Alyst Acquisition Corp. Stockholders Approve Business Combination With China Networks Media, Ltd.
June 25 2009 - 4:30PM
PR Newswire (US)
NEW YORK, June 25 /PRNewswire-FirstCall/ -- (NYSE Amex: AYA) --
China Networks International Holdings, Ltd., a British Virgin
Islands company ("CN Holdings") and Alyst Acquisition Corp., a
special purpose acquisition company ("Alyst"), today announced that
Alyst's stockholders approved its proposed business combination
with China Networks Media, Ltd., a British Virgin Islands company.
Alyst anticipates the acquisition will close on Friday June 26,
2009 or Monday June 29, 2009. In connection with the business
combination, Alyst redomesticated to the British Virgin Islands
through a merger with its wholly-owned subsidiary, CN Holdings,
effective June 24, 2009. CN Holdings became the surviving entity
and its ordinary shares, units and warrants will continue to trade
on the NYSE Amex under CNR, CNR.U and CNR.W, respectively. The
business combination was approved by the holders of 6,888,079
common shares, representing 75.7% of the outstanding shares of
common stock of Alyst. The holders of 2,146,156 common shares of
Alyst elected to exercise their rights to convert their shares into
cash, and will receive proceeds from Alyst's trust of $7.85 in cash
per converted share of common stock. About China Networks Media
China Networks Media is a television advertising company formed in
2007 for the purpose of investing in, consolidating, expanding and
streamlining PRC television advertising assets in partnership with
municipal and provincial level TV stations. In June 2008, CN Media
raised $28 million in a private placement for the consolidation and
operation of the advertising operations of two television stations:
Kunming and Yellow River. Safe Harbor Statement This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 about Alyst and CN Media and their combined
business after completion of the proposed acquisition.
Forward-looking statements are statements that are not historical
facts and may be identified by the use of forward-looking
terminology, including the words "believes," "expects," "intends,"
"may," "will," "should" or comparable terminology. Such
forward-looking statements are based upon the current beliefs and
expectations of Alyst's, CN Holdings' and China Networks Media's
management and are subject to risks and uncertainties which could
cause actual results to differ materially from the forward-looking
statements. Forward-looking statements are not guarantees of future
performance and actual results of operations, financial condition
and liquidity, and developments in the industry may differ
materially from those made in or suggested by the forward-looking
statements contained in this press release. These forward-looking
statements are subject to numerous risks, uncertainties and
assumptions. The forward-looking statements in this press release
speak only as of the date of this press release and might not occur
in light of these risks, uncertainties, and assumptions. CN
Holdings undertakes no obligation and disclaims any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
DATASOURCE: Alyst Acquisition Corp. CONTACT: Alyst Acquisition
Corp., Michael E. Weksel, +1-212-650-0232,
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