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<SEC-DOCUMENT>0000950137-06-002545.txt : 20060303
<SEC-HEADER>0000950137-06-002545.hdr.sgml : 20060303
<ACCEPTANCE-DATETIME>20060303165732
ACCESSION NUMBER:		0000950137-06-002545
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20060303
DATE AS OF CHANGE:		20060303

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-124942
		FILM NUMBER:		06664736

	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>424B3
<SEQUENCE>1
<FILENAME>c95282b3e424b3.htm
<DESCRIPTION>FORM 424B3
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b3</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="right" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
As filed pursuant to Rule 424(b)(3)
</DIV>

<DIV align="right" style="font-size: 10pt;color: #000000; background: #ffffff;">
Registration No. 333-124942
</DIV>

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

<DIV align="center" style="font-size: 12pt;color: #000000; background: #ffffff; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>$58,980,000</B>
</DIV>

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

<DIV align="center" style="font-size: 12pt;color: #000000; background: #ffffff; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>9,830,000 Units</B>
</DIV>

<DIV align="left" style="font-size: 9pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;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>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt;color: #000000; background: #ffffff;">

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

</TABLE>

<DIV align="left" style="font-size: 9pt;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;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 March 3, 2007, and will expire on March 3, 2011,
or earlier upon redemption.
</DIV>

<DIV align="left" style="font-size: 9pt;color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
We have granted the underwriters a 45-day option to purchase up
to 1,474,500 additional units solely to cover over-allotments,
if any (over and above the 9,830,000 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 500,000 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;color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Our officers and directors have purchased an aggregate of
170,000 units at a price of $6.00 per unit ($1,020,000 in the
aggregate) in a private placement immediately prior to this
offering. Such units were identical to the units in this
offering. These individuals will not have any right to any
liquidation distributions with respect to the shares included in
such private placement units in the event we fail to consummate
a business combination. The shares comprising such units may not
be sold, assigned or transferred until we consummate a business
combination. Such individuals have further agreed to waive their
right to any liquidation distributions with respect to such
shares in the event we fail to consummate a business combination.
</DIV>

<DIV align="left" style="font-size: 9pt;color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
There is presently no public market for our units, common stock
or warrants. Our units have been listed on the American Stock
Exchange under the symbol IGC.U. 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 IGC.WS, respectively. We cannot assure you,
however, that any of such securities will 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&nbsp;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" style="font-size: 9pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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" style="font-size: 9pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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">$</TD>
    <TD align="right" valign="bottom" nowrap>58,980,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,718,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>54,261,600</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff;">

<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 3%
    of the gross proceeds, or $.18 per unit ($1,769,400 in total),
    payable to Ferris, Baker Watts, Inc., the representative of the
    underwriters. Ferris, Baker Watts, Inc. has agreed to deposit 3%
    of the gross proceeds attributable to the non-accountable
    expense allowance ($.18 per Unit) into the trust account until
    the earlier of the completion of a business combination or the
    liquidation of the trust account. They have further agreed to
    forfeit any rights to or claims against such proceeds unless we
    successfully complete a business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 9pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
Of the proceeds of this offering, $57,210,600 (approximately
$5.82 per unit) will be deposited into a trust account at United
Bank Inc. maintained by Continental Stock Transfer &#38; Trust
Company acting as trustee. This amount includes up to $1,769,400
($0.18&nbsp;per unit) which will be paid to the underwriters if
a business combination is consummated, but which will be
forfeited by the underwriters if a business combination is not
consummated. This amount also includes the net proceeds from the
170,000 units which were purchased in a private placement
immediately prior to this offering by our officers and
directors, which they have agreed to forfeit if a business
combination is not consummated. This amount also includes loans
from our founders in the aggregate amount of $870,000 which will
be repaid from the interest accrued on the amount in escrow, but
will not be repaid from the principal in escrow. As a result,
our public stockholders will receive $5.82&nbsp;per unit (97% of
the initial purchase price of the units) (plus residual interest
earned but net of $1,855,000 ($2,150,000 if the over-allotment
option is exercised in full) in working capital and taxes
payable) in the event of a liquidation of our company prior to
consummation of a business combination.
</DIV>

<DIV align="left" style="font-size: 9pt;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 March 8, 2006.
</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="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Ferris, Baker Watts<BR>
     </B>Incorporated</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>Ladenburg Thalmann &#38; Co. Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>First Albany Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>Merriman Curhan Ford&nbsp;&#38; Co.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 13pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SOCIETE GENERALE</B>
</DIV>

<DIV align="center" style="font-size: 9pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The date of this Prospectus is March 3, 2006
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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>24</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>25</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>28</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>29</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>31</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>34</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>47</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>52</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>56</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>58</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>62</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>65</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>65</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>65</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: 10pt;color: #000000; background: #ffffff;">
<!-- /TOC -->
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name='101'></A>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 set forth in the section
below entitled &#147;Risk Factors&#148; 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 either in this offering or afterwards;
provided that our existing stockholders&#146; status as
&#147;public stockholders&#148; shall exist only with respect to
those securities so purchased in this offering or afterwards.
Unless we tell you otherwise, references in this prospectus to
&#147;units&#148; include 170,000 units that certain of our
officers and directors purchased in a private placement
immediately prior to this offering. Certain numbers in this <BR>
 prospectus have been rounded.</I>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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. According to the World
Factbook published by the U.S. Central Intelligence Agency, the
Indian economy has posted a growth rate of approximately 6.8%
since 1994, and 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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. Mega Ace&#146;s principals include a former economic
advisor to the Central Bank&nbsp;&#151; Reserve Bank of India
and a former CEO of the Bombay Stock Exchange. Mega Ace&#146;s
projects include serving as chief consultant to an agency
looking to promote investment in France among Indian investors
and serving as a south-Asian consultant to a project devoted to
forming links between small and medium sized enterprises in the
UK and Europe with companies based in South Asia. 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">1

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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
(excluding any fees and expenses held in the trust account for
the benefit of Ferris, Baker Watts, Inc.) 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. There
are also certain risks associated with investing in a
development stage company such as ours. Certain state
administrators may disallow an offering of a development stage
company if the initial equity investment by a company&#146;s
promoters does not equal a certain percentage of the aggregate
public offering price. For a more complete discussion of certain
states&#146; requirements concerning promoter&#146;s equity
percentage in a development stage company, please see the
section below entitled &#147;Risk Factors&nbsp;&#151; Risks
associated with our business.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 align="center" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Private Placement</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain of our officers and directors have purchased from us an
aggregate of 170,000 units at $6.00 per unit in a private
placement immediately prior to this offering.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">2

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name='102'></A>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 10 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">
    9,830,000 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, Inc. 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
    and the private placement:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    2,500,000 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 and the
    private placement:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    12,500,000 shares</TD>
</TR>

</TABLE>
</CENTER>
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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 and the
    private placement:</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 and the
    private placement:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    20,000,000 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;March 3, 2007.</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 March 3, 2011 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>

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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>&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">
    IGC.U</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">
    IGC.WS</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">
    $57,210,600 of the proceeds of this offering and the private
    placement (approximately $5.82 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 consist of $55,441,200 from the net proceeds payable to
    us and $1,769,400 of the proceeds attributable to the
    underwriters&#146; non-accountable expense allowance. 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 will be paid prior to a
    business combination only from the interest earned by the
    principal in the trust accounts up to an aggregate of $1,855,000
    (or $2,150,000 if the underwriters exercise their over-allotment
    option in full). The $1,769,400 of the proceeds attributable to
    the underwriters&#146; non-accountable expense allowance which
    are being held in the trust account will be released to Ferris,
    Baker Watts, Inc. upon completion of a business transaction on
    the terms described in this prospectus or to our public
    stockholders upon our liquidation and will in no event be
    available for use by us.</TD>
</TR>

</TABLE>
</CENTER>
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">5

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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;">
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    <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 loans in the aggregate principal amount
    of $870,000 with interest at the rate of 4% per annum made by
    our chief executive officer and our chairman to us to cover
    offering expenses and working capital;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#149;&nbsp;Payment of up to $4,000 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>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Other than the agreement with IGN, LLC, with respect to rent for
    office space and administrative expenses, there are no current
    agreements or understandings with any of our existing
    stockholders or any of their respective affiliates with respect
    to the payment of compensation of any kind subsequent to a
    business combination. However, there can be no assurance that
    such agreements may not be negotiated in connection with, or
    subsequent to, a business combination.</TD>
</TR>

</TABLE>
</CENTER>
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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 or the private placement) in
    accordance with the majority of the shares of common stock voted
    by the public stockholders other than our existing 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 (approximately $5.82 per share), plus any interest
    earned on their portion of the trust account, net, of working
    capital (up to a maximum of $1,855,000 (or $2,150,000 if the
    underwriters exercise their over-allotment option in full)) and
    taxes, if the business combination is approved and consummated.
    In order for a business combination to be approved a majority of
    the shares of common stock voted by the public stockholders
    would need to vote in favor of the combination and our existing
    shareholders, as described above, would be required to vote
    their shares in accordance with the vote of the majority to
    approve the business combination. Accordingly, since they did
    not vote against the business combination, our existing
    stockholders would not be entitled to exercise conversion rights
    with respect to the stock they own.<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;color: #000000; background: #ffffff;">7

