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James McGrath, Geneva's President, commented, "We are disappointed that the current market conditions overshadowed a company with a promising future and with an exceptional management team such that we could not attract the necessary support from investors to execute GHIL's growth plan and merge with GAC. We would like to thank GHIL's management led by Mr. Prakash Rajgarhia, a successful entrepreneur, and a builder with a long-term vision, for all their great efforts and dedication that they have shown during the last few months. With that said, we are acting in the best interest of Geneva's public shareholders in taking the steps needed for termination of the efforts."
About Geneva Acquisition Corporation
Geneva Acquisition Corporation is a blank check company whose objective was to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business. On November 28, 2008, Geneva announced that it has entered into a definitive agreement to acquire privately held GHIL, an Indian integrated steel producer. As of the date of this release, Geneva is no longer pursuing a business combination and is initiating its liquidation process.
This press release contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Geneva and GHIL undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
SOURCE: Geneva Acquisition Corp.
Geneva Acquisition Corporation James E. McGrath, 617-361-6530 jmcgrath@geneva-spac.com or John Rousseau, 617-472-2805 X 8410 jrousseau@geneva-spac.com or Investor Relations: The Equity Group Inc. Lena Cati, 212-836-9611 lcati@equityny.com or Linda Latman, 212-836-9609 llatman@equityny.com
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