Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: RockyBalboa who wrote (788)	1/12/2007 7:33:34 PM
From: Glenn Petersen	Respond to of 3862

I can guarantee you that it was a precondition and it only took two investors to make it happen. As of December 6, two fund groups owned 15.3% of the outstanding FDSA common shares (Sapling, LLC/Fir Tree Recovery Master Fund LP owned 10.0% and Scion Capital, LLC/Scion Qualified Value Fund owned 5.3%). Because the insiders do not have a vote, it would only take shareholders owning 16% of the company to block the deal. Federal Services Stockholders Approve Acquisition of Advanced Technology Systems, Inc. Friday January 12, 5:28 pm ET NEW YORK, NY--(MARKET WIRE)--Jan 12, 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, announced today that its stockholders have approved the Company's previously announced proposed acquisition of Advanced Technology Systems, Inc. ("ATS") by more than the required margin. In addition, holders of fewer than 20% of the Company's shares issued in its initial public offering elected to exercise their right to convert shares into a pro rata portion of the proceeds of the Company's initial public offering placed in a trust account. These circumstances permit the acquisition of ATS to proceed. Joel R. Jacks, Federal Services' Chairman and Chief Executive Officer, said, "In light of the sentiment of our stockholders in favor of the acquisition of Advanced Technology Systems, Inc., Federal Services intends to complete the transaction on or about January 16, 2007." Stockholders also approved amendments to Federal Services' Certificate of Incorporation to, among other things, change Federal Services' name to "ATS Corporation," approved the Company's 2006 Omnibus Incentive Compensation Plan, and elected Dr. Edward H. Bersoff as a member of the Federal Services Board for a term expiring in 2009. <snip> biz.yahoo.com

To: RockyBalboa who wrote (788)	1/12/2007 8:20:23 PM
From: Glenn Petersen	Respond to of 3862

Earlier today FAAC announced that they will be repurchasing almost 25% of their outstanding shares in the open market after their acquisition of TSS/Vortech is approved. I am sure that this decision was made in consultation with their significant shareholders. Fortress America Acquisition Corporation Authorizes Stock Repurchase Program Friday January 12, 10:32 am ET ARLINGTON, Va., Jan. 12 /PRNewswire-FirstCall/ -- Fortress America Acquisition Corporation (OTC Bulletin Board: FAAC - News) announced today that its Board of Directors has authorized a stock repurchase program authorizing the Company to repurchase up to 3,000,000 shares of its common stock in the open market from time to time over the next 12 months after the closing of the Company's proposed acquisition of TSS/Vortech. Following the closing, and prior to the initiation of the stock repurchase program, Fortress America will have approximately 12.7 million shares outstanding and approximately $30 million in cash. The timing of the stock repurchases under the program will depend on a variety of factors, including market conditions, but is expected to begin shortly after the closing of the Company's proposed acquisition of TSS/Vortech, and may be suspended or discontinued at any time. Common stock acquired through the repurchase program will be held as treasury shares and may be used for general corporate purposes, including reissuances in connection with acquisitions, employee stock option exercises or other employee stock plans. <snip> biz.yahoo.com