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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 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 inclusive of the
    $1,769,400 attributable to the underwriters&#146;
    non-accountable expense allowance, 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 and with respect to the shares included
    in the 170,000&nbsp;units our officers and directors have
    purchased in the private placement; 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 and the private placement 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;color: #000000; background: #ffffff;">8
<!-- 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;color: #000000; background: #ffffff;">
<A name='103'></A>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>December&nbsp;31, 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 (deficiency)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(762,218</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>54,460,681</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>762,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,441,200</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>767,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>980,519</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<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></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>11,082,696</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 (deficiency)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(5,519</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43,377,985</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff;">

<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>

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

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    If the business combination is approved and completed, public
    stockholders who voted against the combination will be entitled
    to redeem their stock for approximately $5.82&nbsp;per share,
    which amount represents approximately $5.64&nbsp;per share
    representing the net proceeds of the offering and the private
    placement deposited in the trust account and the proceeds of
    loans in the aggregate amount of $870,000 made by the founders
    and an additional $105,000 in deferred expenses from vendors
    which are being deposited in the trust account, and
    $0.18&nbsp;per share representing the underwriters&#146;
    non-accountable expense allowance which the underwriters have
    agreed to deposit into the trust account and to forfeit to pay
    redeeming stockholders, without taking into account interest
    earned on the trust account.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The working capital excludes $756,699 of costs related to this
offering and the private placement which were paid or accrued
prior to December&nbsp;31, 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The &#147;as adjusted&#148; information gives effect to the sale
of the units in this offering and the private placement,
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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The working capital (as adjusted) and total assets (as adjusted)
amounts 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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
10,000,000 shares of common stock sold in this offering, or
1,965,017 shares of common stock, at an initial per-share
conversion price of approximately $5.82, 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.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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;color: #000000; background: #ffffff;">
<A name='104'></A>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We must complete a business combination with a fair market value
of at least 80% of our net assets (excluding any fees and
expenses held in the trust account for the benefit of Ferris,
Baker Watts, Inc.) 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
<FONT style="white-space: nowrap">18-month</FONT> 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>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD><B><I>&nbsp;</I></B></TD>
    <TD>
    <B><I>Under Maryland law, the requirements and restrictions
    relating to this offering contained in our amended and restated
    articles of incorporation may be amended, which could reduce or
    eliminate the protection afforded to our stockholders by such
    requirements and restrictions.</I></B></TD>
</TR>

</TABLE>


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

</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amended and restated articles of incorporation set forth
certain requirements and restrictions relating to this offering
that shall apply to us until the consummation of a business
combination. Specifically, our amended and restated articles of
incorporation provides, among other things, that:
</DIV>


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

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    prior to the consummation of our initial business combination,
    we shall submit such business combination to our stockholders
    for approval;</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 consummate our initial business combination if:
    (i)&nbsp;approved by a majority of the shares of common stock
    voted by the public stockholders, and (ii)&nbsp;public
    stockholders owning less than 20% of the shares purchased by the
    public stockholders in this offering exercise their conversion
    rights;</TD>
</TR>


</TABLE>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></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">
    if our initial business combination is approved and consummated,
    public stockholders who voted against the business combination
    and exercised their conversion rights will receive their pro
    rata share of the trust account;</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 a business combination is not consummated or a letter of
    intent, an agreement in principle or a definitive agreement is
    not signed within the time periods specified in this prospectus,
    then we will be dissolved and distribute to all of our public
    stockholders their pro rata share of the trust account; 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">
    we may not consummate any other merger, capital stock exchange,
    stock purchase, asset acquisition or similar transaction other
    than a business combination that meets the conditions specified
    in this prospectus, including the requirement that our initial
    business combination be with one or more operating businesses
    whose fair market value, either individually or collectively, is
    equal to at least 80% of our net assets at the time of such
    business combination.</TD>
</TR>


</TABLE>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amended and restated articles of incorporation prohibit the
amendment of the above-described provisions. However, the
validity of provisions prohibiting amendment of the articles of
incorporation under Maryland law has not been settled. A court
could conclude that the prohibition on amendment violates the
stockholders&#146; implicit rights to amend the corporate
charter. In that case, the above-described provisions would be
amendable and any such amendment could reduce or eliminate the
protection afforded to our stockholders. However, we view the
foregoing provisions as obligations to our stockholders, and we
will not take any actions to waive or amend any of these
provisions.
</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>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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 width="3%"></TD>
    <TD width="97%"></TD>
</TR>

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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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 $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>

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

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    <TD></TD>
    <TD>
    <B><I>If third parties bring claims against us, the proceeds
    held in trust could be reduced and the per-share liquidation or
    conversion price received by stockholders may be less than
    approximately $5.82&nbsp;per share.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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, or even
if they execute such agreements that they would be prevented
from bringing claims against the trust account. If any third
party refused to execute an agreement waiving such claims to the
monies held in the trust
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
account, we would perform an analysis of the alternatives
available to us if we chose not to engage such third party and
evaluate if such engagement would be in the best interest of our
stockholders if such third party refused to waive such claims.
Examples of possible instances where we may engage a third party
that refused to execute a waiver include the engagement of a
third party consultant whose particular expertise or skills are
believed by management to be significantly superior to those of
other consultants that would agree to execute a waiver or in
cases where management is unable to find a provider of required
services willing to provide the waiver. In addition, there is no
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 $5.82 plus partial 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, prospective target businesses
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. In addition, such third party claims may result in
the per share conversion price received by stockholders who vote
against a business combination and elect to convert their shares
into cash being less than approximately $5.82&nbsp;per share.
</DIV>


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    <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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation authorizes the issuance of up
to 75,000,000&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 41,000,000 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 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>
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    <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</TD>
</TR>

</TABLE>

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    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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></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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

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    <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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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></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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 Dr.&nbsp;Ranga
Krishna, our Chairman of the Board, Ram Mukunda, our Chief
Executive Officer and President and John Cherin, our Chief
Financial Officer, Treasurer, following a business combination,
however, cannot presently be ascertained. While several of our
management and other key personnel, particularly
Messrs.&nbsp;Mukunda and Cherin, have indicated their
willingness to remain associated with us following a business
combination, we have no current expectation that they will do
so, and 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 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>

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</TR>

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    <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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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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    <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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 Mr.&nbsp;Mukunda to
devote an average of approximately fifteen hours per week to our
business, for Mr.&nbsp;Cherin and Dr.&nbsp;Krishna to devote an
average of approximately ten hours a 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 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 and Dr.&nbsp;Krishna&#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>

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<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

<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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    <TD></TD>
    <TD>
    <B><I>Because all of our officers, 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of our officers, 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
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
distributions upon our liquidation in the event we fail to
complete a business combination. Additionally, Mr.&nbsp;Mukunda
and certain of our other officers and directors collectively
purchased, in the aggregate 170,000 units in a private placement
immediately prior to this offering, but have waived their right
to liquidation distributions with respect to the shares included
in such units. Those shares and warrants owned by our officers,
directors and our special advisors will be worthless if we do
not consummate a business combination. The personal and
financial interests of our officers and directors may influence
their motivation in identifying and selecting target businesses
and completing a business combination in a timely manner.
Consequently, our officers&#146; and directors&#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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</TR>

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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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

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    <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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 width="3%"></TD>
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</TR>

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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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds from this offering and the private placement
will provide us with approximately $55,441,200 (subject to
reduction resulting from shareholders electing to convert their
shares into cash), 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 (excluding any fees and expenses held in the trust
account for the benefit of Ferris, Baker Watts, Inc.) 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
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>
</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;&nbsp;and</TD>
</TR>

</TABLE>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></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">
    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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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></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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 or with Ferris, Baker Watts, Inc. or SG Americas
Securities, LLC and their respective affiliates. 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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</TR>

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    <TD></TD>
    <TD>
    <B><I>We have substantial discretion as to how to spend the
    proceeds in this offering which are outside of the trust.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our management has broad discretion as to how to spend the
proceeds in this offering which are held outside of the trust
account and may spend these proceeds in ways with which our
stockholders may not agree. If we choose to invest some of the
proceeds held outside of the trust account, we cannot predict
that investment of the proceeds will yield a favorable return,
if any.
</DIV>

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

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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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 and the private placement, 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>
    <TD width="96%"></TD>
</TR>

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

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    <TD></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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since August 2003, based upon publicly available information,
approximately 40 similarly structured blank check companies have
completed initial public offerings. Of these companies, only
four companies have consummated a business combination, while
seven other companies have announced that they have entered into
a definitive agreement for a business combination, but have not
consummated such business combination. Accordingly, there are
approximately 29 blank check companies with approximately
$1.8&nbsp;billion 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 two of such companies has
completed a business combination and five 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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</TR>

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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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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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    <TD width="3%"></TD>
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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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon consummation of our offering, our existing stockholders,
including our officers, directors and special advisors, will
collectively own approximately 21% of our issued and outstanding
shares of common stock (including the purchase of 170,000 units
in the private placement).
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our existing stockholders paid an aggregate of $25,000, or
    an average of approximately $.01&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 and the private
placement 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 and the private placement are completed, you and
the other new investors will incur an immediate and substantial
dilution of approximately 31% or $1.88&nbsp;per share (the
difference between the pro forma net tangible book value per
share of $4.12 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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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with this offering and the private placement, as
part of the units, we will be issuing warrants to
purchase&nbsp;20,000,000&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 500,000&nbsp;units, which,
if exercised, will result in the issuance of warrants to
purchase an additional 1,000,000&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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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our existing stockholders are entitled to demand that we
register the resale of the 2,500,000&nbsp;shares of common stock
they acquired prior to this offering and the private placement
in certain circumstances. Furthermore, they are entitled to
demand the registration of the securities underlying the
170,000&nbsp;units they
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
have purchased in the private placement at any time after we
announce that we have entered a letter of intent, an agreement
in principle or a definitive agreement in connection with a
business combination. If our existing stockholders exercise
their registration rights with respect to all of their shares of
common stock, then there will be an additional
2,670,000&nbsp;shares of common stock eligible for trading in
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>

