Quarterly report pursuant to Section 13 or 15(d)

Condensed Interim Balance Sheets

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Condensed Interim Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
Current assets:    
Cash $ 279,903 $ 446,281
Prepaid insurance 10,969 31,712
Total current assets 290,872 477,993
Non-current assets:    
Investments held in trust 189,637,163 189,634,541
Total assets 189,928,035 190,112,534
Current liabilities:    
Franchise tax payable 158,222 113,222
Accrued operating expenses and accounts payable 141,395 73,567
Total current liabilities 299,617 186,789
Deferred underwriter compensation 6,647,375 6,647,375
Commitment and contingencies:      
Common stock subject to possible redemption: 17,826,627 and 17,856,407 shares (at redemption value) as of March 31, 2012 and December 31, 2011 respectively 177,981,042 178,278,367
Stockholders' equity:    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding      
Common stock, $0.0001 par value; 400,000,000 shares authorized; 23,161,585 shares issued and outstanding at March 31, 2012 and December 31, 2011 (including 17,826,627 and 17,856,407 shares at redemption value, respectively) 2,316 2,316
Additional paid-in capital 6,076,329 5,779,006
Deficit accumulated during the development stage (1,078,644) (781,319)
Total stockholders' equity, net 5,000,001 5,000,003
Total liabilities and stockholders' equity $ 189,928,035 $ 190,112,534