1969 he earned a BS from the Institute of Science (Bombay
University).
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board of directors is divided into three classes
(Class&nbsp;A, Class&nbsp;B and Class&nbsp;C) with only one
class of directors, being elected in each year and each class
serving a three-year term. The term of office of the
Class&nbsp;A directors, consisting of Mr. Nathani and Mr.
Shenoy, will expire at our first annual meeting of stockholders.
The term of office of the Class&nbsp;B directors, consisting of
Mr. Cherin and Dr. Krishna, will expire at the second annual
meeting of stockholders. The term of office of the Class&nbsp;C
directors, consisting of Mr.&nbsp;Mukunda, will expire at the
third annual meeting of stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These individuals will play a key role in identifying and
evaluating prospective acquisition candidates, selecting the
target business, and structuring, negotiating and consummating
its acquisition. None of these individuals has been a principal
of or affiliated with a public company or blank check company
that executed a business plan similar to our business plan and
none of these individuals is currently affiliated with such an
entity. However, we believe that the skills and expertise of
these individuals, their collective access to acquisition
opportunities and ideas, their contacts, and their transaction
expertise should enable them to successfully identify and
evaluate prospective acquisition candidates, select target
businesses and structure, negotiate and consummate a business
combination, although we cannot assure you that they will, in
fact, be able to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than IGN, LLC, no executive officer or any affiliate of an
executive officer has received any cash compensation for
services rendered. We have agreed to pay IGN, LLC, an affiliate
of Mr.&nbsp;Mukunda, a monthly fee of $7,500 for general and
administrative services including office space, utilities and
secretarial support. This arrangement is for our benefit and is
not intended to provide Mr.&nbsp;Mukunda, Chief Executive
Officer of IGN, LLC and our Chairman, Chief Executive Officer
and President, with compensation in lieu of salary. We believe,
based on rents and fees for similar services in the Washington,
DC metropolitan area, that the fee charged by IGN, LLC is at
least as favorable as we could have obtained from an
unaffiliated third
</DIV>

<P align="center" style="font-size: 10pt;">44

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<DIV align="left" style="font-size: 10pt;">
party. However, because our directors at the time we entered
into the agreement with IGN, LLC may not be deemed
&#147;independent&#148;, we did not have the benefit of
disinterested directors approving the transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than the $7,500 fee paid to IGN, LLC, no compensation of
any kind, including finder&#146;s and consulting fees, will be
paid to any of our existing stockholders, including our
officers, directors and special advisors, or any of their
respective affiliates, for services rendered prior to or in
connection with a business combination. However, these
individuals will be reimbursed for any out-of-pocket expenses
incurred in connection with activities on our behalf such as
identifying potential target businesses and performing due
diligence on suitable business combinations. There is no limit
on the amount of these out-of-pocket expenses and there will be
no review of the reasonableness of the expenses by anyone other
than our board of directors, which includes persons who may seek
reimbursement, or a court of competent jurisdiction if such
reimbursement is challenged. If all of our directors are not
deemed &#147;independent,&#148; we will not have the benefit of
independent directors examining the propriety of expenses
incurred on our behalf and subject to reimbursement.
</DIV>

<P align="center" style="font-size: 10pt;">45

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<DIV align="left" style="font-size: 10pt;">
<A name='112'></A>
</DIV>

<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Prior Share Issuances</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May&nbsp;5, 2005, we issued 3,500,000 shares for an aggregate
consideration of $17,500 in cash, at an average purchase price
of approximately $.005 per share, as follows:
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Relationship to Us</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ram Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board, Chief Executive Officer and President</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Cherin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Financial Officer, Treasurer and Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr.&nbsp;Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

</TABLE>
</CENTER>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On June&nbsp;20, 2005, we issued 1,500,000 shares for an
aggregate consideration of $7,500 in cash, at a purchase price
of approximately $.005 per share, as follows:
</DIV>



<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares(1)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Relationship to Us</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Raghu Ram</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Executive Vice President&nbsp;&#151; Mergers and Acquisitions</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Emmanuel K. Nzai</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Vice President</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Parveen Mukunda(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>850,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Secretary</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sudhakar Shenoy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Suhail Nathani</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shakti Sinha</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Special Advisor</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr. Prabuddha Ganguli</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Special Advisor</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr. Anil K. Gupta</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Special Advisor</TD>
</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>


<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Representing shares issued to our officers, directors and
    Special Advisors in consideration of services rendered or to be
    rendered to us.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Parveen Mukunda is the wife of Ram Mukunda.</TD>
</TR>


</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of the majority of these shares will be entitled to
make up to two demands that we register these shares pursuant to
an agreement to be signed prior to or on the date of this
prospectus. The holders of the majority of these shares can
elect to exercise these registration rights at any time after
the date on which the lock-up period expires. In addition, these
stockholders have certain &#147;piggy-back&#148; registration
rights on registration statements filed subsequent to such date.
We will bear the expenses incurred in connection with the filing
of any such registration statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The existing stockholders have agreed to waive their respective
rights to participate in any liquidation distribution occurring
upon our failure to consummate a business combination, but only
with respect to those shares of common stock acquired by them
prior to this offering; therefore, they will participate in any
liquidation distribution with respect to any shares of common
stock acquired in connection with or following this offering. In
addition, in connection with the vote required for our initial
business combination, all of our existing stockholders,
including all of our officers, directors and special advisors,
have agreed to vote all of the shares of common stock owned by
them, including those acquired during or after this offering, in
accordance with the majority of the shares of common stock voted
by the public stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Conflicts of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investors should be aware of the following potential conflicts
of interest:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    None of our officers, directors and special advisors are
    required to commit their full time to our affairs and,
    accordingly, they may have conflicts of interest in allocating
    management time among various business activities.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">46

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    In the course of their other business activities, our officers,
    directors and special advisors may become aware of investment
    and business opportunities that may be appropriate for
    presentation to us as well as the other entities with which they
    are affiliated. They may have conflicts of interest in
    determining to which entity a particular business opportunity
    should be presented. For a complete description of our
    management&#146;s other affiliations, see the previous section
    entitled &#147;Management.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We may also determine to effect a business combination with
    another entity that is affiliated with one or more of our
    existing stockholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Our current management will only be able to remain with the
    combined company after the consummation of a business
    combination if they are able to negotiate the same as part of
    any such combination. If management negotiates to be retained
    post-business combination as a condition to any potential
    business combination, such negotiations may result in a conflict
    of interest between management and the stockholders resulting in
    management attempting to negotiate terms that may be less
    favorable to the stockholders than what they might otherwise
    receive.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Our officers, directors and special advisors may in the future
    become affiliated with entities, including other blank check
    companies, engaged in business activities similar to those
    intended to be conducted by us.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Because our officers, directors and special advisors own shares
    of our common stock that will be subject to lock-up agreements
    restricting their sale until six months after a business
    combination is successfully completed, our board may have a
    conflict of interest in determining whether a particular target
    business is appropriate to effect a business combination. The
    personal and financial interests of our directors, officers and
    special advisors may influence their motivation in identifying
    and selecting target businesses and completing a business
    combination in a timely manner.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    IGN, LLC, an affiliate of Mr. Mukunda, has agreed that,
    commencing on the effective date of this prospectus through the
    acquisition of a target business, it will make available to us
    office space and certain general and administrative services, as
    we may require from time to time. We have agreed to pay IGN, LLC
    $7,500 per month for these services. Mr.&nbsp;Mukunda is the
    Chief Executive Officer of IGN, LLC. As a result of this
    affiliation, Mr. Mukunda will benefit from the transaction to
    the extent of his interest in IGN, LLC. However, this
    arrangement is solely for our benefit and is not intended to
    provide Mr.&nbsp;Mukunda with compensation in lieu of a salary.
    We believe, based on rents and fees for similar services in the
    Washington, DC metropolitan area, that the fee charged by IGN,
    LLC is at least as favorable as we could have obtained from an
    unaffiliated third party. However, as our directors at the time
    we entered into this agreement may not be deemed
    &#147;independent,&#148; we did not have the benefit of
    disinterested directors approving this transaction.</TD>
</TR>