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

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    <TD></TD>
    <TD>
    <B><I>The American Stock Exchange 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our securities will be listed on the American Stock Exchange, a
national securities exchange, upon consummation of this
offering. We cannot assure you that our securities will 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

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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">
    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;&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">
    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>

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<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

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

<TR valign="top">
    <TD></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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

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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">
    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>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we may have imposed upon us burdensome
requirements, including:
</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">
    registration as an investment 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">
    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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 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 we may be deemed to have no
    &#147;independent&#148; directors, actions taken and expenses
    incurred by our officers and directors on our behalf will
    generally not be subject to &#147;independent&#148;
    review.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of our directors owns shares of our common stock and,
although no salary or other compensation will be paid to them
for services rendered prior to or in connection with a business
combination, they may receive reimbursement for
<FONT style="white-space: nowrap">out-of</FONT>-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. There is no
limit on the amount of these
<FONT style="white-space: nowrap">out-of</FONT>-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.
Because none of our directors may be deemed
&#147;independent,&#148; we will generally not have the benefit
of independent directors examining the propriety of expenses
incurred on our behalf and subject to reimbursement. Although we
believe that all actions taken by our directors on our behalf
will be in our best interests, we cannot assure you that this
will be the case. If actions are taken, or expenses are incurred
that are not in our best interests, it could have a material
adverse effect on our business and operations and the price of
our stock held by the public stockholders.
</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Political, economic, social and other factors in India 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our ability to achieve our business objective may be adversely
affected by political, economic, social and religious factors,
changes in Indian law or regulations and the status of
India&#146;s relations with other countries. In addition, the
economy of India may differ favorably or unfavorably from the
U.S.&nbsp;economy in such respects as the rate of growth of
gross domestic product, the rate of inflation, capital
reinvestment, resource self-sufficiency and balance of payments
position. According to the World Factbook published by the
United States Central Intelligence Agency, the Indian government
has exercised and continues to exercise significant influence
over many aspects of the economy, and privatization of
government-owned industries proceeds at a slow pace.
Accordingly, Indian government actions in the future could have
a significant effect on the Indian economy, which could have a
material adverse affect on our ability to achieve our business
objective.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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. These policies have been
coupled with the express intention to redirect the
government&#146;s central planning function away from the
allocation of resources and toward the issuance of indicative
guidelines. While the government&#146;s policies have resulted
in improved
</DIV>

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economic performance, there can be no assurance that the
economic recovery will be sustained. Moreover, there can be no
assurance that these economic reforms will persist, and that any
newly elected government will continue the program of economic
liberalization of previous governments. Any change may adversely
affect Indian laws and policies with respect to foreign
investment and currency exchange. Such changes in economic
policies could negatively affect the general business and
economic conditions in India, which could in turn affect us and
our ability to achieve our business objective.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
According to the World Factbook, religious and border disputes
persist in India and remain pressing problems. For example,
India has from time to time experienced civil unrest and
hostilities with neighboring countries such as Pakistan. The
longstanding dispute with Pakistan over the border Indian state
of Jammu and Kashmir, a majority of whose population is Muslim,
remains unresolved. If the Indian government is unable to
control the violence and disruption associated with these
tensions, the results could destabilize the economy and,
consequently, adversely affect us and our ability to achieve our
business objective.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since early 2003, there have also been military hostilities and
civil unrest in Afghanistan, Iraq and other Asian countries.
These events could adversely influence the Indian economy and,
as a result, negatively affect us and our ability to achieve our
business objective.
</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>
    <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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

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

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

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
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 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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff;">

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

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">22

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
accordance with U.S.&nbsp;Generally Accepted Auditing Standards
(GAAS). GAAP and GAAS compliance may limit the potential number
of acquisition targets.
</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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">23

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name='105'></A>
</DIV>

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

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

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

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name='106'></A>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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">&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">
    Offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>58,980,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>67,827,000</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">
    Private placement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,020,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,020,000</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</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>68,847,000</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>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>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting discount (5% of offering)(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,949,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,391,350</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 non-accountable expense allowance (3% of offering
    without the over-allotment option)(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,769,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,769,400</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 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>515,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>515,000</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">
    Miscellaneous expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,432</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <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>120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>120,000</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">
    Accounting fees and 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">
    SEC registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,668</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">
    NASD registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,300</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 colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net proceeds</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>54,466,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62,870,850</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">
    Contributions to escrow from founders loans and deferred
    payments(7)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>975,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>975,000</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 colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Held in trust (8)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,441,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>63,845,850</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>



<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="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Working capital&nbsp;&#151; funded from interest earned on
    amount held in&nbsp;trust</I>(7)</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(4)</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>414,000</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">
    Due diligence of prospective target businesses(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>185,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>185,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    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>115,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>250,000</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">
    Administrative fees relating to office space ($4,000 per month
    for 24&nbsp;months)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>96,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>96,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    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>184,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>230,000</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">
    Repayment of loans from founders and deferred payments(7)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>975,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>975,000</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</B>(6)(7)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>1,855,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom" nowrap><B>2,150,000</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>

</TABLE>
</CENTER>


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

<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">
    Ferris, Baker Watts, Inc. has agreed to deposit the
    non-accountable expense allowance ($0.18 per Unit) into the
    trust account until the earlier of the completion of a business
    combination or the liquidation of the trust account. They have
    further agreed to forfeit any rights to or claims against such
    proceeds unless we successfully complete a business combination.</TD>
</TR>


<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    The $300,000 ($414,000 if the over-allotment option is exercised
    in full) is expected to be paid to legal, accounting and other
    outside professionals to conduct due diligence once a potential
    target for a business combination is identified and to assist in
    negotiating and structuring the ultimate business transaction.
    The $185,000 represents costs expected to be incurred by the
    Company and its officers, directors and employees in identifying
    and reviewing potential targets for business combinations.</TD>
</TR>


<TR valign="top">
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Excludes a financial advisory fee payable to Ferris, Baker
    Watts, Inc. equal to two percent (2%) of the consideration of
    any business combination by us up to a maximum fee of
    $1,500,000, a portion of which shall be allocated to SG Americas
    Securities, LLC.</TD>
</TR>


<TR valign="top">
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    The working capital of up to $1,855,000 ($2,150,000 if the
    over-allotment option is exercised in full) will be funded from
    the interest earned from monies in escrow. At closing the
    founders will loan the company $720,000 and extend the pre-IPO
    loans of $150,000, for an aggregate amount of $870,000 which
    will be deposited in the trust account. Certain vendors have
    agreed to defer an aggregate of $105,000 of expenses. These will
    be repaid from the interest earned from the funds held in trust.
    The loans will be repaid with 4% interest from the interest
    earned from the funds held in trust. The loans and the vendor
    deferrals will not have any access or rights against the
    principal in escrow.</TD>
</TR>



<TR valign="top">
    <TD>(8)&nbsp;</TD>
    <TD align="left">
    Excludes $1,769,400 which represents the underwriters&#146;
    non-accountable expense allowance and which is further described
    in footnote 3.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">25
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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$55,441,200, or $63,845,850 if the underwriters&#146;
over-allotment option is exercised in full, of net proceeds of
this offering and the private placement will be placed in a
trust account at United Bank maintained by Continental Stock
Transfer &#38; Trust Company acting as trustee. Additionally,
$1,769,400 of the proceeds attributable to the
underwriters&#146; non-accountable expense allowance will be
deposited in the trust account. 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, other than
amounts held in trust or paid to Ferris, Baker Watts, Inc. for
its services as representative of the underwriters as financial
advisor (including the $1,500,000 maximum financial advisory fee
described above), amounts paid for finders&#146; or professional
fees or amounts paid for any fees or costs incurred in
connection with any debt or equity financing made in connection
with the business combination. The Company does not currently
have any agreement with any party with respect to the payment of
finders&#146; or professional fees. If the Company agrees to pay
such fees in the future, such fees shall be negotiated on an
arms-length basis. 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;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 $4,000
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 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;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use the working capital (approximately $1,855,000)
($2,150,000 if the underwriters exercise their over-allotment
option in full) for repayment of founders loans, deferred
expenses, director and officer liability insurance premiums,
with the balance being held in reserve for other expenses such
as, travel to India, due diligence, legal, accounting, and other
expenses of structuring and negotiating business combinations,
and deposits, down payments and/or funding of a &#147;no
shop&#148; provision in connection with a business combination
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
working capital will be sufficient to cover the foregoing
expenses and reimbursement costs.
</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda has loaned a total of $100,000 to us for the
payment of offering expenses. Dr.&nbsp;Krishna has loaned a
total of $50,000 to us for the payment of offering expenses.
Upon the consummation of this offering, the founders will loan
an additional $720,000 to us which will be deposited in the
trust account. Each loan bears interest at a rate of 4% per year
and will be payable on the earlier of the first anniversary of
the consummation of this offering or the consummation of a
business combination. Prior to the release of the escrowed funds
to us each loan will be solely repaid out of the interest earned
on the escrowed funds, provided that we will not be required to
make any payments from such interest until we have withdrawn an
aggregate of $1,855,000 ($2,150,000 if the underwriters exercise
their over-allotment option in full) from such interest for
working capital purposes.
</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds of this offering (including that portion of the
proceeds attributable to the underwriters&#146; discount and
non-accountable expense allowance held in the trust account)
that are not immediately required
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">26

