One of the Millennium India Acquisition directors, Lawrence Burstein, has a prior, make that extensive, history with blank check companies.
Prior Involvement of Principals in Blank Check Companies
Lawrence Burstein, one of our directors, has held executive positions in other companies that have completed an offering similar to this offering and executed a business plan similar to our business plan. Information with respect to each such blank check company, initial public offering, business combination and the role of Mr. Burstein with respect to each such blank check company following the business combination is set forth below:
• RT Associates Inc.—Completed a business combination in March 1988 with Bloc Development Corp., which at the time of the business combination developed and marketed software. RT Associates completed its IPO of common stock and warrants in April 1987 deriving gross proceeds of $2,250,000. Bloc Development Corp., which changed its name to Tiger Direct Inc., was acquired by Global DirectMail Corp. in 1995. Global DirectMail changed its name to Systemax Inc. in 1999. Systemax is traded on The New York Stock Exchange under the symbol “SYX.” Mr. Burstein resigned as a director at the time of the business combination in 1988.
• RT Acquisition Associates, Inc.—Completed a business combination in April 1990 with Polyvision Corporation, which at the time of the business combination manufactured and sold vision projection systems, architectural building panels, modular partitions and office products. RT Acquisition Associates’ IPO of common stock and warrants, consummated in September 1988, yielded gross proceeds of $1,525,000. Polyvision was acquired by Steelcase, Inc. in November 2001. Steelcase is traded on The New York Stock Exchange under the symbol “SCS.” Mr. Burstein continued to serve as a director of RT Acquisition Associates until 1996.
• Trinity Acquisition Corp.—Completed a business combination in August 1991 with T.H.Q., Inc., which produces and markets games for the GameCube, PlayStation and Xbox video game systems. Trinity Acquisition completed its IPO of common stock and warrants in August 1990 deriving gross proceeds of $2,875,000. The IPO warrants were subsequently exercised resulting in additional gross proceeds of approximately $9,170,000. T.H.Q. is traded on The Nasdaq National Market under the symbol “THQI.” Mr. Burstein continues to serve as a director of T.H.Q.
• Trinity Capital Enterprise Corp.—Completed a business combination in August 1993 with SubMicron Systems Corporation, which at the time of the business combination manufactured semi-conductor capital equipment. Trinity Capital Enterprise’s IPO of common stock and warrants, consummated in September 1991, yielded gross proceeds of $9,200,000. The IPO warrants were subsequently exercised resulting in additional gross proceeds of $6,000,000. Mr. Burstein resigned as a director at the time of the business combination in 1993. SubMicron Systems filed a voluntary petition under Chapter 11 of the Federal Bankruptcy Code on September 1, 1999. Mr. Burstein had no affiliation with SubMicron Systems at the time of its Chapter 11 filing.
• Trinity Capital Opportunity Corp.—Completed a business combination in November 1993 with Alliance Entertainment Corp., which at the time of the business combination distributed pre-recorded music, accessories and entertainment related products. Trinity Capital Opportunity completed its IPO of common stock and warrants in May 1992 deriving gross proceeds of $23,000,000. Mr. Burstein resigned as a director at the time of the business combination in 1993. Alliance Entertainment filed a voluntary petition under Chapter 11 of the Federal Bankruptcy Code on May 21, 1998, and ceased being publicly traded in August 1998. Mr. Burstein had no affiliation with Alliance at the time of its Chapter 11 filing.
• Trinity Six Inc.—Completed a business combination in May 1995 with USCI Inc., which at the time of the business combination developed centralized automated computer-based cellular telephone activation systems. Trinity Six’s IPO of common stock and warrants, consummated in August 1993, yielded gross proceeds of $11,500,000. The IPO warrants were subsequently exercised resulting in additional gross proceeds of $25,000,000. USCI is traded on the Pink Sheets under the symbol “USCM.” Mr. Burstein continued to serve as a director of USCI until September 1997. A wholly-owned subsidiary of USCI filed a voluntary petition under Chapter 11 of the Federal Bankruptcy Code on October 29, 1999. Mr. Burstein had no affiliation with USCI at the time of the Chapter 11 filing.
• Trinity Americas Inc.—Completed a business combination in March 1996 with Brazil Fast Food Corp., which owns and operates the second largest fast food restaurant chain in Brazil. Trinity Americas completed its IPO of common stock and warrants in February 1994 deriving gross proceeds of $11,100,000. Brazil Fast Food is quoted on the OTC Bulletin Board under the symbol “BOBS.” Mr. Burstein continued to serve as a director of Brazil Fast Food until February 2003.
• Unity First Acquisition Corp.—Completed a business combination in July 1999 with GraphOn Corporation, which develops, markets, sells and supports server-based software for the enterprise computing environment. Unity First’s initial public offering (“IPO”) of common stock and warrants, consummated in November 1996, yielded gross proceeds of $7,500,000. The IPO warrants were subsequently exercised resulting in additional gross proceeds of $17,000,000. GraphOn is traded on the OTC Bulletin Board under the symbol “GOJO.” Mr. Burstein continued to serve as a director of GraphOn until February 2001.
• Trinity Partners Acquisition Company Inc.—Completed a business combination in December 2005 with Freeseas Inc., which owns and operates two Handysize dry bulk carriers and one Handymax dry bulk carrier in the spotcharter market. Trinity Partners’ initial public offering of common stock and warrants, consummated in August 2004, yielded gross proceeds of $8,000,000. Freeseas is traded on the Nasdaq Capital Market under the symbol FREE |