</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, officers and directors of a corporation incorporated
under the laws of the State of Maryland are required to present
business opportunities to a corporation if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the corporation could financially undertake the opportunity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the opportunity is within the corporation&#146;s line of
    business; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    it would not be fair to the corporation and its stockholders for
    the opportunity not to be brought to the attention of the
    corporation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accordingly, as a result of the multiple business affiliations,
our officers and directors may have similar legal obligations
relating to presenting business opportunities meeting the above
listed criteria to other entities. For example, Mr.&nbsp;Mukunda
has pre-existing fiduciary obligations that arise as a result of
his affiliation with IGN, LLC. Although we believe it is
unlikely that IGN, LLC would seek to acquire businesses that we
target, we cannot assure you that this will not occur. In
addition, conflicts of interest may arise when our board
evaluates a particular business opportunity with respect to the
above-listed criteria. We cannot assure you that any of the
above mentioned conflicts will be resolved in our favor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to minimize potential conflicts of interest that may
arise from multiple corporate affiliations, each of our
officers, directors and special advisors has agreed, until the
earliest of a business combination, our liquidation or
</DIV>

<P align="center" style="font-size: 10pt;">47

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV align="left" style="font-size: 10pt;">
such time as he ceases to be an officer or director or special
advisor, to present to us for our consideration, prior to
presentation to any other entity, any business opportunity which
may reasonably be required to be presented to us under Maryland
law, subject to any pre-existing fiduciary obligations they
might have.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the vote required for any business
combination, all of our existing stockholders (which includes
all of our officers, directors and special advisors) have agreed
to vote all of their respective shares of common stock,
including shares they may acquire during or after this offering,
in accordance with the vote of the public stockholders owning a
majority of the shares of our common stock sold in this
offering. In addition, they have agreed to waive their
respective rights to participate in any liquidation
distribution, but only with respect to those shares of common
stock acquired by them prior to this offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To further minimize potential conflicts of interest, we have
agreed not to consummate a business combination with an entity
which is affiliated with any of our existing stockholders unless
we obtain an opinion from an independent investment banking firm
that the business combination is fair to our stockholders from a
financial perspective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda has loaned a total of $100,000 to us for the
payment of offering expenses. The loan bears interest at a rate
of 4% per year and will be payable on the earlier of
April&nbsp;30, 2006 or the consummation of this offering. The
loan will be repaid out of the proceeds of this offering not
being placed in trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will reimburse our officers, directors and special advisors
for any out-of-pocket business expenses incurred by them in
connection with certain activities on our behalf such as
identifying and investigating possible target businesses and
business combinations. There is no limit on the amount of
accountable out-of-pocket expenses reimbursable by us, which
will be reviewed only by our board or a court of competent
jurisdiction if such reimbursement is challenged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than the reimbursable out-of-pocket expenses payable to
our officers, directors and our special advisor, no compensation
or fees of any kind, including finders and consulting fees, will
be paid to any of our existing stockholders, officers,
directors, or our special advisor who owned our common stock
prior to this offering, or, other than under the general and
administrative services arrangement with IGN, LLC, to any of
their respective affiliates for services rendered to us prior to
or with respect to the business combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All ongoing and future transactions between us and any of our
officers, directors, special advisors or their respective
affiliates, including loans by our officers and directors, will
be on terms believed by us to be no less favorable than are
available from unaffiliated third parties and such transactions
or loans, including any forgiveness of loans, will require prior
approval in each instance by a majority of our uninterested
&#147;independent&#148; directors (to the extent we have any) or
the members of our board who do not have an interest in the
transaction, in either case who had access, at our expense, to
our attorneys or independent legal counsel.
</DIV>

<P align="center" style="font-size: 10pt;">48

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<DIV align="left" style="font-size: 10pt;">
<A name='113'></A>
</DIV>

<!-- link1 "PRINCIPAL STOCKHOLDERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PRINCIPAL STOCKHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May&nbsp;5, 2005, we issued an aggregate of
3,500,000&nbsp;shares of our common stock to our officers,
directors and special advisors for an aggregate consideration of
$17,500. On June&nbsp;20, 2005, we issued 1,500,000&nbsp;shares
for an aggregate consideration of $7,500 in cash, at a purchase
price of approximately $.005 per share, to certain of our
officers, directors and special advisors. For additional
information, see the section above entitled &#147;Certain
Relationships and Related Transactions&#148;.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information regarding the
beneficial ownership of our common stock as of June&nbsp;30,
2005, and as adjusted to reflect the sale of our common stock
included in the units offered by this prospectus (assuming no
purchase of additional units by our officers and directors in
this offering), by:
</DIV>


<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    each person known by us to be the beneficial owner of more than
    5% of our outstanding shares of common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    each of our executive officers, directors and our Special
    Advisors;&nbsp;and</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    all our officers and directors as a group.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise indicated, we believe that all persons named in
the table have sole voting and investment power with respect to
all shares of common stock beneficially owned by them.
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="53%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount and</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Approximate Percentage of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Nature of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Outstanding Common Stock</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Beneficial</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Beneficial Owner(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Ownership</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Before Offering</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>After Offering</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ram Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500,000</TD>
    <TD align="left" valign="bottom" nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50.00%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.0%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Cherin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.00%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.0%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.00%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.0%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Raghu Ram</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.5%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Emmanuel K. Nzai</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.1%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Parveen Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>850,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17.0%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.4%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sudhakar Shenoy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.3%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Suhail Nathani</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.3%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shakti Sinha</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.1%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr.&nbsp;Prabuddha Ganguli</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.1%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr.&nbsp;Anil K. Gupta</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.0%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.2%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    All directors and executive officers as a group
    (7&nbsp;individuals)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81.0%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.2%</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>


<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Unless otherwise noted, the business address of each of the
    following is 4336 Montgomery Avenue, Bethesda, Maryland, 20814.</TD>
</TR>


<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Excludes 850,000&nbsp;shares owned by Mr.&nbsp;Mukunda&#146;s
    wife, Parveen Mukunda, as to which Mr.&nbsp;Mukunda disclaims
    beneficial ownership.</TD>
</TR>


</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately after this offering, our existing stockholders,
which include all of our officers, directors and special
advisors, collectively, will beneficially own 20% of the then
issued and outstanding shares of our common stock. Because of
this ownership block, these stockholders may be able to
effectively exercise control over all matters requiring approval
by our stockholders, including the election of directors and
approval of significant corporate transactions, other than
approval of a business combination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of the shares of our common stock outstanding prior to the
date of this prospectus will be subject to lock-up agreements
between us, the holders of the shares and Ferris, Baker Watts,
Inc. restricting the sale of such shares until six months after
a business combination is successfully completed. During the
lock-up period, the holders of the shares will not be able to
sell or transfer their shares of common stock except in certain
limited circumstances such as to their spouses and children or
trusts established for their benefit, but
</DIV>

