Wednesday, January 9, 2008

Update on Asia Automotive Acquisition Corp (AAAC.OB)

Sorry for the lack of updates. I've been on long vacation and was taking a little time off the market.

Looks like our wait on AAAC.OB might be over soon.

Great news - New filing yesterday:

http://www.sec.gov/Archives/edgar/data/1332552/000095012408000065/k22454a3sv4za.txt

Highlights:


  • The board of directors of Asia Automotive Acquisition Corporation ("AAAC")
    and its wholly-owned subsidiary, Tongxin International Ltd. ("TXI") have
    unanimously approved the acquisition of the shares of Hunan Tongxin Enterprise
    Co, Ltd. ("Hunan Tongxin") in the People's Republic of China, pursuant to a
    Equity Acquisition Agreement whereby AAAC will purchase all of the outstanding
    shares of common stock of Hunan Tongxin held by the stockholders (the "Hunan
    Tongxin Stockholders"). The board of directors of AAAC also has unanimously
    approved the simultaneous reincorporation of AAAC from the State of Delaware to
    the British Virgin Islands, through a redomestication merger with TXI.

  • The date for the special meeting of shareholders related to proposed merger has been set for January 24th, 2008. Proxy is being mailed to all shareholders now.

  • AAAC's common stock, warrants and units are currently listed on the
    Over-the-Counter Bulletin Board under the symbols AAAC, AAACW and AAACU,
    respectively. TXI has applied to have its securities listed on the Nasdaq Global
    Market effective at the time of the redomestication merger. The proposed
    symbols are TXIC, TXICW and TXICU.



Make sure to weigh your risks associated with the merger. Good luck to All!

P.S. Note on Harbin Electric (HRBN) - The stock reached $28.00 few days before a big pullback, making it an official 250% gainer in 12 months since the original recommendation at $8 in January. I'm now considering dropping it from the list of undiscovered stocks, as it is "on the charts" now. I will probably provide one last update on it shortly.
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