SPAC Alyst Acquisition Corp Agrees to Acquire China Networks Media Ltd.

Alyst Acquisition Corp. (Amex: AYA), a special purpose acquisition company ("Alyst"), today announced that it has signed an agreement and plan of merger to acquire all of the issued and outstanding shares of China Networks Media Ltd., a British Virgin Islands company ("China Networks"), which owns and is in the process of acquiring television station operating assets in the People's Republic of China (PRC) for $38.7 million

As part of the transaction, Alyst will redomesticate to the British Virgin Islands by means of merging with its wholly-owned subsidiary China Networks Holdings immediately prior to consummating its transaction with China Networks. Chardan Capital Markets, LLC ("Chardan") is acting as exclusive advisor to the transaction.

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