<P align="center" style="font-size: 10pt;">49
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<DIV align="left" style="font-size: 10pt;">
will retain all other rights as our stockholders, including
without limitation, the right to vote their shares of common
stock. If we are unable to effect a business combination and
liquidate, none of our existing stockholders will receive any
portion of the liquidation proceeds with respect to common stock
owned by them prior to the consummation of this offering.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda has agreed with Ferris, Baker Watts, Inc. that
after this offering is completed and within the first
20&nbsp;calendar days after the separate trading of the warrants
has commenced, he or certain of his designees collectively may
place bids for and, if their bids are accepted, purchase up to
$980,000 of warrants (at least 1,400,000 warrants) in the public
marketplace at prices not to exceed $.70&nbsp;per warrant. They
have further agreed that any warrants purchased by him or his
designees will not be sold or transferred until the earlier of
the completion of a business combination or the distribution of
the trust account to our public stockholders. In addition,
subject to any regulatory restrictions and within the first
20&nbsp;days after separate trading of the Warrants has
commenced, the representative of the underwriters in this
offering, or certain of its principals, affiliates or designees
has agreed to purchase up to $1,820,000 (at least 2,600,000
warrants) of our warrants in the public marketplace at prices
not to exceed $0.70&nbsp;per warrant.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The warrants may trade separately on the
90<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
day after the date of this prospectus unless Ferris, Baker
Watts, Inc. determines that an earlier date is acceptable. In no
event will Ferris, Baker Watts, Inc. allow separate trading of
the common stock and warrants until we file a Current Report on
Form&nbsp;8-K which includes an audited balance sheet reflecting
our receipt of the proceeds of this offering including any
proceeds we receive from the exercise of the over-allotment
option if such option is exercised prior to our filing of the
Form&nbsp;8-K. Purchases of warrants stabilize the price and
establish a market for the warrants. In addition, it
demonstrates confidence in our ultimate ability to effect a
business combination, because the warrants will expire worthless
if we are unable to consummate a business combination and are
ultimately forced to liquidate.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The existing stockholders have agreed to waive their respective
rights to participate in any liquidation distribution occurring
upon our failure to consummate a business combination, but only
with respect to those shares of common stock acquired by them
prior to this offering; they will participate in any liquidation
distribution with respect to any shares of common stock acquired
in connection with or following this offering.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, in connection with the vote required for our
initial business combination, all of our existing stockholders,
including all of our officers, directors and our special
advisors, have agreed to vote all of the shares of common stock
owned by them, including shares they may acquire during or after
the offering, in accordance with the majority of the shares of
common stock voted by the public stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Messrs.&nbsp;Mukunda, Cherin and Krishna may be deemed to be our
&#147;parent&#148;, &#147;founder&#148; and
&#147;promoter,&#148; as these terms are defined under the
Federal securities laws.
</DIV>

<P align="center" style="font-size: 10pt;">50

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<DIV align="left" style="font-size: 10pt;">
<A name='114'></A>
</DIV>

<!-- link1 "DESCRIPTION OF SECURITIES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DESCRIPTION OF SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are authorized to issue 150,000,000&nbsp;shares of common
stock, par value $.0001, and 1,000,000&nbsp;shares of preferred
stock, par value $.0001. As of June&nbsp;30, 2005,
5,000,000&nbsp;shares of common stock are outstanding, held by
11 record holders and no shares of preferred stock are
outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Units</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each unit consists of one share of common stock and two
warrants. Each warrant entitles the holder to purchase one share
of common stock. Each of the common stock and warrants will
trade separately on the 90th day after the date of this
prospectus unless Ferris, Baker Watts, Inc. determines that an
earlier date is acceptable. In no event may the common stock and
warrants be traded separately until we have filed with the SEC a
Current Report on Form&nbsp;8-K that includes an audited balance
sheet reflecting our receipt of the gross proceeds of this
offering. We will file a Current Report on Form&nbsp;8-K that
includes this audited balance sheet upon the consummation of
this offering, which is anticipated to take place three business
days after the date of this prospectus. The audited balance
sheet will reflect proceeds we receive from the exercise of the
over-allotment option, if the over-allotment option is exercised
prior to the filing of the Current Report on Form&nbsp;8-K. If
the over-allotment option is exercised after our initial filing
of the Form&nbsp;8-K, we will file an amendment to the
Form&nbsp;8-K to provide updated financial information to
reflect the exercise of the over-allotment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Common stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our stockholders are entitled to one vote for each share held of
record on all matters to be voted on by stockholders. In
connection with the vote required for our initial business
combination, all of our existing stockholders, including all of
our officers, directors and our special advisors, have agreed to
vote all of the shares of common stock owned by them, including
shares acquired during or after the offering, in accordance with
the majority of the shares of common stock voted by the public
stockholders. Additionally, our existing stockholders, officers,
directors and our special advisors will vote all of their shares
in any manner they determine, in their sole discretion, with
respect to any other items that come before a vote of our
stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will proceed with the business combination only if a majority
of the shares of common stock voted by the public stockholders
are voted in favor of the business combination and public
stockholders owning less than 20% of the shares sold in this
offering exercise their conversion rights discussed below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board of directors is divided into three classes
(Class&nbsp;A, Class&nbsp;B and Class&nbsp;C), each of which
will generally serve for a term of three years with only one
class of directors being elected in each year. There is no
cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the shares
voted for the election of directors can elect all of the
directors.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are forced to liquidate prior to a business combination,
our public stockholders are entitled to share ratably in the
trust account, inclusive of any interest, and any net assets
remaining available for distribution to them after payment of
liabilities. The existing stockholders have agreed to waive
their respective rights to participate in any liquidation
distribution occurring upon our failure to consummate a business
combination, but only with respect to those shares of common
stock acquired by them prior to this offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our stockholders have no conversion, preemptive or other
subscription rights and there are no sinking fund or redemption
provisions applicable to the common stock, except that public
stockholders have the right to have their shares of common stock
converted to cash equal to their <I>pro rata </I>share of the
trust account if they vote against the business combination and
the business combination is approved and completed. Public
stockholders who convert their stock into their share of the
trust account still have the right to exercise the warrants that
they received as part of the units.
</DIV>

<P align="center" style="font-size: 10pt;">51

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Preferred stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation authorizes the issuance of
1,000,000&nbsp;shares of blank check preferred stock with such
designation, rights and preferences as may be determined from
time to time by our board of directors. No shares of preferred
stock are being issued or registered in this offering.
Accordingly, our board of directors is empowered, without
stockholder approval, to issue preferred stock with dividend,
liquidation, conversion, voting or other rights which could
adversely affect the voting power or other rights of the holders
of common stock, although the underwriting agreement prohibits
us, prior to a business combination, from issuing preferred
stock which participates in any manner in the proceeds of the
trust account, or which votes as a class with the common stock
on a business combination. We may issue some or all of the
preferred stock to effect a business combination. In addition,
the preferred stock could be utilized as a method of
discouraging, delaying or preventing a change in control of us.
Although we do not currently intend to issue any shares of
preferred stock, we cannot assure you that we will not do so in
the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Warrants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No warrants are currently outstanding. Each warrant entitles the
registered holder to purchase one share of our common stock at a
price of $5.00&nbsp;per share, subject to adjustment as
discussed below, at any time commencing on the later of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the completion of a business combination;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    one year from the date of this prospectus.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None of the warrants may be exercised until after the
consummation of a business combination and, thus, after the
proceeds of the trust account have been disbursed. Upon exercise
of the warrants and disbursement of the trust, the warrant
exercise price will be paid directly to us. The warrants will
expire five years from the date of this prospectus at
5:00&nbsp;p.m., Washington,&nbsp;DC time. We may call the
warrants for redemption,
</DIV>


<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    in whole and not in part,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    at a price of $.01&nbsp;per warrant at any time after the
    warrants become exercisable,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    upon not less than 30&nbsp;days&#146; prior written notice of
    redemption to each warrant holder,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if, and only if, the reported last sale price of the common
    stock equals or exceeds $8.50&nbsp;per share, for any
    20&nbsp;trading days within a 30&nbsp;trading day period ending
    on the third business day before we send notice of redemption to
    warrant holders.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The redemption criteria for our warrants have been established
at a price which is intended to provide warrantholders with a
reasonable premium to the initial exercise price and provide
sufficient liquidity to cushion the market reaction to our
redemption call.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer&nbsp;&#38; Trust
Company, as warrant agent, and us. You should review a copy of
the warrant agreement, which has been filed as an exhibit to the
registration statement of which this prospectus is a part, for a
complete description of the terms and conditions applicable to
the warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exercise price and number of shares of common stock issuable
on exercise of the warrants may be adjusted in certain
circumstances including in the event of a stock dividend, or our
recapitalization, reorganization, merger or consolidation.
However, the warrants will not be adjusted for issuances of
common stock at a price below their respective exercise prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The warrants may be exercised upon surrender of the warrant
certificate on or prior to the expiration date at the offices of
the warrant agent, with the exercise form on the reverse side of
the warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price, by certified
check payable to us, for the number of warrants being exercised.
The warrant holders do not have the rights or privileges of
holders of common stock and any voting rights until they
exercise their warrants and receive
</DIV>

