SPAC Investment

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Shareholders of Asia Special Situation Acquisition Corp. Approve Acquisitions of Insurance Companies and Investment Fund Assets and Other Proposals
Shareholders of Asia Special Situation Acquisition Corp. Approve Acquisitions of Insurance Companies and Investment Fund Assets and Other Proposals

Jan. 20, 2010 (Business Wire) -- Asia Special Situation Acquisition Corp. (“ASSAC”) (NYSE Amex: CIO) today announced that at its Extraordinary General Meeting of Shareholders, held January 19, 2010, shareholders approved the acquisitions of three insurance companies and the consolidation of approximately $650.0 million of net assets of a series of investment funds. The transactions are expected to be consummated on or before January 22, 2010.

At the Extraordinary General Meeting of Shareholders, ASSAC’s shareholders also approved the following related proposals: (i) the repurchase of ASSAC ordinary shares from, or entry into one or more purchase or similar agreements with, any one or more of our shareholders in connection with the acquisition and related transactions, (ii) the issuance of ordinary shares, preferred shares, options, warrants and/or convertible securities in connection with the acquisition and related transactions, (iii) an increase in the number of authorized ordinary shares to 350,000,000 and an increase in the number of authorized preferred shares to 10,000,000, (iv) the election of Dr. Gary Hirst, Arie Jan van Roon, Leonard de Waal, Arie Bos, Keith Laslop, Marshall Manley, Michael Kantor and Jack Doueck as members of the board of directors of ASSAC, (v) an amendment to the amended and restated articles and memorandum of association to change the name of ASSAC from “Asia Special Situation Acquisition Corp.” to “GEROVA Financial Group, Ltd.” and (vi) the adoption of the Second Amended and Restated Memorandum and Articles of Association of ASSAC, which among other things: (a) provides for perpetual existence; (b) provides for the election of directors to serve for staggered three year terms; and (c) removes other blank check company restrictions.