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
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;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to allocate $185,000 of the interest paid on the trust
proceeds 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. However, other than the
agreement with IGN, LLC described above, there are no current
agreements or understandings with any of our existing
stockholders or any of their respective affiliates with respect
to the payment of compensation of any kind subsequent to a
business combination. These reimbursements may be paid from the
$185,000 allocated for due diligence.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the consummation of a business combination, the
underwriters will be entitled to receive that portion of the
proceeds attributable to the underwriters&#146; discount and
non-accountable expense allowance held in trust and any accrued
interest thereon. In the event that we are unable to consummate
a business combination and the trustee is forced to liquidate
the trust account, the underwriters have agreed to the
following: (i) forfeit any rights or claims to such proceeds and
any accrued interest thereon; and (ii) that the proceeds
attributable to the underwriters&#146; discount and
non-accountable expense allowance will be distributed on a
pro-rata basis among the public shareholders along with any
accrued interest thereon.
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">27

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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;color: #000000; background: #ffffff;">
<A name='107'></A>
</DIV>

<!-- link1 "CAPITALIZATION" -->

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth our capitalization at
December&nbsp;31, 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="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>December&nbsp;31, 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">
    Notes payable to stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>870,000</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: 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 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
    1,965,017 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>11,082,696</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 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, 75,000,000 shares authorized;
    2,437,500 shares issued and outstanding, 12,437,500 shares
    issued and outstanding (including 1,965,017 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>244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,244</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>24,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43,407,260</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>(30,519</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(30,519</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>(5,519</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43,377,985</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">$</TD>
    <TD align="right" valign="bottom" nowrap>144,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,330,681</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: 3pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Assumes full payment of the underwriters&#146; discount and
    expense allowance.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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
applicable net interest income 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;color: #000000; background: #ffffff;">28
<!-- 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;color: #000000; background: #ffffff;">
<A name='108'></A>
</DIV>

<!-- link1 "DILUTION" -->

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 2005, our net tangible book value was a
deficiency of approximately $762,218, or approximately $(0.31)
per share of common stock. After giving effect to the sale of
10,000,000&nbsp;shares of common stock included in the units
sold in this offering and the private placement (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 1,965,017&nbsp;shares of common stock
which may be converted into cash) as of December&nbsp;31, 2005
would have been approximately $43,377,985 or approximately
$4.12&nbsp;per share, representing an immediate increase in net
tangible book value of $4.43&nbsp;per share to the existing
stockholders and an immediate dilution of $1.88&nbsp;per share
or approximately 31% to new investors not exercising their
conversion rights.
</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&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>(.31</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>4.43</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>4.12</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>1.88</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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our pro forma net tangible book value after this offering has
been reduced by approximately $11,082,696 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information with respect to our
existing stockholders prior to and after the private placement
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="30%">&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="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="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>2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20.00</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>.04</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Private placement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.36</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,020,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.70</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" bgcolor="#cceeff">
    <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>9,830,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78.64</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>58,980,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>98.26</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>
    <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>12,500,000</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>60,025,000</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;color: #000000; background: #ffffff;">29
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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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our pro forma net tangible book value after this offering and
the private placement 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 and the private
    placement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(762,218</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 and the private placement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>54,466,200</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 and the private placement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>756,699</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</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(11,082,696</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>43,377,985</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 and
    the private placement</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>
</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, including
    the private placement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,000,000</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 (9,830,000 &#215; 19.99%)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,965,017</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>10,534,983</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>



<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The preceding calculations assume the payment in full of the
underwriters discount and expense allowance and do not reflect
$0.18&nbsp;per share representing the underwriters&#146;
non-accountable expense allowance which the underwriters have
agreed to deposit into the trust account and to forfeit to pay
redeeming stockholders.
</DIV>


<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">30
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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<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;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B>
</DIV>

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

<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: 12pt">&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: 12pt">&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: 12pt">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Similarly, the incurrence of debt:
</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;color: #000000; background: #ffffff;">

<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: 12pt">&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: 12pt">&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: 12pt">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that the net proceeds from the sale of the units in
the offering and the private placement and the loans from
founders and the deferred costs will be $55,441,200 (or
$63,845,850 if the underwriters&#146; over-allotment is
exercised in full), after deducting offering expenses of
approximately $815,400 and underwriting discounts of
approximately $4,718,400 (or $5,160,750 if the
underwriters&#146; over-allotment option is exercised in full),
including $1,769,400 evidencing the underwriters&#146;
non-accountable expense allowance of 3% of the
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">31

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
gross proceeds. All of this amount will be held in trust.
Additionally, $1,769,400 or of the proceeds attributable to the
underwriters&#146; non-accountable expense allowance will be
deposited in the trust account. 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, because we
finance a portion of the consideration with our capital stock or
debt securities or because certain fees and expenses held in the
trust account are due to Ferris, Baker Watts, Inc. In that
event, other than the fees and expenses due to Ferris, Baker
Watts, 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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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: 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;color: #000000; background: #ffffff;">

<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: 12pt">&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 representative of the underwriters and financial advisor to
    the company;</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&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: 12pt">&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>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    In addition, the Company will repay the outstanding balance of
    the aggregate $870,000 in loans made by Mr.&nbsp;Mukunda and
    Dr.&nbsp;Krishna to the Company and any deferred expenses.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company does not currently have any agreement with any party
with respect to the payment of finders&#146; or professional
fees. If the Company agrees to pay such fees in the future, such
fees shall be negotiated on an arms-length basis.
</DIV>

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

<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 $300,000 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: 12pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Approximately $185,000 of expenses for the due diligence and
    investigation of a target business;</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $115,000 of expenses in legal and accounting fees
    relating to our SEC reporting obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $96,000 of expenses in fees relating to our office
    space and certain general and administrative services;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approximately $184,000 for travel, general working capital that
    will be used for miscellaneous expenses and reserves, including
    for director and officer liability insurance premiums, deposits,
    down payments and/or funding of a &#147;no shop&#148; provision
    in connection with a prospective business transaction and for
    international travel with respect to negotiating and finalizing
    a business combination.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">32

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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, as of
September&nbsp;15, 2005, Dr.&nbsp;Krishna loaned a total of
$50,000 to us for payment of offering expenses. Upon the
consummation of this offering, the founders will loan an
additional $720,000 to us which will be deposited in the trust
account. The loans bear interest at a rate of 4%&nbsp;per year
and will be payable on the earlier of April&nbsp;30, 2006 or the
first anniversary of the consummation of this offering or the
consummation of a business combination. Prior to the
consummation of a business combination, the loans will be solely
repaid out of the interest earned on the escrowed funds,
provided that we will not be required to make any payments from
such interest until we have withdrawn an aggregate of $1,855,000
($2,150,000 if the underwriters exercise their over-allotment
option in full) from such interest for working capital purposes.
</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to pay IGN, LLC, an affiliate of
Mr.&nbsp;Mukunda, a monthly fee of $4,000 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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Introduction</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>&#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>

<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 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>

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

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

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    <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>

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

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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">
    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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    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
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    <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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Determinate Factors for Acquisition Opportunities</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Rapidly Growing
Economy:</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the World
Factbook, India has posted a growth rate of 6.8% since 1994 and
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 has a GDP of
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
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>
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<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>

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<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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. Mega Ace&#146;s
principals include a former economic advisor to the Central
Bank&nbsp;&#151; Reserve Bank of India and a former CEO of the
Bombay Stock Exchange. Mega Ace&#146;s projects include serving
as chief consultant to an agency looking to promote investment
in France among Indian investors and serving as a south-Asian
consultant to a project devoted to forming links between small
and medium sized enterprises in the UK and Europe with companies
based in South Asia. 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that there will be more investment opportunities at
more attractive valuations with respect to companies that are
not yet ready to access the Indian stock market. Given the
requirement that the initial target businesses that we acquire
must have a fair market value equal to at least 80% of our net
assets, the amount of proceeds we receive from the offering will
allow us to consider acquiring companies which have fair market
values far below the fair market value generally required to
support an initial public offering in the Indian capital markets.
</DIV>


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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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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    <TD width="6%"></TD>
    <TD width="94%"></TD>
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    <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</TD>
</TR>

</TABLE>

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    <TD>&nbsp;</TD>
    <TD align="left">
    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>

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    <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 communication
    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>

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<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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
(excluding any fees and expenses held in the trust account for
the benefit of Ferris, Baker Watts, Inc.) 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Effecting a business combination</B>
</DIV>

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

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
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. and SG Americas Securities, LLC with whom we have
entered into the advisory agreement described below.
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 (excluding
any fees and expenses held in the trust account for the benefit
of Ferris, Baker Watts, Inc.) 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sources of target
businesses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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. and SG Americas
Securities, LLC 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>


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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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, and SG Americas Securities, LLC,
one of the participating underwriters in this offering, whereby
Ferris, Baker Watts, Inc. and SG Americas Securities, LLC will
serve as our financial advisors in connection with a business
combination for a period of two years from the effective date of
this offering. Ferris, Baker Watts, Inc. and SG Americas
Securities, LLC 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. The due diligence services to be provided by
Ferris, Baker Watts, Inc. and SG Americas Securities, LLC will
consist of gathering, preparing and organizing information to be
considered by our board of directors, among other things, once a
target for a business combination has been identified. 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, a portion of
which shall be allocated to SG Americas Securities, LLC pursuant
to a separate agreement between the parties. The fee will be
capped at $1,500,000 and will be paid out of the trust proceeds
only upon consummation of a suitable business combination. In
addition to the foregoing fee, we have agreed to reimburse
Ferris, Baker Watts, Inc. and SG&nbsp;Americas Securities, LLC,
promptly, on a monthly basis, for all of the reasonable
out-of-pocket expenses incurred by Ferris, Baker Watts, Inc. and
SG&nbsp;Americas Securities, LLC, 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>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than our advisory agreement with Ferris, Baker Watts, Inc.
and SG&nbsp;Americas Securities, LLC, 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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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. and SG&nbsp;Americas Securities, LLC 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 (excluding any fees and expenses held in the trust
account for the benefit of Ferris, Baker Watts, Inc.) 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>