<P align="center" style="font-size: 10pt;">52
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<DIV align="left" style="font-size: 10pt;">
shares of common stock. After the issuance of shares of common
stock upon exercise of the warrants, each holder will be
entitled to one vote for each share held of record on all
matters to be voted on by stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No warrants will be exercisable unless at the time of exercise a
prospectus relating to common stock issuable upon exercise of
the warrants is current and the common stock has been registered
or qualified or deemed to be exempt under the securities laws of
the state of residence of the holder of the warrants. Under the
terms of the warrant agreement, we have agreed to meet these
conditions and use our best efforts to maintain a current
prospectus relating to common stock issuable upon exercise of
the warrants until the expiration of the warrants. However, we
cannot assure you that we will be able to do so. The warrants
may be deprived of any value and the market for the warrants may
be limited if the prospectus relating to the common stock
issuable upon the exercise of the warrants is not current or if
the common stock is not qualified or exempt from qualification
in the jurisdictions in which the holders of the warrants reside.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No fractional shares will be issued upon exercise of the
warrants. If, upon exercise of the warrants, a holder would be
entitled to receive a fractional interest in a share, we will,
upon exercise, round up to the nearest whole number the number
of shares of common stock to be issued to the warrant holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Purchase Option</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to sell to Ferris, Baker Watts, Inc. an option to
purchase up to a total of 1,000,000&nbsp;units at a per-unit
price of $7.50 (125% of the price of the units sold in the
offering). The units issuable upon exercise of this option are
identical to those offered by this prospectus except that the
warrants included in the option have an exercise price of $6.25
(125% of the exercise price of the warrants included in the
units sold in the offering). For a more complete description of
the purchase option, see the section below entitled
&#147;Underwriting&nbsp;&#151; Purchase Option.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Dividends</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have not paid any dividends on our common stock to date and
do not intend to pay dividends prior to the completion of a
business combination. The payment of dividends in the future
will be contingent upon our revenues and earnings, if any,
capital requirements and general financial condition subsequent
to completion of a business combination. The payment of any
dividends subsequent to a business combination will be within
the discretion of our then board of directors. It is the present
intention of our board of directors to retain all earnings, if
any, for use in our business operations and, accordingly, our
board does not anticipate declaring any dividends in the
foreseeable future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our Transfer Agent and Warrant Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The transfer agent for our securities and warrant agent for our
warrants is Continental Stock Transfer&nbsp;&#38; Trust Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Shares Eligible for Future Sale</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately after this offering, we will have
25,000,000&nbsp;shares of common stock outstanding, or
28,000,000&nbsp;shares if the underwriters&#146; over-allotment
option is exercised in full. Of these shares, the
20,000,000&nbsp;shares sold in this offering, or
23,000,000&nbsp;shares if the over-allotment option is
exercised, will be freely tradable without restriction or
further registration under the Securities Act of 1933, except
for any shares purchased by one of our affiliates within the
meaning of Rule&nbsp;144 under the Securities Act of 1933. All
of the remaining 5,000,000&nbsp;shares are restricted securities
under Rule&nbsp;144, in that they were issued in private
transactions not involving a public offering. None of those will
be eligible for sale under Rule&nbsp;144 until the one year
holding period has elapsed with respect to each purchase.
Notwithstanding the foregoing, all of those shares have been
placed in escrow and will not be transferable until six months
after a business combination and will only be transferred prior
to that date subject to certain limited exceptions, such as
transfers to family members and trusts for estate planning
purposes and upon death, while in each case remaining subject to
the escrow agreement, and will only be released prior to that
date if we are forced to liquidate, in which case the shares
would be destroyed, or if we were to consummate a transaction
after the consummation of a business
</DIV>


<P align="center" style="font-size: 10pt;">53

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<DIV align="left" style="font-size: 10pt;">
combination which results in all of the stockholders of the
combined entity having the right to exchange their shares of
common stock for cash, securities or other property.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Rule&nbsp;144</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, under Rule&nbsp;144 as currently in effect, a person
who has beneficially owned restricted shares of our common stock
for at least one year would be entitled to sell within any
three-month period a number of shares that does not exceed the
greater of either of the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    1% of the number of shares of common stock then outstanding,
    which will equal 250,000&nbsp;shares immediately after this
    offering (or 280,000 if the underwriters&#146; exercise their
    over-allotment option);&nbsp;and</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the average weekly trading volume of the common stock during the
    four calendar weeks preceding the filing of a notice on
    Form&nbsp;144 with respect to the sale.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Sales under Rule&nbsp;144 are also limited by manner of sale
provisions and notice requirements and to the availability of
current public information about us.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Rule&nbsp;144(k)</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Rule&nbsp;144(k), a person who is not deemed to have been
one of our affiliates at the time of or at any time during the
three months preceding a sale, and who has beneficially owned
the restricted shares proposed to be sold for at least two
years, including the holding period of any prior owner other
than an affiliate, is entitled to sell their shares without
complying with the manner of sale, public information, volume
limitation or notice provisions of Rule&nbsp;144.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>SEC Position on Rule&nbsp;144 Sales</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The SEC has taken the position that promoters or affiliates of a
blank check company and their transferees, both before and after
a business combination, would act as an &#147;underwriter&#148;
under the Securities Act of 1933 when reselling the securities
of a blank check company. Accordingly, the SEC believes that
those securities can be resold only through a registered
offering and that Rule&nbsp;144 would not be available for those
resale transactions despite technical compliance with the
requirements of Rule&nbsp;144.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Registration Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The officer, director and our special advisor holders of our
5,000,000&nbsp;shares of common stock that we expect will be
issued and outstanding on the date of this prospectus will be
entitled to registration rights pursuant to an agreement to be
signed prior to or on the effective date of this offering. The
holders of the majority of these shares are entitled to make up
to two demands that we register these shares. The holders of the
majority of these shares can elect to exercise these
registration rights at any time after the date on which the
lock-up period expires. In addition, these stockholders have
certain &#147;piggy-back&#148; registration rights on
registration statements filed subsequent to such date. We will
bear the expenses incurred in connection with the filing of any
such registration statements.
</DIV>


<P align="center" style="font-size: 10pt;">54

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<DIV align="left" style="font-size: 10pt;">
<A name='115'></A>
</DIV>

<!-- link1 "UNDERWRITING" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNDERWRITING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with the terms and conditions contained in the
underwriting agreement, we have agreed to sell to each of the
underwriters named below, and each of the underwriters, for
which Ferris, Baker Watts, Inc. is acting as representative,
have severally, and not jointly, agreed to purchase on a firm
commitment basis the number of units offered in this offering
set forth opposite their respective names below:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Underwriters</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Units</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ferris, Baker Watts, Inc.</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A copy of the underwriting agreement has been filed as an
exhibit to the registration statement of which this prospectus
forms a part.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Pricing of Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been advised by the representative that the underwriters
propose to offer the units to the public at the initial offering
price set forth on the cover page of this prospectus. They may
allow some dealers concessions not in excess of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
unit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to this offering there has been no public market for any
of our securities. The public offering price of the units and
the terms of the warrants were negotiated between us and the
representative. Factors considered in determining the prices and
terms of the units, including the common stock and warrants
underlying the units, include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the history and prospects of companies whose principal business
    is the acquisition of other companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    prior offerings of those companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our prospects for acquiring an operating business in India at
    attractive values;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our capital structure;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an assessment of our management and their experience in
    identifying operating companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    general conditions of the securities markets at the time of the
    offering;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    other factors as were deemed relevant.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
However, although these factors were considered, the
determination of our offering price is more arbitrary than the
pricing of securities for an operating company in a particular
industry since the underwriters are unable to compare our
financial results and prospects with those of public companies
operating in the same industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Over-Allotment Option</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have also granted to the underwriters an option, exercisable
during the 45-day period commencing on the date of this
prospectus, to purchase from us at the offering price, less
underwriting discounts, up to an aggregate of 3,000,000
additional units for the sole purpose of covering
over-allotments, if any. The over-allotment option will only be
used to cover the net syndicate short position resulting from
the initial distribution. The underwriters may exercise that
option if the underwriters sell more units than the total number
set forth in the table above. If any units underlying the option
are purchased, the underwriters will severally purchase shares
in approximately the same proportion as set forth in the table
above.
</DIV>

