A special purpose acquisition company Alyst Acquisition Corp. confirmed that the financial report of its independent registered public accounting firm, Marcus & Kliegman LLP, for the year ended June 30, 2008, contained a going concern qualification since Alyst's certificate of incorporation providing for its mandatory liquidation if it does not consummate a business combination prior to June 29, 2009. Alyst considers it usual and customary for SPACs to receive such qualification in an audit opinion received within 12 months of the proscribed mandatory liquidation date.
Alyst issued a press release in August, 2008, announcing that it signed an agreement and plan of merger to acquire full stock of the British Virgin Islands company China Networks Media Ltd., which owns and is acquiring broadcast television advertising rights in China. As part of the transaction, Alyst proposed to redomesticate to the BVI by means of merging with its wholly-owned subsidiary, China Networks International Holdings, Ltd., which is also a BVI company, immediately prior to consummating its transaction with China Networks.
