Earlier this week, the founders of FDSA agreed to sell back half of their share to the company for $2,887.50. The transaction will close after the approval of the acquisition.
Federal Services Acquisition Corporation Announces Planned Founder Stock Redemption
Tuesday January 9, 8:00 am ET
NEW YORK, NY--(MARKET WIRE)--Jan 9, 2007 -- Federal Services Acquisition Corporation ("Federal Services") (OTC BB:FDSA.OB - News) (OTC BB:FDSAU.OB - News) (OTC BB:FDSAW.OB - News), a special purpose acquisition company formed to acquire an operating business in the federal services and defense industries, today announced plans to redeem common stock issued to certain founding stockholders prior to the Company's initial public offering. The founding stockholders (Messrs. Jacks, Schulte, Bersoff and Money and FSAC Partners, LLC) initially acquired an aggregate of 5,250,000 shares of common stock, or 20% of Federal Services' outstanding shares, for an average purchase price of $0.0011 per share. The Company's Board of Directors and the founding stockholders have agreed that if the Company's proposed acquisition of Advanced Technology Systems, Inc. is approved by stockholders and actually closes, the Company will, promptly after the closing, redeem one-half of such shares (2,625,000 shares) at a redemption price of $0.0011 per share.
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