<P align="center" style="font-size: 10pt;">55

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Commissions and Discounts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows the public offering price,
underwriting discount to be paid by us to the underwriters and
the proceeds, before expenses, to us. This information assumes
either no exercise or full exercise by the underwriters of their
over-allotment option.
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Per Unit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Without Option</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>With Option</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public Offering Price</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120,000,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>138,000,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Discount</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,600,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,590,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Non-accountable Expense Allowance</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,000,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,000,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds Before Expenses(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>110,400,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>127,410,000.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    The offering expenses are estimated as $502,000.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Purchase Option</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to sell to Ferris, Baker Watts, Inc., for $100,
an option to purchase up to a total of 1,000,000&nbsp;units. The
units issuable upon exercise of this option are identical to
those offered by this prospectus except that the warrants
included in the units have an exercise price of $6.25 (125% of
the exercise price of the warrants included in the units sold in
the offering). This option is exercisable at $7.50&nbsp;per unit
(125% of the price of the units sold in the offering) commencing
on the later of the consummation of a business combination and
one year from the date of this prospectus and expiring five
years from the date of this prospectus. The purchase option and
the 1,000,000&nbsp;units, the 1,000,000&nbsp;shares of common
stock and the 2,000,000 warrants underlying such units, and the
2,000,000&nbsp;shares of common stock underlying such warrants,
have been deemed compensation by the NASD and are therefore
subject to a 180-day lock-up pursuant to Rule&nbsp;2710(g)(1) of
the NASD Conduct Rules. Accordingly, the option may not be sold,
during the offering or sold, transferred, assigned, pledged or
hypothecated, or be the subject of any hedging, short sale,
derivative, put, or call transaction that would result in the
effective economic disposition of the securities by any person
for a one year period (including the foregoing 180-day period)
following the date of this prospectus. However, the purchase
option may be transferred to any underwriter and selected dealer
participating in the offering and their <I>bona fide
</I>officers or partners.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although the purchase option and its underlying securities have
been registered under the registration statement of which this
prospectus forms a part of, the purchase option grants to
holders demand and &#147;piggy back&#148; rights for periods of
five and seven years, respectively, from the date of this
prospectus with respect to the registration under the Securities
Act of 1933 of the securities directly and indirectly issuable
upon exercise of the purchase option. We will bear all fees and
expenses attendant to registering the securities, other than
underwriting commissions which will be paid for by the holders
themselves. The exercise price and number of units issuable upon
exercise of the purchase option may be adjusted in certain
circumstances including in the event of a stock dividend, or our
recapitalization, reorganization, merger or consolidation.
However, the purchase option will not be adjusted for issuances
of common stock at a price below its exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Regulatory Restrictions on Purchase of Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Rules of the SEC may limit the ability of the underwriters to
bid for or purchase our securities before the distribution of
the securities is completed. However, the underwriters may
engage in the following activities in accordance with the rules:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Stabilizing Transactions.</I> The underwriters may make bids
    or purchases for the purpose of pegging, fixing or maintaining
    the price of our securities, so long as stabilizing bids do not
    exceed a specified maximum as set forth in Regulation&nbsp;M
    which requires generally, among other things, that no
    stabilizing bid will be initiated at or increased to a price
    higher than the lower of the offering price or the highest
    independent bid for the security on the principal trading market
    for the security.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt;">56

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Over-Allotments and Syndicate Coverage Transactions.</I> The
    underwriters may create a short position in our securities by
    selling more of our securities than are set forth on the cover
    page of this prospectus. If the underwriters create a short
    position during the offering, the representative may engage in
    syndicate covering transactions by purchasing our securities in
    the open market. The representative may also elect to reduce any
    short position by exercising all or part of the over-allotment
    option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Penalty Bids.</I> The representative may reclaim a selling
    concession from a syndicate member when the common stock
    originally sold by the syndicate member is purchased in a
    stabilizing or syndicate covering transaction to cover syndicate
    short positions.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stabilization and syndicate covering transactions may cause the
price of the securities to be higher than they would be in the
absence of these transactions. The imposition of a penalty bid
might also have an effect on the prices of the securities if it
discourages resales of the securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither we nor the underwriters makes any representation or
prediction as to the effect that the transactions described
above may have on the prices of the securities. These
transactions may occur on the American Stock Exchange, in the
over-the-counter market or on any trading market. If any of
these transactions are commenced, they may be discontinued
without notice at any time.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Other Terms</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have granted Ferris, Baker Watts, Inc. for a period of two
years from the later of our consummation of a business
combination or one year after the effective date of the
registration statement, the right to send a representative (who
need not be the same individual from meeting to meeting) to
observe each meeting of our board of directors. Each such
representative will be required to sign a customary
confidentiality agreement. We agree to give Ferris, Baker Watts,
Inc. written notice of each such meeting and to provide Ferris,
Baker Watts, Inc. with such items as are provided to the other
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have also entered into a financial advisory agreement with
Ferris, Baker Watts, Inc., the representative of the
underwriters in this offering, whereby Ferris, Baker Watts,
Inc., will serve as our exclusive financial advisor in
connection with a business combination for a period of two years
from the effective date of this offering. Pursuant to the terms
of this agreement, Ferris, Baker Watts, Inc. will be entitled to
receive two percent (2%) of the consideration associated with
any business combination by us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although they are not obligated to do so, any of the
underwriters may introduce us to potential target businesses or
assist us in raising additional capital, as needs may arise in
the future, other than our agreement with Ferris Baker Watts,
Inc., the representative of the underwriters in this offering,
there are no preliminary agreements or understandings between
any of the underwriters and any potential targets. We are not
under any contractual obligation to engage any of the
underwriters to provide any services for us after this offering,
but if we do, we may pay the underwriters a finder&#146;s fee
that would be determined at that time in an arm&#146;s length
negotiation where the terms would be fair and reasonable to each
of the interested parties; provided that no agreement will be
entered into and no fee will be paid prior to the one year
anniversary of the date of this prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Indemnification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to indemnify the underwriters against some
liabilities, including civil liabilities under the Securities
Act of 1933, or to contribute to payments the underwriters may
be required to make in this respect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to our directors,
officers and controlling persons pursuant to the provisions of
our Articles of Incorporation and our By-laws, or otherwise, we
have been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities
(other than the payment by us of expenses incurred or paid by
our directors, officers or controlling persons in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, we
</DIV>

<P align="center" style="font-size: 10pt;">57

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<DIV align="left" style="font-size: 10pt;">
will, unless in the opinion of our counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by us is against public policy as expressed in
the Securities Act of 1933 and will be governed by the final
adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='116'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Seyfarth Shaw LLP will pass upon the validity of the securities
offered in this prospectus for us. Certain legal matters with
respect to this offering will be passed upon for the
underwriters by Gersten Savage LLP.
</DIV>


<DIV align="left" style="font-size: 10pt;">
<A name='117'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The financial statements of India Globalization Capital, Inc. on
June&nbsp;30, 2005 and for the period from April&nbsp;29, 2005
(date of inception) through June&nbsp;30, 2005 appearing in this
prospectus and in the registration statement have been included
herein in reliance upon the report of Goldstein Golub
Kessler&nbsp;LLP, independent registered public accounting firm,
given on the authority of such firm as experts in accounting and
auditing. Certain information relating to the Indian economy set
forth in the section entitled &#147;Proposed Business&#148; has
been included herein in reliance upon the report of Mega Ace
Consultancy, an India-based consulting firm, given on the
authority of such firm as experts on the Indian economy.
</DIV>


