Special Purpose Acquisition Co

[db7]

NHR, will have to watch this warrants if this gets extended...

from the latest 6k

"Seoul, Korea , April 28, 2010 — North Asia Investment Corporation (“NAIC”) (NYSE AMEX: NHR) and Pacific City Financial Corporation (“Pacific City”) (OTC Bulletin Board: PFCF) announced today that the previously announced Agreement and Plan of Reorganization (“Merger Agreement”) by and among NAIC and Pacific City has been terminated by the parties. The parties determined to terminate the Merger Agreement due to the fact that holders of a significant percentage of NAIC’s public shares indicated an intention to vote against the merger and seek conversion of their shares , and as a result it did not appear that NAIC would have received the necessary vote to approve the merger .



“Pacific City is an exceptional company with a strong track record. We wish them continued success as they grow their business.” said Thomas Chan-Soo Kang, NAIC’s Chief Executive Officer.



Mr. J.C. Chang, President and Chief Executive Officer of Pacific City added: “We regret that we will not have the opportunity to complete this transaction with NAIC. Despite our disappointment, there were positives for Pacific City during the first quarter of 2010 including an increase in equity capital of $2.87 million and the subsidiary bank returning to profitability.”



NAIC is now seeking a new target business with which to complete a business combination. If NAIC is unable to complete another business combination by July 29, 2010 (or July 29, 2011 if NAIC’s shareholders approve an extension),
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