Beicang Iron and Steel Inc (fka BEIC)

[proteinspike]

Effective October 25, 2006, we successfully consummated a merger with East Glory Investments Group, Ltd. ("EGIG"), located in the People's Republic of China.

On April 8, 2006, Alpha Spacecom Inc. entered into a Merger Agreement with EGIG, Inc., a Cayman Islands corporation, in order to facilitate the acquisition of EGIG. The acquisition was accomplished through a merger of the parties into one company, with us remaining as the surviving corporation. Pursuant to the Merger Agreement, we amended our existing Articles of Incorporation to increase the number of authorized common shares to 1,000,000,000, par value $0.001 per share. We then acquired all of EGIG's issued and outstanding shares of common stock in consideration for 899,196,930 "restricted" shares of our Common Stock. As a result, there are now 999,066,260 shares of our Common Stock issued and outstanding. As part of the Merger, we also changed our corporate name to "Beicang Iron & Steel Inc."

As a result of the closing of the Merger, the former stockholder of EGIG beneficially owns approximately 90% of our issued and outstanding Common Stock.

http://biz.yahoo.com/e/061102/beic.ob8-k.html