<DIV align="left" style="font-size: 10pt;">
<A name='118'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND ADDITIONAL INFORMATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have filed with the SEC a registration statement on
Form&nbsp;S-1, which includes exhibits, schedules and
amendments, under the Securities Act of 1933, with respect to
this offering of our securities. Although this prospectus, which
forms a part of the registration statement, contains all
material information included in the registration statement,
parts of the registration statement have been omitted as
permitted by rules and regulations of the SEC. We refer you to
the registration statement and its exhibits for further
information about us, our securities and this offering. The
registration statement and its exhibits, as well as our other
reports filed with the SEC, can be inspected and copied at the
SEC&#146;s public reference room at 450&nbsp;Fifth Street, N.W.,
Washington,&nbsp;D.C. 20549-1004. The public may obtain
information about the operation of the public reference room by
calling the SEC at 1-800-SEC-0330. In addition, the SEC
maintains a web site at http://<I>www.sec.gov </I>which contains
the Form&nbsp;S-1 and other reports, proxy and information
statements and information regarding issuers that file
electronically with the SEC.
</DIV>

<P align="center" style="font-size: 10pt;">58

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='119'></A>
</DIV>

<!-- link1 "INDEX TO FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10pt;">
<B>INDEX TO FINANCIAL STATEMENTS</B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Financial Statements</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#300'>Report of independent registered public
    accounting firm</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#301'>Balance sheet as of
    June&nbsp;30,&nbsp;2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#302'>Statement of operations for the period from
    April&nbsp;29, 2005 (date of inception) through
    June&nbsp;30,&nbsp;2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#303'>Statement of stockholders&#146; equity for
    the period from April&nbsp;29, 2005 (date of inception) through
    June&nbsp;30,&nbsp;2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#304'>Statement of cash flows for the period from
    April&nbsp;29, 2005 (date of inception) through
    June&nbsp;30,&nbsp;2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#305'>Notes to financial statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-7</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>


<P align="center" style="font-size: 10pt;">F-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='300'></A>
</DIV>

<!-- link1 "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
To the Board of Directors and Stockholders
</DIV>

<DIV align="left" style="font-size: 10pt;">
India Globalization Capital, Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have audited the accompanying balance sheet of India
Globalization Capital, Inc. (a development stage company) as of
June&nbsp;30, 2005 and the related statements of operations,
stockholders&#146; equity and cash flows for the period from
April&nbsp;29, 2005 (date of inception) through June&nbsp;30,
2005. These financial statements are the responsibility of the
Company&#146;s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of India Globalization Capital, Inc. as of June&nbsp;30, 2005
and the results of its operations and its cash flows for the
period from April&nbsp;29, 2005 (date of inception) through
June&nbsp;30, 2005 in conformity with United States generally
accepted accounting principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<FONT style="font-variant:SMALL-CAPS">Goldstein Golub Kessler LLP
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
New York, New York
</DIV>


<DIV align="left" style="font-size: 10pt;">
July&nbsp;11, 2005
</DIV>


<P align="center" style="font-size: 10pt;">F-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='301'></A>
</DIV>

<!-- link1 "BALANCE SHEET" -->

<DIV align="center" style="font-size: 10pt;">
<B>BALANCE SHEET</B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June 30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="7" align="center" valign="top">
    <B>ASSETS</B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current assets:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>35,700</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current assets:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,700</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred offering costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>330,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>366,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="7" align="center" valign="top">
    <B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current liabilities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>256,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Note payable to stockholder</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>356,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>COMMITMENT</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>STOCKHOLDERS&#146; EQUITY</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock&nbsp;&#151; $.0001 par value; 1,000,000 shares
    authorized; 0 issued and outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock&nbsp;&#151; $.0001 par value; 150,000,000 shares
    authorized; 5,000,000 issued and outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional paid-in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deficit accumulated during the development stage</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total liabilities and stockholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>366,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>



<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to financial statements
</DIV>


<P align="center" style="font-size: 10pt;">F-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='302'></A>
</DIV>

<!-- link1 "STATEMENT OF OPERATIONS" -->

<DIV align="center" style="font-size: 10pt;">
<B>STATEMENT OF OPERATIONS</B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="74%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April 29, 2005</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Date of Inception)</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>through</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June 30, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Legal and formation and travel costs</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Net loss for the period</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Net loss per share</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Weighted average number of shares outstanding&nbsp;&#151;
    basic and fully diluted</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,789,474</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;">F-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='303'></A>
</DIV>

<!-- link1 "STATEMENT OF STOCKHOLDERS&#146; EQUITY" -->

<DIV align="center" style="font-size: 10pt;">
<B>STATEMENT OF STOCKHOLDERS&#146; EQUITY</B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Deficit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Common Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Additional</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>During the</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Paid-In</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Development</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stockholders&#146;</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capital</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Equity</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Issuance of common stock to founders at $.0005 per share
    (3,500,000&nbsp;shares on May&nbsp;5, 2005 and
    1,500,000&nbsp;shares on June&nbsp;20, 2005)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>24,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net loss</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Balance&nbsp;&#151; June&nbsp;30, 2005</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>24,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;">F-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='304'></A>
</DIV>

<!-- link1 "STATEMENT OF CASH FLOWS" -->

<DIV align="center" style="font-size: 10pt;">
<B>STATEMENT OF CASH FLOWS</B>
</DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April 29, 2005</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Date of Inception)</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>through</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June 30, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Cash flows from operating activities:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net loss</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Adjustments to reconcile net loss to net cash provided by
    operating activities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Changes in:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash provided by operating activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Cash flows from financing activities:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Increase in amount due to stockholder</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Issuance of common stock to founders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Payment of offering costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(89,300</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from note payable to stockholder</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash provided by financing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,700</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Net increase in cash and cash at end of period</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>35,700</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Non cash financing activity: accrual of deferred offering
    costs</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>241,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;">F-6
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
(a development stage company)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='305'></A>
</DIV>

<!-- link1 "NOTES TO FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10pt;">
<B>NOTES TO FINANCIAL STATEMENTS</B>
</DIV>


