Churchill Ventures Ltd. (AMEX: CHV), a $108 million SPAC priced February 28, 2007 on the AMEX, has announced that in light of market conditions it was suspending its business combination activity and would commence the process of liquidating and distributing its trust fund proceeds to its shareholders. Additionally, the company had been unable to find a suitable acquisition target.

According to the company:

“Churchill’s founders have a stellar reputation for delivering value to investors in our past activities, and we would rather close our doors and return our investors’ capital than pursue a business combination in these market conditions,” said Christopher Bogart, Churchill’s Chief Executive Officer. “SPACs like Churchill rely on the availability of leverage and the receptivity of institutional equity investors, neither of which is present in capital markets today. Churchill’s founders will lose money personally by taking this decision – and our shareholders will actually turn a profit on their investment in Churchill – but we believe strongly that it is the right thing to do rather than bringing a questionable transaction to the market,” Bogart added.

The stockholders meeting to vote on the dissolution of the company will take place on December 19, 2008.

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