Polaris Acquisition Corp. Announces Supplement to Definitive Proxy; Reschedules Special Meeting
March 20 2009 - 7:22AM
Business Wire
Polaris Acquisition Corp. (�Polaris�) (NYSE Amex: TKP), a
special purpose acquisition company, announced today that it has
filed with the Securities and Exchange Commission (�SEC�) and
commenced mailing to its stockholders a supplement to the
definitive proxy statement filed and mailed on February 12, 2009
regarding the merger between Polaris and HUGHES Telematics, Inc.
(�HUGHES Telematics�). The proxy supplement notifies Polaris
stockholders eligible to vote at the special meeting of important
developments and transactions that have occurred since the mailing
of the definitive proxy statement, including the execution of the
Second Amended and Restated Agreement and Plan of Merger on March
12, 2009. The proxy supplement also contains financial information
for both Polaris and HUGHES Telematics for the year ending December
31, 2008, as well as updated pro forma calculations.
Polaris also announced today that the special meeting at which
Polaris stockholders are to consider and vote on the proposals
related to Polaris� merger with HUGHES Telematics has been
rescheduled. The special meeting will now be held at 3:00 p.m. EDT
on Monday, March 30, 2009 at the offices of Polaris, 2200 Fletcher
Avenue, 4th Floor, Fort Lee, New Jersey. The record date for the
special meeting remains February 6, 2009. Stockholders who have
previously sent in proxy cards or given instructions to brokers do
not need to re-cast their votes.
For more information on the merger, visit
www.htipolaris.com.
About Polaris Acquisition Corp.
Polaris Acquisition Corp. is a special-purpose acquisition
company formed for the purpose of acquiring a growing
subscription-based business or assets. Polaris went public on
January 17, 2008 and trades on the NYSE Amex under the ticker
�TKP.U�.
For more information, visit www.polarisacq.com.
About HUGHES Telematics
HUGHES Telematics (www.HUGHEStelematics.com) is a leader in
implementing the next generation of connected services for the
automobile. Centered on a core platform of safety and security
offerings, the company develops and manages vehicle- and
driver-centric solutions to enhance the driving and ownership
experience. Headquartered in Atlanta, Ga., HUGHES Telematics offers
a portfolio of consumer, manufacturer, fleet and dealer services
provided through twoway connectivity with the vehicle.
Networkfleet, Inc., a wholly owned subsidiary of HUGHES Telematics
located in San Diego, Ca., offers remote vehicle diagnostics, an
integrated GPS tracking and emissions monitoring system for
wireless fleet vehicle management.
Cautionary Statement Regarding Forward-Looking
Statements
This document contains certain forward-looking statements about
Polaris that are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements. These factors include,
but are not limited to, the risk that the NYSE Amex may delist
Polaris� securities for failure to comply with any NYSE Amex
listing requirement; the occurrence of any event, change or other
circumstances that could give rise to the termination of the second
amended merger agreement; the outcome of any legal proceedings that
may be instituted against Polaris and others following announcement
of the proposal or the second amended merger agreement; the
inability to complete the merger due to the failure to obtain
stockholder approval; the inability to obtain necessary regulatory
approvals required to complete the merger; the risk that the
proposed merger disrupts current plans and operations and the
potential difficulties in employee retention as a result of the
merger; the ability to recognize the benefits of the merger or of
any combination of Polaris and HUGHES Telematics; the timing of the
initiation, progress or cancellation of significant contracts or
arrangements, the mix and timing of services sold in a particular
period; and the possibility that Polaris may be adversely affected
by other economic, business, and/or competitive factors. Polaris
cautions that the foregoing list of factors is not exclusive.
Additional information concerning these and other risk factors is
contained in Polaris� most recent filings with the SEC. Polaris is
under no duty to update any of the forward-looking statements after
the date of this document to conform to actual results.
Important Additional Information Regarding the Merger
In connection with the proposed merger, on February 12, 2009,
Polaris filed a definitive proxy statement with the SEC. On March
20, 2009, Polaris filed a supplement to its definitive proxy
statement. Investors and security holders are advised to read
the definitive proxy statement, the proxy supplement, as well as
any other relevant documents filed with the SEC when they become
available because they contain important information about the
merger and the parties to the merger. Investors and security
holders may obtain a free copy of the definitive proxy statement,
proxy supplements and other documents filed by Polaris at the SEC
website at http:/www.sec.gov. In connection with the special
meeting of Polaris stockholders to approve the adoption of the
second amended merger agreement, Polaris has mailed copies of the
definitive proxy statement and intends to mail a proxy supplement
to Polaris stockholders who are entitled to attend and vote at the
special meeting.
Information regarding the persons who may, under the rules of
the SEC, be deemed participants in the solicitation of Polaris
stockholders in connection with the proposed merger have been set
forth in the definitive proxy statement. You can find information
about Polaris�s executive officers and directors in its prospectus,
definitive proxy statement, Current Reports on Form 8-K and other
documents that have previously been filed with the SEC.
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