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

To: Glenn Petersen who wrote (1934)	5/12/2009 8:14:41 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

On December 15, 2008, Columbus Acquisition (stock symbol: [t]BUS[/t]), which raised $115 million when it went public in May 2007, announced that it has agreed to acquire IDE, described as "a Leading Vertically-Integrated Provider of a Complete Range of Products and Services to the World Wide Land-Based Drilling Market." On May 14, 2009, the shareholders of the company are scheduled to vote on the company's proposals to extend the date by which Columbus must complete a business combination with IDE from May 18, 2009 to July 15, 2009 before Columbus is required to liquidate and to allow public holders of less than 50% of the outstanding shares of Columbus common stock, who vote against the extension amendment and elect conversion, to convert their shares into a portion of the funds available in the trust account. If the shareholders reject these proposals, the company will have to liquidate. Columbus Acquisition Corp. Board Approves Extension to Complete Acquisition of Integrated Drilling Equipment Company On Thursday April 2, 2009, 6:34 pm EDT NEW YORK--(BUSINESS WIRE)--Columbus Acquisition Corp. (“Columbus”) (NYSE Amex: BUS, BUS-U, BUS-WT) announced today that its Board of Directors has approved amendments to its certificate of incorporation (the "Extension Amendments") to allow Columbus more time to complete its proposed business combination with Integrated Drilling Equipment Company (IDE). If approved by Columbus stockholders, the Extension Amendments would: (i) extend the date by which Columbus must complete a business combination with IDE from May 18, 2009 to July 15, 2009 before Columbus is required to liquidate; and (ii) allow public holders of less than 50% of the outstanding shares of Columbus common stock, who vote against the extension amendment and elect conversion, to convert their shares into a portion of the funds available in the trust account. The Extension Amendments are subject to the approval by stockholders of Columbus holding a majority of the outstanding common stock of Columbus. All of Columbus' directors, executive officers and their affiliates are expected to vote their shares in favor of the Extension Amendments. Columbus has filed preliminary proxy materials with the Securities and Exchange Commission ("SEC") in connection with the solicitation of Columbus’s stockholders to approve the Extension Amendments at a special meeting of stockholders. Additional information concerning the special meeting, including its time, date and location, will be contained in the Columbus definitive proxy statement, which will be mailed promptly following completion of any review by the SEC. <snip> finance.yahoo.com