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Technology Stocks : Blank Check IPOs (SPACS)

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To: Glenn Petersen who wrote (1894)	2/2/2009 5:53:02 PM
From: Glenn Petersen	Read Replies (1) of 3862

Arcade Acquisition (stock symbol: [t]ACDQ[/t]) has terminated its acquisition to acquire 10 container vessels. Arcade Acquisition Corp. Announces Termination of Definitive Agreements to Purchase Ten Container Vessels Monday February 2, 2009, 4:05 pm EST NEW YORK, NY--(MARKET WIRE)--Feb 2, 2009 -- Arcade Acquisition Corp. (OTC BB:ACDQU.OB - News) (OTC BB:ACDQ.OB - News) (OTC BB:ACDQW.OB - News) announced today that it and Palmosa Shipping Corporation ("Palmosa") have agreed to terminate their agreements pursuant to which Arcade would acquire ten (10) feeder service containerships from Palmosa and certain other entities. Current market conditions in the shipping industry and the financial markets have made the transaction no longer feasible. Jonathan Furer, Arcade's Chief Executive Officer, stated, "The fundamentals in the shipping industry have changed sharply since we announced our transaction. Despite our best efforts and the cooperation of Palmosa, we have been unable to recraft the transaction into one that fits today's industry fundamentals. We will continue to evaluate all alternatives for Arcade's stockholders." <snip> biz.yahoo.com

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