In a press release published 2 months ago, a special purpose acquisition company Alyst Acquisition Corp. announced that on August 13, 2008 it signed an agreement and plan of merger to acquire all of the issued and outstanding shares of the British Virgin Islands-registered China Networks Media Ltd. As part of the transaction with the BVI company, Alyst Acquisition Corp. is planning to redomiciliate to the British Virgin Islands by merging with its wholly-owned subsidiary, China Networks International Holdings, Ltd., which is also based in the BVI. The redomiciliation must be done immediately prior to consummating the transaction with China Networks.
The BVI-registered China Networks Media owns and is acquiring broadcast television advertising rights in the People's Republic of China. In connection with the proposed merger with the BVI corporation, Alyst expects to file with the SEC a preliminary proxy statement and registration statement on Form S-4.
