SPAC Info

Geneva Acquisition Corp (GAC) shareholders will vote on February 11, 2009 on Geneva Acquisition Corporation’s acquisition of Indian steel manufacturer Global Hi-Tech Industries Limited (GHIL) at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10154.

Shareholders will be asked to vote upon the acquisition of approximately 51.6% Global Hi-Tech Industries Limited for 1,289,262 shares of GAC common stock (valued at $7,606,646, based on Geneva’s stock price on November 21, 2008), and approximately $6,033,746 cash (it is estimated that GHIL will have up to $18 million in long term debt at the closing).

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Geneva Acquisition Corp. (NYSE Alternext US: GAC), a $69 million SPAC priced Ferbruary 12, 2007, announced on November 28, 2008 that it has entered into a definitive agreement for acquiring privately held Global Hi-Tech Industries Ltd. (“GHIL”), an Indian integrated steel producer. With its state-of-the-art manufacturing facility built on approximately 138 acres of land within the last five years, GHIL is a rapidly growing company in an important and expanding infrastructure segment.

Geneva is helmed by James E. McGrath, President, formerly of Fairfax Capital Partners, Xycom Automation and John F. Rousseau, Jr., COO, formerly of New England Partners and Nexus Medical Partners.

The aggregate consideration for GHIL consists of:

1. 1,289,262 shares of GAC common stock (valued at $7,606,646, based on Geneva’s stock price on November 21, 2008),
2. the future delivery of 1,000,000 shares of GAC common stock to be issued subject to a final mining license being obtained by GHIL (valued at $5,900,000 based on the closing price of the common stock on November 21, 2008),
3. approximately $6 million in cash

It is estimated that GHIL will have up to $18 million in long term debt at the closing. The receipt of the final mining license (the initial prospecting license having been received by GHIL already) from the applicable government authority for the purposes of conducting mining operations in the state of Madhya Pradesh, India, is expected to occur within six months of the closing.

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