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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">
    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>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 an aggregate of $870,000 in loans issued by
Mr.&nbsp;Mukunda and Dr.&nbsp;Krishna to us.
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 (excluding
any fees and expenses held in the trust account for the benefit
of Ferris, Baker Watts, Inc.) 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
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
or directors or with Ferris, Baker Watts Incorporated or
SG&nbsp;Americas Securities, LLC and their respective
affiliates, 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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Possible lack of business
diversification</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net proceeds from this offering and the private placement
will provide us with approximately $55,441,200 (subject to
reduction resulting from shareholders electing to convert their
shares into cash), 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 (excluding any fees and expenses held in the trust
account for the benefit of Ferris, Baker Watts, Inc.) 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>

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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">
    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>

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunity for stockholder
approval of business combination</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 other than our existing stockholders.
Accordingly, they will not be entitled to exercise the
conversion rights described below for public stockholders who
vote against a business combination. 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 and the private
placement exercise their conversion rights.
</DIV>

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


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 (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 account any
interest earned on the trust account, the initial per-share
conversion price would be approximately $5.82 (or approximately
$.18 less than the per-unit offering price of $6.00).We will
take steps to try to protect the assets held in trust from third
party claims. However, to the extent that such claims are
successfully made against the trust assets, they may reduce the
per-share conversion price below approximately $5.82. 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 an
aggregate of 20% or more of the shares sold in this offering
exercise their conversion rights.
</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation if no business
combination</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 and the
170,000&nbsp;shares included in the unit they have
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
purchased in the private placement; they will participate in any
liquidation distribution with respect to any shares of common
stock acquired in connection with or following this offering.
Additionally, the underwriters have agreed to forfeit any rights
to or claims against the proceeds held in the trust account
which include their non-accountable expense allowance. There
will be no distribution from the trust account with respect to
our warrants.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we were to expend none 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 $5.82 or approximately $.18 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 $5.82,
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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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. The trustee of the trust
account will immediately commence liquidating the investments
constituting the trust account and will turn over the proceeds
to our public stockholders.
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amended and restated articles of incorporation set forth
certain requirements and restrictions relating to this offering
that shall apply to us until the consummation of a business
combination. Specifically, our amended and restated articles of
incorporation provides, among other things, that:
</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;color: #000000; background: #ffffff;">

<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">
    prior to the consummation of our initial business combination,
    we shall submit such business combination to our stockholders
    for approval;</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 consummate our initial business combination if:
    (i)&nbsp;approved by a majority of the shares of common stock
    voted by the public stockholders, and (ii)&nbsp;public
    stockholders owning less than 20% of the shares purchased by the
    public stockholders in this offering exercise their conversion
    rights;</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 our initial business combination is approved and consummated,
    public stockholders who voted against the business combination
    and exercised their conversion rights will receive their pro
    rata share of the trust account;</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 a business combination is not consummated or a letter of
    intent, an agreement in principle or a definitive agreement is
    not signed within the time periods specified in this prospectus,
    then we will be dissolved and distribute to all of our public
    stockholders their pro rata share of the trust account; 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">
    we may not consummate any other merger, capital stock exchange,
    stock purchase, asset acquisition or similar transaction other
    than a business combination that meets the conditions specified
    in this prospectus, including the requirement that our initial
    business combination be with one or more operating businesses
    whose fair market value, either individually or collectively, is
    equal to at least 80% of our net assets at the time of such
    business combination.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amended and restated articles of incorporation prohibit the
amendment of the above-described provisions. However, the
validity of provisions prohibiting amendment of the articles of
incorporation under
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
Maryland law has not been settled. A court could conclude that
the prohibition on amendment violates the stockholders&#146;
implicit rights to amend the corporate charter. In that case,
the above-described provisions would be amendable and any such
amendment could reduce or eliminate the protection afforded to
our stockholders. However, we view the foregoing provisions as
obligations to our stockholders, and we will not take any
actions to waive or amend any of these provisions.
</DIV>


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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 $4,000&nbsp;per month
fee IGN, LLC charges us for general and administrative services
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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Employees</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We currently have two executive officers, both of whom are
members of our board of directors as well as five 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 Mr.&nbsp;Mukunda to
devote an average of approximately fifteen hours per week to our
business, for each of Mr.&nbsp;Cherin and Dr.&nbsp;Krishna to
devote an average of approximately ten 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
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are not involved in nor a party to any material legal
proceedings.
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Comparison to offerings of blank check companies</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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">
    $57,210,600 of the proceeds of this offering and the private
    placement 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. These
    proceeds consist of $55,441,200 from the net proceeds payable to
    us and $1,769,400 of the proceeds attributable to the
    underwriters&#146; non-accountable expense allowance.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $48,835,440 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 offering proceeds</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The $57,210,600 of the proceeds of this offering and the private
    placement 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>

</TABLE>
</CENTER>


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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>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 (excluding
    any fees and expenses held in the trust account for the benefit
    of Ferris, Baker Watts, Inc.) 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>

<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>

</TABLE>
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<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>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>

<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>
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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name='111'></A>
</DIV>

<!-- link1 "MANAGEMENT" -->

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Directors, Executive Officers and Special Advisors</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our current directors, executive officers and special advisors
are 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="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="53%">&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>
    <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>42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board</TD>
</TR>

<TR>
    <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>47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Executive Officer, President and Director</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>64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Financial Officer, Treasurer and Director</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>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">
    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>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Larry Pressler</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">
    Special Advisor</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P.G. Kakodkar</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69</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">
    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>
    <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;Anil 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Dr.&nbsp;Ranga Krishna,</B> has served as our Chairman of the
Board since December&nbsp;15, 2005. Dr.&nbsp;Krishna previously
served as a Director from May&nbsp;25, 2005 to December&nbsp;15,
2005 and as our Special Advisor from April&nbsp;29, 2005 through
June&nbsp;29, 2005. In September 1999, he co-founded Fastscribe,
Inc., an Internet-based medical and legal transcription company
with its operations in India and over 200 employees. He has
served as a director of Fastscribe since September 1999. In
February 2003, Dr.&nbsp;Krishna founded International Pharma
Trials, Inc., a company with operations in India and over 150
employees which assists U.S. pharmaceutical companies performing
Phase II clinical trials in India. He is currently the Chairman
and CEO of that company. In April 2004, Dr.&nbsp;Krishna founded
Global Medical Staffing Solutions, Inc., a company that recruits
nurses and other medical professionals from India and places
them in U.S. hospitals. Dr.&nbsp;Krishna is currently serving as
the Chairman and CEO of that company. 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 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Mr.&nbsp;Ram Mukunda,</B> has served as our Chief Executive
Officer, President and a Director since our inception on
April&nbsp;29, 2005 and was Chairman of the Board from
April&nbsp;29, 2005 through December&nbsp;15, 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, 1990 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 was among the first carriers to have
a direct operating agreement with India for the provision of
telecom services. Mr.&nbsp;Mukunda was responsible for the
organization and structuring of the acquisition of a number of
companies by Startec, for strategic investments in companies
with India-based operations or which provided services to
India-based companies and for integrating the acquired companies
with Startec. Under Mr.&nbsp;Mukunda&#146;s tenure at Startec,
the company made an initial public offering of its equity
securities in 1997 and conducted a public high-yield debt
offering in 1998. Mr.&nbsp;Mukunda further was responsible for
the restructuring of Startec after the company filed for
protection under Chapter&nbsp;11 in December 2001. Startec
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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 B.S. degrees in
electrical engineering and mathematics and a masters degree in
Engineering from the University of Maryland.
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Senator Larry Pressler,</B> has served as our Special Advisor
since February&nbsp;3, 2006. Since leaving the U.S. Senate in
1997, Mr.&nbsp;Pressler has been a combination of businessman,
lawyer, corporate board director and lecturer at universities.
From March 2002 to present he has been a partner in the
New&nbsp;York firm Brock Law Partners. Prior to that, March 1997
to March 2002, he was a law partner with
O&#146;Connor&nbsp;&#38; Hannan.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
From 1979 to 1997, Mr.&nbsp;Pressler served as a member of the
United States Senate. He served as the Chairman of the Senate
Commerce Committee on Science and Transportation, and the
Chairman of the Subcommittee on Telecommunications (1994 to
1997). From 1995 to 1997 he served as a Member of the Committee
on Finance and from 1981 to 1995 on the Committee on Foreign
Relations. From 1975 to 1979, Mr.&nbsp;Pressler served as a
member of the United States House of Representatives. Among
other bills, Senator Pressler authored the Telecommunications
Act of 1996. As a member of the Senate Foreign Relations
Committee, he authored the &#147;Pressler Amendment&#148; which
became the parity for nuclear weapons in Asia from 1980 to 1996.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2000, Senator Pressler accompanied President Clinton on a
visit to India. He is a frequent traveler to India where he
lectures at universities and business forums. He is a member of
several boards of Indian and US companies including the board of
directors for Infosys Technologies, Inc. (INFY). He serves on
the board of directors for The Philadelphia Stock Exchange and
Flight Safety Technologies, Inc. (FLST). From 2002 to 2005 he
served on the board of advisors at ChrysCapital, a fund focused
on investments in India. He was on the board of directors of
Spectramind from its inception in 1999 until its sale to WIPRO,
Ltd (WIT) in 2003.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1971, Mr.&nbsp;Pressler earned a Juris Doctor from Harvard
Law School and a Masters in Public Administration from the
Kennedy School of Government at Harvard. From 1964 to 1965 he
was a Rhodes Scholar at Oxford University, England where he
earned a diploma in public administration. Mr.&nbsp;Pressler is a
</DIV>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
Vietnam war veteran having served in the U.S. Army in Vietnam in
1967-68. He is an active member of the Veterans of Foreign Wars
Association.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>P.&nbsp;G.&nbsp;Kakodkar,</B> has served as our Special
Advisor since February&nbsp;3, 2006. Mr.&nbsp;Kakodkar serves on
13&nbsp;boards of Indian companies, 11 of which are public in
India. Since January of 2005 he has been a member of the board
of directors of State Bank of India (SBI) Fund Management,
Private Ltd. which runs one of the largest mutual funds in
India. Mr.&nbsp;Kakodkar&#146;s career spans 40&nbsp;years at
the State Bank of India. He served as its Chairman from October
1995 to March 1997. Prior to his Chairmanship he was the
Managing Director of State Bank of India (SBI) Fund Management
Private Ltd. which operates the SBI Mutual Fund.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Kakodkar is on the boards of 13&nbsp;companies. Since
July 2005 he has served on the board of directors of the Multi
Commodity Exchange of India. Since April 2000 he has been on the
board of Mastek, Ltd, an Indian software house specializing in
client server applications. In June 2001 he joined the board of
Centrum Capital Ltd, a financial services company. Since March
2000 he has been on the board of Sesa Goa Ltd., the second
largest mining company in India. In April 2000 he joined the
board at Uttam Galva Steel and in April 1999 he joined the board
of Goa Carbon Ltd a manufacturer-exporter of petcoke.
Mr.&nbsp;Kakodkar received a BA from Karnataya University and an
MA from Bombay University, in economics, in 1954 and 1956,
respectively. Mr.&nbsp;Kakodkar currently is an advisor to
Societe Generale, India, which is an affiliate of SG Americas
Securities, LLC, one of the underwriters of this offering.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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
<FONT style="white-space: nowrap">vis-&#224;-vis</FONT> 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dr.&nbsp;Gupta has served on the board of directors of NeoMagic
Corporation (NMGC) since October 2000 and has previously served
as a director of Omega Worldwide (OWWP) from October 1999
through August 2003 and Vitalink Pharmacy Services (VTK) from
July 1992 through July 1999.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Committee of the Board of Directors</B>
</DIV>



