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: Glenn Petersen who wrote (1891)	1/14/2009 6:52:35 PM
From: Glenn Petersen	Respond to of 3862

Renaissance Acquisition [t]RAK[/t] has announced that it has terminated its agreement to acquire First Communications and that it intends to liquidate the company. First Communications, Inc. and Renaissance Acquisition Corp. Jointly Terminate Merger Agreement AKRON, OH, January 14, 2009 -- First Communications, Inc. (AIM: FCOM) a leading Midwest competitive local exchange carrier and owner of wireless telecommunications towers, and Renaissance Acquisition Corp (AMEX: RAK) (“Renaissance”) today jointly announced they have mutually agreed to terminate their merger agreement (the “Merger Agreement”) dated September 13, 2008, as amended, pursuant to which First Communications would have merged with Renaissance and become a listed company on the Nasdaq Global Market. Renaissance has recently been informed by the United States Securities and Exchange Commission that it would require First Communications to provide, in Renaissance’s proxy statement, fiscal year audited financial statements for additional historical periods for entities acquired by First Communications. Both companies have determined that it would not be possible to provide these financial statements within sufficient time to close the transaction prior to January 29, 2009, the deadline for Renaissance to complete a business combination. First Communications continues to integrate its most recent acquisition, GlobalCom, and is ahead of expected cost savings associated with combining GlobalCom’s operations with First Communications. It is also seeing an increased demand in new wireless site reservations based on recent marketing efforts. First Communications will at this time remain admitted to trading on AIM and will continue to seek to capitalise on both organic and acquisition-led growth opportunities that have been identified. Ray Hexamer, First Communications’ CEO, noted, “Although we are disappointed that timing and other factors have resulted in the termination of this transaction, we remain confident about the prospects for our company and believe that First Communications is well positioned as a leader in its sector. We will continue to focus on executing our business strategy and driving value for our shareholders.” Barry Florescue, Chairman and CEO of Renaissance, stated, “As sponsors of Renaissance, our management team worked tirelessly to bring an attractive acquisition opportunity forward for a public vote. We are disappointed that we were unable to do so. At this time, we will work to expeditiously liquidate our trust fund in order to provide liquidity to our public shareholders as soon as practicable.” idea.sec.gov