NOTE 1 - Organization, Business and Operations
On September 27, 2006,
Transatlantic Acquisition Corporation (the "Company") was formed in the Cayman Islands with the objective to acquire,
or merge with, an operating business. The Companys formation and administrative costs of $2,592 were financed through
the issuance of 859,375 shares of ordinary shares at par value of $0.000128 per share for consideration of $110 together with
a payable to the Founders of $2,482.
At December 31, 2011, the Company had not yet
commenced operations. All activity from September 27, 2006 (Date of Inception) through December 31, 2011 relates
to the Companys formation. The Company selected June 30 as its fiscal year-end.
The Company, based on its proposed business
activities, is a "blank check" company. The Securities and Exchange Commission defines such a company as a development
stage company as it either has no specific business plan or purpose, or has indicated that its business plan is to engage
in a merger or acquisition with an unidentified company or companies, or other entity or person; and has issued "penny stock",
as defined in Rule 3a51-1 under the Securities Exchange Act of 1934. Many states have enacted statutes, rules and regulations limiting
the sale of securities of "blank check" companies in their respective jurisdictions. Management does not intend to undertake
any efforts to cause a market to develop in its securities, either debt or equity, until the Company concludes a business combination
with an operating entity.
The Company was organized to acquire a target
company or business seeking the perceived advantages of being a publicly-held company and, to a lesser extent, that desires to
employ the Companys funds in its business. The Companys principal business objective for the next 12 months and beyond
will be to achieve long-term growth potential through a business combination rather than short-term earnings. The Company will
not restrict its potential candidate target companies to any specific business, industry or geographical location. The analysis
of new business opportunities will be undertaken by or under the supervision of the officers and directors of the Company.