Replies to post #16583 on Tempus Applied Solutions Holdings Inc fka TMPS

[lloydm]

Chart Acquisition Corp. (NASDAQ: CACG; CACGW; CACGU) ("Chart") today announced that it has entered into an Agreement and Plan of Merger ("Merger Agreement") with Tempus Applied Solutions, LLC ("Tempus"), an aviation solutions company (the "Business Combination"). Pursuant to the terms of the Merger Agreement, Chart and Tempus will combine under a new holding company called Tempus Applied Solutions Holdings, Inc. ("Tempus Holdings").
Tempus is a recently-formed company that provides customized aircraft engineering, integration and operations solutions that support critical missions of the United States Department of Defense (DoD), U.S. intelligence agencies, foreign governments, heads of state and others worldwide. Tempus will design and implement special mission aircraft modifications related to intelligence, surveillance and reconnaissance systems, new generation command, control and communications systems and VIP interior components and provide ongoing operational support including flight crews and maintenance services to customers. In addition, it transitions undervalued and underutilized aircraft to alternative configurations that are then used for more profitable special mission purposes. Tempus is headquartered in Williamsburg, Virginia .


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5:13 PM EST, 01/05/2015 (MT Newswires) -- Chart Acquisition Corp. (CACG) was steady at $9.77 a share in Monday's after-market and the "blank check" company announcing plans to merge with Tempus Applied Solutions LLC, a privately held aviation services company, in a transaction valued at up to $100 million.
Under terms of the merger agreement, CACG will issue 5.25 million shares of the combined companies to Tempus Applied shareholders, who can receive up to 4.75 million additional shares based on certain adjustments at closing.
In a related move, CACG said it was cancelling its proposed business combination with Tempus Intermediate Holdings LLC announced in late July, now agreeing to not directly compete with Tempus Intermediate for the next four years.
Tempus Applied is a recently-formed company providing customized aircraft engineering, integration and operations solutions for the U.S. Department of Defense.