Churchill Ventures Ltd. Announces Suspension of Operations
21 Novembro 2008 - 10:30AM
Business Wire
Churchill Ventures Ltd. (AMEX: CHV) announced today 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.
�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.
Churchill does, however, reserve the right to terminate the
liquidation process and proceed with a transaction if a suitable
transaction comes to its attention before the liquidation occurs.
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