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.
Alyst Acquisition Corp.
CONTACT: Alyst Acquisition Corp., Michael E. Weksel, +1-212-650-0232,
mweksel@alyst.net