<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our Board of Directors has established an Audit Committee
currently composed of two (2)&nbsp;independent directors, which
reports to the Board of Directors. Messrs.&nbsp;Krishna and
Shenoy, each of whom is an independent director under the
American Stock Exchange&#146;s listing standards, serve as
members of our Audit Committee. In addition, our Board of
Directors has determined that Mr.&nbsp;Shenoy is an &#147;audit
committee financial expert&#148; as that term is defined under
Item&nbsp;401 of
Regulation&nbsp;<FONT style="white-space: nowrap">S-K</FONT> of
the Securities Exchange Act of 1934, as amended. The Audit
Committee is responsible for meeting with our independent
accountants regarding, among other issues, audits and adequacy
of our accounting and control systems. We intend to locate and
appoint at least one additional independent director to our
audit committee within one year after the completion of the
offering to increase the size of the Audit Committee to three
(3)&nbsp;members.
</DIV>



<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, the Audit Committee will monitor compliance on a
quarterly basis with the terms of this offering. If any
noncompliance is identified, then the Audit Committee is charged
with the responsibility to take immediately all action necessary
to rectify such noncompliance or otherwise cause compliance with
the terms of this offering.
</DIV>



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



<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The audit committee will at all times be composed exclusively of
&#147;independent directors&#148; who are &#147;financially
literate&#148; as defined under the American Stock Exchange
listing standards. The American Stock Exchange listing standards
define &#147;financially literate&#148; as being able to read
and understand fundamental financial statements, including a
company&#146;s balance sheet, income statement and cash flow
statement.
</DIV>



<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we must certify to the American Stock Exchange that
the committee has, and will continue to have, at least one
member who has past employment experience in finance or
accounting, requisite professional certification in accounting,
or other comparable experience or background that results in the
individual&#146;s financial sophistication. The board of
directors has determined that Mr.&nbsp;Shenoy satisfies the
American Stock Exchange&#146;s definition of financial
sophistication and also qualifies as an &#147;audit committee
financial expert,&#148; as defined under rules and regulations
of the Securities and Exchange Commission.
</DIV>



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



<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the formation of a nominating committee, a majority of
independent directors shall select, or recommend to the full
Board for selection, all nominees to the Board.
</DIV>


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



<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have adopted a code of conduct and ethics applicable to our
directors, officers and employees in accordance with applicable
federal securities laws and the rules of the American Stock
Exchange.
</DIV>


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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 $4,000 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 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than the $4,000 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>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the formation of a compensation committee, a majority
of independent directors shall determine, or recommend to the
full Board for determination, the compensation to be paid to our
executive officers, to the extent that our executive officers
are entitled to receive compensation.
</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than the agreement with IGN, LLC, there are no current
agreements or understandings with any of our existing
stockholders or any of their respective affiliates with respect
to the payment of compensation of any kind subsequent to a
business combination. However, there can be no assurance that
such agreements may not be negotiated in connection with, or
subsequent to, a business combination.
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">51

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name='112'></A>
</DIV>

<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->

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

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May&nbsp;5, 2005, we issued 1,750,000 shares for an aggregate
consideration of $17,500 in cash, at an average purchase price
of approximately $.01 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="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&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>
    <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>250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board</TD>
</TR>

<TR>
    <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>1,250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Executive Officer, President and Director</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>250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Financial Officer, Treasurer and Director</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On June&nbsp;20, 2005, we issued 750,000 shares for an aggregate
consideration of $7,500 in cash, at a purchase price of
approximately $.01 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="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%">&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)(2)(3)</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>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Parveen Mukunda(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>425,000</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>37,500</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">
    Suhail Nathani</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>37,500</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>12,500</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. Prabuddha Ganguli</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</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>25,000</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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    The share numbers and per share purchase prices in this section
    reflect the effects of a
    <FONT style="white-space: nowrap">1-for-2</FONT> reverse split
    effected September&nbsp;29, 2005.</TD>
</TR>

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

<TR valign="top">
    <TD>(2)&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>(3)&nbsp;</TD>
    <TD align="left">
    On September&nbsp;7, 2005 one shareholder surrendered to the
    Company 62,500 shares, and on February&nbsp;3, 2006 a
    shareholder surrendered to the Company 137,500 shares. These
    were reissued as set forth below.</TD>
</TR>

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

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Parveen Mukunda is the wife of Ram Mukunda.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On February&nbsp;3, 2006, we reissued the 200,000 shares for an
aggregate consideration of $2,000 in cash at a price of
approximately $.01 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="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&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>Number of 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>
    <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>100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board</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>37,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Financial Officer, Treasurer and Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Larry Pressler</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">
    P.G. Kakodkar</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</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">
    Sudhakar Shenoy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</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">
    Suhail Nathani</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda and certain of our other officers and directors
collectively purchased in the aggregate 170,000&nbsp;units in a
private placement immediately prior to this offering at a price
equal to the price of this offering, $6.00&nbsp;per unit.
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">52
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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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, and the 170,000&nbsp;shares included in
the units they have purchased in the private placement,
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 in the private placement or 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;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Conflicts of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investors should be aware of the following potential conflicts
of interest:
</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;color: #000000; background: #ffffff;">

<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>

<TR>
    <TD style="font-size: 3pt">&nbsp;</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: 3pt">&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: 3pt">&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: 3pt">&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: 3pt">&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: 3pt">&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
    $4,000 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>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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: 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;color: #000000; background: #ffffff;">

<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: 3pt">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 in the private placement or
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. Accordingly, they will not
be entitled to exercise the conversion rights available to
public stockholders who vote against a business combination. 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 and the 170,000&nbsp;shares included in the
units they have purchased in the private placement.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Mukunda has loaned a total of $100,000 to us for the
payment of offering expenses. Dr.&nbsp;Krishna has loaned a
total of $50,000 to us for the payment of offering expenses.
Upon the consummation of this offering, the founders will loan
an additional $720,000 to us which will be deposited in the
trust account. Each loan bears interest at a rate of 4% per year
and will be payable on the earlier of the consummation of a
business combination or the first anniversary of the
consummation of this offering. Prior to the consummation of a
business combination, each loan will solely repaid out the
interest earned on the escrowed funds, provided that we will not
be required to make any payments from such interest until we
have withdrawn an aggregate of $1,855,000 ($2,150,000 if the
underwriters exercise their over-allotment option in full) from
such interest for working capital purposes.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">55

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name='113'></A>
</DIV>

<!-- link1 "PRINCIPAL STOCKHOLDERS" -->

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May&nbsp;5, 2005, we issued an aggregate of
1,750,000&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 750,000&nbsp;shares
for an aggregate consideration of $7,500 in cash, at a purchase
price of approximately $.01 per share, to certain of our
officers, directors and special advisors. On September&nbsp;7,
2005, one of our shareholders surrendered 62,500&nbsp;shares of
our common stock to us and on February&nbsp;3, 2006, one of our
shareholders surrendered 137,500 shares of our common stock to
us. We reissued these shares. For additional information, see
the section above entitled &#147;Certain Relationships and
Related Transactions.&#148; On September&nbsp;29, 2005, the
Company amended its Certificate of Incorporation to effect a
1-for-2 reverse stock split pursuant to which every two shares
of the Company&#146;s Common Stock outstanding prior to the
reverse split were exchanged for one share of the Company&#146;s
Common Stock after the reverse split. The share numbers in this
Section reflect the effects of the reverse stock split.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information regarding the
beneficial ownership of our common stock as of February&nbsp;3,
2006, and as adjusted to reflect the sale of our common stock
included in the units offered by this prospectus (and sold in
the private placement 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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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="50%">&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="8%">&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>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(2)</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">
    Ranga Krishna</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14.0%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.8%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <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>1,675,000</TD>
    <TD align="left" valign="bottom" nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67.0%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13.7%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <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>287,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.4%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Parveen Mukunda (4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,675,000</TD>
    <TD align="left" valign="bottom" nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67.0%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13.7%</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>50,000</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.4%</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>50,000</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.4%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Larry Pressler</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>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">
    P.G. Kakodkar</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</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">
    Shakti Sinha</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,500</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>12,500</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>25,000</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
    (5&nbsp;individuals)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,412,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>96.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19.3%</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff;">

<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">
    Mr.&nbsp;Mukunda, Dr.&nbsp;Krishna and Mr.&nbsp;Cherin purchased
    an aggregate of 170,000&nbsp;units in the private placement,
    immediately prior to the offering. Mr.&nbsp;Mukunda purchased
    33,334 units, Dr.&nbsp;Krishna purchased 120,000 units and
    Mr.&nbsp;Cherin purchased 16,666 units. The percentage ownership
    after the offering for all executive officers and directors as a
    group and for Mr.&nbsp;Mukunda, Dr.&nbsp;Krishna and
    Mr.&nbsp;Cherin individually, as well as for
    Mr.&nbsp;Mukunda&#146;s wife Parveen Mukunda, reflect this
    purchase. The beneficial ownership information for these
    individuals does not reflect the shares purchased in the private
    placement.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Includes 425,000&nbsp;shares owned by Mr.&nbsp;Mukunda&#146;s
    wife, Parveen Mukunda.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Includes 1,250,000 shares owned by Ms. Mukunda&#146;s husband,
    Ram Mukunda.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">56
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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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 21.4% 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our officers and directors have purchased an aggregate of
170,000&nbsp;units in a private placement that occurred
immediately prior to this offering. The shares comprising such
units may not be sold, assigned or transferred until we
consummate a business combination. Such individuals have further
agreed to waive their right to any liquidation distributions
with respect to such shares in the event we fail to consummate a
business combination. These shares are subject to a lock-up on
transferability until we complete a business combination.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;<FONT style="white-space: nowrap">8-K</FONT> 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
<FONT style="white-space: nowrap">over-allotment</FONT> option
if such option is exercised prior to our filing of the
Form&nbsp;<FONT style="white-space: nowrap">8-K.</FONT>
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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 in the private
placement or during or after the offering, in accordance with
the majority of the shares of common stock voted by the public
stockholders other than our existing stockholders. Accordingly,
they will not be entitled to exercise the conversion rights
available to public stockholders who vote against a business
combination.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">57
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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;color: #000000; background: #ffffff;">
<A name='114'></A>
</DIV>

<!-- link1 "DESCRIPTION OF SECURITIES" -->

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

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are authorized to issue 75,000,000&nbsp;shares of common
stock, par value $.0001, and 1,000,000&nbsp;shares of preferred
stock, par value $.0001. As of February&nbsp;3, 2006,
2,500,000&nbsp;shares of common stock are outstanding, held by
11&nbsp;record holders and no shares of preferred stock are
outstanding.
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;<FONT style="white-space: nowrap">8-K</FONT> 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;<FONT style="white-space: nowrap">8-K</FONT> 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;<FONT style="white-space: nowrap">8-K.</FONT> 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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Common stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 and the
170,000&nbsp;shares acquired by them in the private placement.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">58
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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Preferred stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Warrants</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">59

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Purchase Option</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to sell to Ferris, Baker Watts, Inc. an option to
purchase up to a total of 500,000&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Dividends</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our Transfer Agent and Warrant Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Shares Eligible for Future Sale</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately after this offering, we will have
12,500,000&nbsp;shares of common stock outstanding, or
13,974,500&nbsp;shares if the underwriters&#146; over-allotment
option is exercised in full. Of these shares, the
9,830,000&nbsp;shares sold in this offering, or
11,304,500&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. This
will include the 170,000&nbsp;shares included in the units
purchased in the private placement by our officers and directors
or their nominees, which are the subject of a lock-up agreement
with us and the representative of the underwriters until we
complete a business combination. All of the remaining
2,500,000&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
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">60

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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
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 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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Rule&nbsp;144</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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 125,000&nbsp;shares immediately after this
    offering (or 139,745 if the underwriters 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Registration Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The officer, director and our special advisor holders of our
2,500,000&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
170,000&nbsp;shares purchased by such persons in the private
placement will also be entitled to registration rights pursuant
to the agreement. 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;color: #000000; background: #ffffff;">61
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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
<A name='115'></A>
</DIV>

<!-- link1 "UNDERWRITING" -->

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>3,440,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    First Albany Capital Inc.</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,440,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ladenburg Thalmann&nbsp;&#38; Co. Inc.</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>983,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Merriman Curhan Ford&nbsp;&#38; Co.</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>983,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SG Americas Securities, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>983,000</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>9,830,000</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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Pricing of Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 $0.18&nbsp;per
unit.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Over-Allotment Option</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have also granted to the underwriters an option, exercisable
during the <FONT style="white-space: nowrap">45-day</FONT>
period commencing on the date of this prospectus, to purchase
from us at the offering price, less underwriting discounts, up
to an aggregate of 1,474,500 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;color: #000000; background: #ffffff;">62
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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Commissions and Discounts</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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="55%">&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="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&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="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>58,980,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>67,827,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Discount(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,949,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,391,350</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(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,769,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,769,400</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(2)</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>54,261,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>62,666,250</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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff;">

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

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Ferris, Baker Watts, Inc., the representative of the
    underwriters in this offering, has agreed to deposit 3% of the
    gross proceeds attributable to the non-accountable expense
    allowance ($0.18 per Unit) into the trust account until the
    earlier of the completion of a business combination or the
    liquidation of the trust account.</TD>
</TR>

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

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    The offering expenses are estimated as $815,400.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the consummation of a business combination, the
underwriters will be entitled to receive that portion of the
proceeds attributable to the underwriters&#146; discount and
non-accountable expense allowance held in the trust account and
any accrued interest thereon. In the event that we are unable to
consummate a business combination and the trustee is forced to
liquidate the trust account, the underwriters have agreed to the
following: (i)&nbsp;forfeit any rights to or claims against such
proceeds and any accrued interest thereon; and (ii) that the
proceeds attributable to the underwriters&#146; discount and
non-accountable expense allowance will be distributed on a
pro-rata basis among the public shareholders along with any
accrued interest thereon.
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 500,000&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 500,000&nbsp;units, the 500,000&nbsp;shares of common stock
and the 1,000,000 warrants underlying such units, and the
1,000,000&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">63

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">

<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>

<TR>
    <TD style="font-size: 6pt">&nbsp;</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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 OTC Bulletin Board, in the
<FONT style="white-space: nowrap">over-the</FONT>-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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Restricted Period under Regulation&nbsp;M for this offering
will have ended when (i)&nbsp;all of the units have been sold,
(ii)&nbsp;there are no more selling efforts, (iii)&nbsp;there is
no more stabilization, and (iv)&nbsp;the overallotment option
has been exercised or has expired.
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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, and SG&nbsp;Americas Securities,
LLC, one of the participating underwriters in this offering,
whereby Ferris, Baker Watts, Inc., and SG&nbsp;Americas
Securities, LLC, will serve as our financial advisors 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. and
SG&nbsp;Americas Securities, LLC will be entitled to receive an
aggregate of two percent (2%) of the consideration associated
with any business combination by us (up to a maximum aggregate
fee of $1,500,000).
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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,
and SG&nbsp;Americas Securities, LLC, one of the participating
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
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">64
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<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Indemnification</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 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;color: #000000; background: #ffffff;">
<A name='116'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff;">
<A name='117'></A>
</DIV>

<!-- link1 "EXPERTS" -->

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The financial statements of India Globalization Capital, Inc. on
December&nbsp;31, 2005 and for the period from April&nbsp;29,
2005 (date of inception) through December&nbsp;31, 2005
appearing in this prospectus and in the registration statement
have been included herein in reliance upon the report, which
contains an explanatory paragraph relating to substantial doubt
existing about the ability of India Globalization Capital, Inc.
to continue as a going concern, of Goldstein Golub Kessler 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;color: #000000; background: #ffffff;">
<A name='118'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND ADDITIONAL INFORMATION" -->