<DIV align="center" style="font-size: 10pt;">
<B>June&nbsp;30, 2005</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;A&nbsp;&#151;&nbsp;ORGANIZATION AND BUSINESS
OPERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
India Globalization Capital, Inc. (the &#147;Company&#148;) was
incorporated in Maryland on April&nbsp;29, 2005. The Company was
formed to serve as a vehicle for the acquisition of an operating
business in an unspecified industry located in India through a
merger, capital stock exchange, asset acquisition or other
similar business combination. The Company has neither engaged in
any operations nor generated significant revenue to date. The
Company is considered to be in the development stage and is
subject to the risks associated with activities of development
stage companies. As such, the Company has no operating results
through June&nbsp;30, 2005, and their ability to begin
operations is dependent upon the completion of a financing. The
Company has selected December 31 as its year-end.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s management has broad discretion with respect
to the specific application of the net proceeds of the proposed
initial public offering of its Units (as described in
Note&nbsp;C) (&#147;Proposed Offering&#148;), although
substantially all of the net proceeds of the Proposed Offering
are intended to be generally applied toward acquiring one or
more operating businesses in an unspecified industry located in
India (&#147;Business Combination&#148;), which may not
constitute a business combination for accounting purposes.
Furthermore, there is no assurance that the Company will be able
to successfully effect a Business Combination. Upon the closing
of the Proposed Offering, approximately ninety percent (90%) of
the net proceeds, after payment of certain amounts to the
underwriter, will be held in a trust account
(&#147;Trust&nbsp;Fund&#148;) and invested in government
securities until the earlier of (i)&nbsp;the consummation of its
first Business Combination or (ii)&nbsp;the distribution of the
Trust&nbsp;Fund as described below. The remaining proceeds may
be used to pay for business, legal and accounting due diligence
on prospective acquisitions and continuing general and
administrative expenses. The Company, after signing a definitive
agreement for the acquisition of a target business, will submit
such transaction for stockholder approval. In the event that
holders of 20% or more of the shares issued in the Proposed
Offering vote against the Business Combination, the Business
Combination will not be consummated. However, the persons who
were stockholders prior to the Proposed Offering (the
&#147;Founding Stockholders&#148;) will participate in any
liquidation distribution with respect to any shares of the
common stock acquired in connection with or following the
Proposed Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that the Company does not consummate a Business
Combination within 18&nbsp;months from the date of the
consummation of the Proposed Offering, or 24&nbsp;months from
the consummation of the Proposed Offering if certain extension
criteria have been satisfied (the &#147;Acquisition
Period&#148;), the proceeds held in the Trust&nbsp;Fund will be
distributed to the Company&#146;s public stockholders, excluding
the Founding Stockholders to the extent of their initial stock
holdings. In the event of such distribution, it is likely that
the per share value of the residual assets remaining available
for distribution (including Trust&nbsp;Fund assets) will be less
than the initial public offering price per share in the Proposed
Offering (assuming no value is attributed to the Warrants
contained in the Units to be offered in the Proposed Offering
discussed in Note&nbsp;C).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;B&nbsp;&#151;&nbsp;SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>[1]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss per common share:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Loss per share is computed by dividing net loss applicable to
common stockholders by the weighted average number of common
shares outstanding for the period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>[2]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of estimates:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could
differ from those estimates.
</DIV>

<P align="center" style="font-size: 10pt;">F-7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
(a development stage company)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO FINANCIAL STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>[3]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deferred income taxes are provided for the differences between
the bases of assets and liabilities for financial reporting and
income tax purposes. A valuation allowance is established when
necessary to reduce deferred tax assets to the amount expected
to be realized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company recorded a deferred income tax asset for the tax
effect of deferred start-up costs aggregating approximately
$5,100. In recognition of the uncertainty regarding the ultimate
amount of income tax benefits to be derived, the Company has
recorded a full valuation at June&nbsp;30, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The effective tax rate differs from the statutory rate of 34%
due to increase in the valuation allowance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>[4]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deferred offering costs consist principally of legal and
accounting and related regulatory filing fees incurred through
the balance sheet date that are related to the Proposed Offering
and that will be charged to capital upon the receipt of the
capital or charged to expense if not completed.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;C&nbsp;&#151;&nbsp;PROPOSED OFFERING; VALUE OF THE
UNDERWRITERS PURCHASE OPTION:</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Proposed Offering calls for the Company to offer for public
sale up to 20,000,000 Units. Each Unit consists of one share of
the Company&#146;s common stock, $.0001 par value, and two
redeemable common stock purchase Warrants. On the 90th day after
the date of the prospectus or earlier, at the discretion of the
underwriter, the Warrants will separate from the Units and begin
to trade.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After separation, each Warrant will entitle the holder to
purchase from the Company one share of common stock at an
exercise price of $5.00 commencing on the latter of (a) one year
from the effective date of the Proposed Offering or (b) the
earlier of the completion of a business combination with a
target business or the distribution of the Trust Fund and
expiring five years from the date of the prospectus. The Company
has a right to call the Warrants, provided the common stock has
traded at a closing price of at least $8.50 per share for any
20&nbsp;trading days within a 30&nbsp;trading day period ending
on the third business day prior to the date on which notice of
redemption is given. If the company calls the Warrants, the
holder will either have to redeem the Warrants by purchasing the
common stock from the company for $5.00 or the Warrants will
expire.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company will pay the underwriters in the Proposed Offering
an underwriting discount of 5.5% of the gross proceeds of the
Proposed Offering and a non-accountable expense allowance of
2.5% of the gross proceeds of the Proposed Offering. In
addition, the Company has agreed to sell to Ferris Baker, Watts,
Inc. for $100, an option to purchase up to a total of 1,000,000
Units. The Units that would be issued upon exercise of this
option are identical to those offered by this prospectus, except
that each of the Warrants underlying this option entitles the
holder to purchase one share of the Company&#146;s common stock
at a price of $6.25. This Underwriter&#146;s Purchase Option
(UPO) is exercisable at $7.50 per Unit at the latter of one year
from the effective date, or the consummation of a business
combination. The UPO has a life of five years from the effective
date.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The sale of the option will be accounted for as an equity
transaction. Accordingly, there will be no net impact on the
Company&#146;s financial position or results of operations,
except for the recording of the $100 proceeds from the sale. The
Company has determined, based upon a Black-Scholes model, that
the fair value of the option on the date of sale would be
approximately $1,512,400 using an expected life of five years,
volatility of 30.1% and a risk-free interest rate of 3.9%.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IGC has no trading history, as such it is not possible to value
the UPO based on historical trades. In order to estimate the
value of the UPO the Company considered a basket of Indian
companies that trade either in the U.S. or in the U.K. The
average volatility of the representative Indian companies was
calculated to be
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt;">F-8

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
(a development stage company)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO FINANCIAL STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
30.1%. Management believes that this volatility is a reasonable
benchmark to use in estimating the value of the UPO. The actual
volatility of the Unit will depend on many factors that cannot
be ascertained at this time.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;D&nbsp;&#151;&nbsp;NOTES&nbsp;PAYABLE TO
STOCKHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company issued a $100,000 unsecured promissory note to one
of the Founding Stockholders of the Company on May&nbsp;2, 2005.
The note bears interest at 4% per annum and is payable on the
earlier of April&nbsp;30, 2006 or the consummation of the
Proposed Offering. Due to the short-term nature of the note, the
fair value of the note approximates its carrying amount.
Approximately $1,000 of interest has been included in the
statement of operations for the period ended June&nbsp;30, 2004
relating to this note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE&nbsp;E&nbsp;&#151;&nbsp;RELATED PARTY TRANSACTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has agreed to pay Integrated Global Network, LLC, a
related party and privately-held company where one of the
Founding Stockholders serves in an executive capacity, an
administrative fee of $7,500 per month for office space and
general and administrative services from the effective date of
the Proposed Offering through the acquisition date of a target
business.
</DIV>

<P align="center" style="font-size: 10pt;">F-9
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 0pt;">
<FONT style="font-size: 10pt">________________________________________________________________________________
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005,
all dealers that effect transactions in these securities,
whether or not participating in this offering, may be required
to deliver a prospectus. This is in addition to the
dealers&#146; obligation to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or
subscriptions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
dealer, salesperson or any other person is authorized to give
any information or make any representations in connection with
this offering other than those contained in this prospectus and,
if given or made, the information or representations must not be
relied upon as having been authorized by us. This prospectus
does not constitute an offer to sell or a solicitation of an
offer to buy any security other than the securities offered by
this prospectus, or an offer to sell or a solicitation of an
offer to buy any securities by anyone in any jurisdiction in
which the offer or solicitation is not authorized or is
unlawful. The delivery of this prospectus will not, under any
circumstances, create any implication that the information is
correct as of any time subsequent to the date of this
prospectus.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TABLE OF CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>Prospectus Summary</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>The Offering</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>Summary Financial Data</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>Risk Factors</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>Forward-Looking Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>Use Of Proceeds</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>Capitalization</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>Dilution</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>Management&#146;s Discussion And Analysis
    Of Financial Condition And Results Of Operations</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>Proposed Business</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>Management</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>Certain Relationships And Related
    Transactions</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>Principal Stockholders</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>Description Of Securities</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>Underwriting</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#116'>Legal Matters</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#117'>Experts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#118'>Where You Can Find Additional
    Information</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#119'>Index to Financial Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-1</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 0pt;">
<FONT style="font-size: 10pt">________________________________________________________________________________
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</FONT>
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>$120,000,000</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>20,000,000 Units</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 31%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Ferris, Baker Watts</B>
</DIV>

