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As part of its initial public offering, the Issuer issued units (the Units), each Unit consisting of one share of Common
Stock and two warrants (the Warrants). Each Warrant entitles the holder to purchase one share of Common Stock at a price of $5.00.
QVT Financial LP (QVT Financial) is the investment manager for QVT Fund LP (the Fund), which beneficially owns 824,438 shares of Common Stock, and
for Quintessence Fund L.P. (Quintessence), which beneficially owns 92,992 shares of Common Stock. QVT Financial is also the investment manager for a separate discretionary account managed for Deutsche Bank AG (the Separate
Account), which holds 123,695 shares of Common Stock. QVT Financial has the power to direct the vote and disposition of the Common Stock held by the Fund, Quintessence and the Separate Account. Accordingly, QVT Financial may be deemed to be
the beneficial owner of 1,041,125 shares of Common Stock.
As of the date hereof, the
Fund, Quintessence and the Separate Account own Warrants that are not exercisable until the later of the Issuers completion of a business combination and April 19, 2008. As of the date of this filing, there has been no report of the completion
of a business combination.
QVT Financial GP LLC, as General Partner of QVT Financial,
may be deemed to beneficially own the same number of shares of Common Stock reported by QVT Financial. QVT Associates GP LLC, as General Partner of the Fund and Quintessence, may be deemed to beneficially own the same number of shares of Common
Stock reported by the Fund and Quintessence, and accordingly, QVT Associates GP LLC may be deemed to be the beneficial owner of an aggregate amount of 917,430 shares of Common Stock.
Each of QVT Financial and QVT Financial GP LLC disclaim beneficial ownership of the shares of Common
Stock owned by the Fund, Quintessence or the Separate Account. QVT Associates GP LLC disclaims beneficial ownership of all shares of Common Stock owned by the Fund and Quintessence, except to the extent of its pecuniary interest therein.
The percentage disclosed in Item 11 of the Cover Pages for each reporting person is calculated
based upon 11,876,555 shares of Common Stock outstanding, which is the total number of shares issued and outstanding as reported in the Issuers Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and filed with the
Securities and Exchange Commission on November 14, 2007.
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