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have filed with the SEC a registration statement on
Form&nbsp;<FONT style="white-space: nowrap">S-1,</FONT> 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 100&nbsp;F Street, N.E., Washington,&nbsp;D.C. 20549. The
public may obtain information about the operation of the public
reference room by calling the SEC at
<FONT style="white-space: nowrap">1-800-SEC-0330.</FONT> In
addition, the SEC maintains a web site at http://<I>www.sec.gov
</I>which contains the
Form&nbsp;<FONT style="white-space: nowrap">S-1</FONT> 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;color: #000000; background: #ffffff;">65

<!-- 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;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='119'></A>
</DIV>

<!-- link1 "INDEX TO FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<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
    December&nbsp;31,&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
    December&nbsp;31,&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
    December&nbsp;31,&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
    December&nbsp;31,&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;color: #000000; background: #ffffff;">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;color: #000000; background: #ffffff;">
<A name='300'></A>
</DIV>

<!-- link1 "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" -->

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
To the Board of Directors and Stockholders
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
India Globalization Capital, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have audited the accompanying balance sheet of India
Globalization Capital, Inc. (a development stage company) as of
December&nbsp;31, 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
December&nbsp;31, 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 December&nbsp;31,
2005 and the results of its operations and its cash flows for
the period from April&nbsp;29, 2005 (date of inception) through
December&nbsp;31, 2005 in conformity with United States
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The accompanying financial statements have been prepared
assuming India Globalization Capital, Inc. will continue as a
going concern. The Company has a net loss, working capital
deficiency and has no operations. This raises substantial doubt
about the Company&#146;s ability to continue as a going concern.
As discussed in Note&nbsp;C, the Company is in the process of
raising capital through a Proposed Offering. The financial
statements do not include any adjustments that might result from
the outcome of this uncertainty.
</DIV>

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

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
New York, New York
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff;">
February&nbsp;12, 2006
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='301'></A>
</DIV>

<!-- link1 "BALANCE SHEET" -->

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<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="68%">&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="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>December&nbsp;31, 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>5,764</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>5,764</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>756,699</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>762,463</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>617,982</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Notes payable to stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000</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>767,982</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; 75,000,000 shares
    authorized; 2,437,500 issued and outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>244</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>24,756</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>(30,519</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>(5,519</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 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>762,463</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;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='302'></A>
</DIV>

<!-- link1 "STATEMENT OF OPERATIONS" -->

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<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>December&nbsp;31, 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, travel and other startup costs</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>30,519</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>(30,519</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>(.01</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>2,325,837</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;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='303'></A>
</DIV>

<!-- link1 "STATEMENT OF STOCKHOLDERS&#146; EQUITY" -->

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<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 $.01 per share
    (1,750,000&nbsp;shares on May&nbsp;5, 2005 and
    750,000&nbsp;shares on June&nbsp;20, 2005)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>24,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</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">
    Surrendered shares (on September&nbsp;7, 2005)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(62,500</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</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</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>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <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>&#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>
    <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">$</TD>
    <TD align="right" valign="bottom" nowrap>(30,519</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(30,519</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>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Balance&nbsp;&#151; December&nbsp;31, 2005</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,437,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>24,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(30,519</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(5,519</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>
    <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;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>(a development stage company)</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='304'></A>
</DIV>

<!-- link1 "STATEMENT OF CASH FLOWS" -->

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<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>December&nbsp;31, 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>(30,519</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 (used) 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>15,854</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 (used) by operating activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(14,665</TD>
    <TD align="left" valign="bottom" nowrap>)</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">
    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 valign="bottom" bgcolor="#cceeff">
    <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>(154,571</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from Notes payable to stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000</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 valign="bottom" bgcolor="#cceeff">
    <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>20,429</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 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>5,764</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>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>602,128</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;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See notes to financial statements
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
(a development stage company)
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='305'></A>
</DIV>

<!-- link1 "NOTES TO FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>NOTES TO FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>December&nbsp;31, 2005</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTE&nbsp;A&nbsp;&#151;&nbsp;ORGANIZATION AND BUSINESS
OPERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 December&nbsp;31, 2005, and their ability to begin
operations is dependent upon the completion of a financing. The
Company has selected March 31 as its year-end.
</DIV>


<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s management has broad discretion with respect
to the specific application of the net proceeds of a proposed
private placement (the &#147;Private Placement&#148;) and the
proposed initial public offering of its Units, (as described in
Note&nbsp;C)(&#147;Public Offering&#148; and together with the
Private Placement (the &#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 50% or more of the shares issued in the Proposed
Offering vote against the Business Combination or the holders of
20% or more of the shares issued in the Public Offering elect to
exercise their conversion rights, 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTE&nbsp;B&nbsp;&#151;&nbsp;SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>[1]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss per common share:</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>[2]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of estimates:</B>
</DIV>

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

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">F-7

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<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
(a development stage company)
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO FINANCIAL STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from
those estimates.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>[3]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes:</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company recorded a deferred income tax asset for the tax
effect of deferred start-up costs aggregating approximately
$10,400. In recognition of the uncertainty regarding the
ultimate amount of income tax benefits to be derived, the
Company has recorded a full valuation at December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>[4]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs:</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTE&nbsp;C&nbsp;&#151;&nbsp;PROPOSED OFFERING; VALUE OF THE
UNDERWRITERS PURCHASE OPTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Public Offering calls for the Company to offer for public
sale up to 9,830,000&nbsp;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" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 Public 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" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Private Placement calls for the Company to sell to certain
of its officers and directors an aggregate of 170,000&nbsp;units
identical to the units to be sold in the Public Offering. The
Private Placement will occur immediately prior to the Public
Offering.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company will pay the underwriters in the Public Offering an
underwriting discount of 5.0% of the gross proceeds of the
Proposed Offering and a non-accountable expense allowance of 3%
of the gross proceeds of the Public Offering. Ferris, Baker
Watts, Inc. has agreed to deposit 3% of the gross proceeds
attributable to the non-accountable expense allowance
($0.18&nbsp;per Unit) into the Trust&nbsp;Fund until the earlier
of the completion of a business combination or the liquidation
of the Trust&nbsp;Fund. They have further agreed to forfeit any
rights to or claims against such proceeds unless the Company
successfully completes a business combination. In addition, the
Company has agreed to sell to Ferris Baker, Watts, Inc. for
$100, an option to purchase up to a total of 500,000 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>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">F-8

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<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
<B>INDIA GLOBALIZATION CAPITAL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">
(a development stage company)
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO FINANCIAL STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 $756,200 using an expected life of five years,
volatility of 30.1% and a risk-free interest rate of 3.9%.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 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" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTE&nbsp;D&nbsp;&#151;&nbsp;NOTES&nbsp;PAYABLE TO
STOCKHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Two unsecured notes were issued to two of the Founding
Stockholders of the Company. One note for $100,000 and another
for $50,000 were issued on May&nbsp;2, 2005 and on
September&nbsp;26, 2005, respectively. The notes bear interest
at 4% per annum and are payable on the earlier of April&nbsp;30,
2007 or the consummation of the Proposed Offering. Due to the
short-term nature of the notes, the fair value of the notes
approximate their carrying amount. Approximately $4,000 of
interest has been included in the statement of operations for
the period ended December&nbsp;31, 2005 relating to these notes.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;15, 2005, the unsecured notes referred to in
Note&nbsp;D were amended to provide that they become payable
upon the earlier of the consummation of a business transaction
and the first anniversary of the consummation of the Proposed
Offering.
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTE&nbsp;E&nbsp;&#151;&nbsp;RELATED PARTY TRANSACTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&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 $4,000 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>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTE&nbsp;F&nbsp;&#151;&nbsp;STOCK</B>
</DIV>

<DIV align="left" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On August&nbsp;24, 2005, the Company&#146;s Board of Directors
authorized a reverse stock split of one share of common stock
for each two outstanding shares of common stock and approved an
amendment to the Company&#146;s Certificate of Incorporation to
decrease the number of authorized shares of common stock to
75,000,000. All references in the accompanying financial
statements to the number of shares of stock have been
retroactively restated to reflect these transactions.
</DIV>

<P align="center" style="font-size: 10pt;color: #000000; background: #ffffff;">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;color: #000000; background: #ffffff;">
<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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Until
March 28, 2006, 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;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<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>23</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>24</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>27</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>28</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>30</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>33</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>45</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>49</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>53</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>55</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>59</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>62</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>62</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>62</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;color: #000000; background: #ffffff; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 4pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 0pt;color: #000000; background: #ffffff;">
<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;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>$58,980,000</B>
</DIV>

<DIV align="center" style="font-size: 24pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>India Globalization Capital, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 16pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>9,830,000 Units</B>
</DIV>

<DIV align="center" style="font-size: 3pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 3pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 31%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Ferris, Baker Watts</B>
</DIV>

<DIV align="center" style="font-size: 12pt;color: #000000; background: #ffffff;">
Incorporated
</DIV>

<DIV align="center" style="font-size: 14pt;color: #000000; background: #ffffff;">
<B>Ladenburg Thalmann&nbsp;&#38; Co. Inc.</B>
</DIV>

<DIV align="center" style="font-size: 14pt;color: #000000; background: #ffffff;">
<B>First Albany Capital</B>
</DIV>

<DIV align="center" style="font-size: 14pt;color: #000000; background: #ffffff;">
<B>Merriman Curhan Ford&nbsp;&#38; Co.</B>
</DIV>

<DIV align="center" style="font-size: 13pt;color: #000000; background: #ffffff;">
<B>SOCIETE GENERALE</B>
</DIV>

<DIV align="center" style="font-size: 10pt;color: #000000; background: #ffffff; margin-top: 84pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
March 3, 2006
</DIV>

<DIV align="center" style="font-size: 3pt;color: #000000; background: #ffffff; margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
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