<DIV align="center" style="font-size: 17pt;">
Incorporated
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 84pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART&nbsp;II</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;13.</B></TD>
    <TD>
    <B><I>Other Expenses of Issuance and Distribution</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The estimated expenses payable by us in connection with the
offering described in this registration statement (other than
the underwriting discount and commissions and the representative
non-accountable expense allowance) will be as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Initial Trustees&#146; Fee(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SEC Registration Fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>45,667.60</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NASD Filing Fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,300.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounting Fees and Expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing and Engraving Expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal Fees and Expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>260,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    D&#38;O Liability Insurance Premiums(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>125,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Blue Sky Services and Expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,032.39</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>627,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    In addition to the initial acceptance fee that is charged by
    Continental Stock Transfer &#38; Trust&nbsp;Company, as trustee,
    the registrant will be required to pay to Continental Stock
    Transfer &#38; Trust&nbsp;Company annual fees of $3,000 for
    acting as trustee, $4,800 for acting as transfer agent of the
    registrant&#146;s common stock, $2,400 for acting as warrant
    agent for the registrant&#146;s warrants and $1,800 for acting
    as escrow agent.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    This amount represents the approximate Director and Officer
    liability insurance premiums the registrant anticipates paying
    following the consummation of its initial public offering of its
    securities and until it consummates a business combination.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    This amount represents additional expenses that may be incurred
    by the Registrant or Underwriters in connection with the
    offering over and above those specifically listed above,
    including distribution and mailing costs.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;15.</B></TD>
    <TD>
    <B><I>Recent Sales of Unregistered Securities</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;During the past three years, we sold the following
shares of common stock without registration under the Securities
Act:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="83%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Stockholders</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ram Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500,000</TD>
    <TD align="left" valign="bottom" nowrap>*</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Cherin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD align="left" valign="bottom" nowrap>*</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr. Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD align="left" valign="bottom" nowrap>*</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Raghu Ram</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>125,000</TD>
    <TD align="left" valign="bottom" nowrap>**</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Emmanuel K. Nzai</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>275,000</TD>
    <TD align="left" valign="bottom" nowrap>**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Parveen Mukunda</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>850,000</TD>
    <TD align="left" valign="bottom" nowrap>**</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sudhakar Shenoy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75,000</TD>
    <TD align="left" valign="bottom" nowrap>**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Suhail Nathani</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75,000</TD>
    <TD align="left" valign="bottom" nowrap>**</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shakti Sinha</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD align="left" valign="bottom" nowrap>**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr. Prabuddha Ganguli&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD align="left" valign="bottom" nowrap>**</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dr. Anil K. Gupta</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD align="left" valign="bottom" nowrap>**</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    *</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Shares issued on May&nbsp;5, 2005.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    **</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Shares issued on June&nbsp;20, 2005.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-1
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Such shares were issued on May&nbsp;5, 2005 and June&nbsp;20,
2005 in connection with our organization pursuant to the
exemption from registration contained in Section&nbsp;4(2) of
the Securities Act of 1933, as they were sold to sophisticated,
wealthy individuals. The shares issued to the individuals and
entities above were sold for an aggregate offering price of
$25,000 at an average purchase price of approximately $.005 per
share. No underwriting discounts or commissions were paid with
respect to such sales.
</DIV>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;16.</B></TD>
    <TD>
    <B><I>Exhibits and Financial Statement Schedules</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;The following exhibits are filed as part of this
Registration Statement:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Underwriting Agreement**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Selected Dealer Agreement**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Articles of Incorporation**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    By-laws**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Unit Certificate**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Common Stock Certificate**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Warrant Certificate**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Warrant Agreement between Continental Stock Transfer
    &#38; Trust Company and the Registrant**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Purchase Option to be granted to the Representative**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Seyfarth Shaw LLP*</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Letter Agreement between the Registrant,
    Ferris, Baker Watts, Inc. and Ram Mukunda**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Letter Agreement between the Registrant,
    Ferris, Baker Watts, Inc. and John Cherin**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Letter Agreement between the Registrant,
    Ferris, Baker Watts, Inc. and Ranga Krishna**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Investment Management Trust Agreement between
    Continental Stock Transfer &#38; Trust Company and the
    Registrant**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Promissory Note issued by the Registrant to Ram Mukunda**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Escrow Agreement among the Registrant, Ram
    Mukunda, John Cherin and Continental Stock Transfer &#38; Trust
    Company**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Registration Rights Agreement among the Registrant and
    each of the existing stock-holders**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Warrant Purchase Agreement among Ferris, Baker Watts,
    Inc. and one or more of the Initial Stockholders**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Office Service Agreement between the Registrant and
    Integrated Global Networks, LLC**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Letter Advisory Agreement between the Registrant and Ferris,
    Baker Watts, Inc.**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Letter Agreement between Ferris, Baker Watts, Inc. and
    certain officers and directors of the Registrant**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Letter Agreement between Ferris, Baker Watts, Inc. and
    each of the Special Advisors of the Registrant**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Letter Agreement between the Registrant and certain
    officers and directors of the Registrant.**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Letter Agreement between the Registrant and each of the
    Special Advisors of the Registrant.**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Goldstein Golub Kessler LLP.</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Seyfarth Shaw LLP (incorporated by reference from
    Exhibit&nbsp;5.1)*</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Mega Ace Consultancy.**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney**</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>99</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Code of Ethics***</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 2pt; ">

<TR style="font-size: 1pt;">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    *</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    To be filed by amendment.</TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    **</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Previously filed.</TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    ***</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    To be filed with the Registrant&#146;s initial Form&nbsp;10-K.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SIGNATURES</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the
Registrant has duly caused this amended registration statement
to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Bethesda, in the state of Maryland on
July&nbsp;19, 2005.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    India Globalization Fund, Inc.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
    /s/ Ram Mukunda</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    Ram Mukunda</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>Chief Executive Officer and President</B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons
in the capacities and on the dates indicated. This document may
be executed by the signatories hereto on any number of
counterparts, all of which shall constitute one and the same
instrument.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Date</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Ram Mukunda<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Ram
    Mukunda</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chairman, Chief Executive Officer and President<BR>
    (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    July&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ John Cherin<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>John
    Cherin</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chief Financial Officer, Treasurer<BR>
    and Director<BR>
    (Principal Financial and Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    July&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Ranga Krishna*<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Ranga
    Krishna</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    July&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Suhail Nathani*<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Suhail
    Nathani</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    July&nbsp;19, 2005</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Sudhakar Shenoy*<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Sudhakar
    Shenoy</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    July&nbsp;19, 2005</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    by Ram Mukunda, Power of Attorney</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt;">II-3
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>c95282a2exv23w1.htm
<DESCRIPTION>CONSENT OF GOLDSTEIN GOLUB KESSLER LLP
<TEXT>
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<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>EXHIBIT 23.1</B>



<P align="left" style="font-size: 10pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>



<P align="left" style="font-size: 10pt">To the Board of Directors<BR>
India Globalization Capital, Inc.

<P align="left" style="font-size: 10pt">We hereby consent to the use
in Amendment No.&nbsp;2 to the Registration Statement on Form&nbsp;S-1 of
our report dated July&nbsp;11,
2005, on the financial statements of India Globalization Capital, Inc. as of June&nbsp;30, 2005 and for
the period from April&nbsp;29, 2005 (inception)&nbsp;to June&nbsp;30, 2005, which appears in such Registration
Statement. We also consent to the reference to our Firm under the caption &#147;Experts&#148; in such
Registration Statement.



<P align="left" style="font-size: 10pt"><B>GOLDSTEIN GOLUB KESSLER LLP</B><BR>
New York, New York


<P align="left" style="font-size: 10pt">July&nbsp;19, 2005



<P align="center" style="font-size: 10pt">
</DIV>

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