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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (561)	1/17/2007 7:15:00 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Oakmont Acquisition (symbol:OMAC) raised $51.5 million when it completed its IPO on July 14, 2005. Today, the common shares and warrants closed at $5.57 and $.41 (note the discount), respectively, giving the units, which closed at $6.25 today, a value of $6.39. On August 1, 2006, OMAC announced that it was acquiring One Source Equipment Rentals, a company that rents industrial and construction related equipment. Today, OMAC announced that it was terminating its agreement to acquire One Source and that it had reached an agreement to acquire a specialty finance company that lends primarily to small businesses. Oakmont Acquisition Corp. Signs Letter of Intent to Acquire Specialty Finance Company Wednesday January 17, 5:16 pm ET BLOOMFIELD HILLS, Mich., Jan. 17 /PRNewswire-FirstCall/ -- Oakmont Acquisition Corp. ("Oakmont" or the "Company") (OTC Bulletin Board: OMAC.OB - News) announced today that it has entered into a letter of intent to acquire all of the stock of a specialty finance company, a subsidiary of a publicly traded company, that lends primarily to small businesses. Pursuant to the terms of the letter of intent, Oakmont will acquire all of the stock of the selling shareholder (the "Seller") for approximately $105 million, plus up to an additional $30 million should the acquired entity achieve certain financial goals over the next two years. The consideration received by Seller will be paid through issuance of approximately 17.5 million shares of Oakmont common stock at closing, an additional 4 million shares should the acquired business achieve net income (based upon a pre-acquisition financial structure) of $15.0 million in 2007 and an additional 1.0 million shares should the acquired business achieve net income of $19.0 million from the same computation in 2008. In addition, Robert Skandalaris, Oakmont's Chief Executive Officer has agreed to acquire additional shares of Oakmont with a value of up to $2.0 million, through open market purchases prior to the closing of the transaction. Oakmont management and the Seller have further agreed to lock up certain of their shares for two years following the closing of the transaction. The letter of intent is subject to the negotiation of a definitive acquisition agreement, Oakmont's satisfactory completion of due diligence with respect to the acquired business and other conditions typically seen in letters of intent related to the acquisition of a business. Oakmont anticipates that a definitive agreement will be signed on or before February 5, 2007 and that the transaction will close on or before May 31, 2007. Oakmont has terminated its previously announced transaction with One Source Equipment Rental, LLC, et al, due to certain technical issues related to an audit scope qualification contained in the audit report issued in connection with One Source's 2003, 2004 and 2005 financial statements. Robert J. Skandalaris, Oakmont's Chairman and Chief Executive Officer commenting on the termination, stated "Although we had high expectations for the OSE transaction, we could not overcome certain unexpected technical issues that make the closing of the transaction impractical." Mr. Skandalaris further commented, "Throughout this process, we have reviewed other opportunities and continued to consider ways to maximize the opportunity available to our shareholders. We believe that the financial services business we propose to acquire will achieve that goal, and will provide a superior opportunity to our shareholders, without the technical difficulties previously encountered." Stockholders of Oakmont are urged to read the definitive agreement and proxy statement when it becomes available as it will contain important information regarding the transaction. Copies of the proxy statement and other relevant documents filed by Oakmont, which will contain information about Oakmont and the acquired business, will be available when filed without charge at the U.S. Securities and Exchange Commission's Internet site (http.//www.sec.gov). <snip> biz.yahoo.com