HONG KONG, Nov. 21 /PRNewswire-FirstCall/ -- Pantheon China Acquisition Corp. ("Pantheon", OTC Bulletin Board: PCQC) announced today that its Board of Directors has re-set the record date to determine Pantheon stockholders who will be entitled to receive notice of and to vote at a special meeting of Pantheon stockholders. The Company now expects the special meeting to be held on December 14, 2008, for stockholders of record on November 28, 2008, (the "Record Date"). Previously, the record date to determine stockholders entitled to receive notice of a vote at the special meeting was November 19, 2008.
At the special meeting, stockholders will be asked to consider and vote on two proposals, including to (i) extend the date before which Pantheon must complete a business combination from December 14, 2008 to September 30, 2009, to avoid being required to liquidate, and (ii) allow holders of less than 20% of Pantheon's public shares 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 "trust account") established in connection with Pantheon's initial public offering (the "IPO"). Pantheon's Board of Directors has determined that the special meeting of Pantheon stockholders, will be held at 11:00 a.m. Eastern standard time on December 14, 2008, at the offices of Pantheon's counsel Loeb & Loeb LLP, 345 Park Ave, New York, NY 10154.
ABOUT PANTHEON CHINA ACQUISITION CORP.
Pantheon is a blank check company organized as a corporation under the laws of the State of Delaware on April 10, 2006. It was formed to effect a business combination with an unidentified operating business having its operations in PRC. In December 2006, it consummated its IPO from which it derived gross proceeds of $34.5 million, including proceeds from the exercise of the underwriters' over-allotment option. $32,747,500 of the net proceeds of the IPO and a private placement completed prior to the IPO were deposited in a trust account and such funds and a portion of the interest earned thereon will be released only upon the consummation of the business combination or to holders of Pantheon's common stock in connection with its liquidation and dissolution. Other than its IPO and the pursuit of a business combination, Pantheon has not engaged in any business to date.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Pantheon.
Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Pantheon's management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. Several factors could cause actual results to differ from those set forth in the forward-looking statements including the risks and uncertainties detailed in Pantheon's filing with the Securities and Exchange Commission, including its reports on Form 10-Q and Form 10-K. The information set forth herein should be read in light of such risks.
For more information, please contact:
Mark D. Chen
Chairman, Chief Executive Officer and President
Pantheon China Acquisition Corp.
Tel: +1-646-536-7561
Email:
