| Tremisis Energy Acquisition Corporation II Announces That It is Unable to Complete Acquisition |
| News - Financial News |
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--(www.FinancialNewsUSA.com)-- 11/29/2009 - Mergers and Acquisitions industry news provided by Financial News USA. Tremisis Energy Acquisition Corporation II (TGY; TGY.WS; TGY.U) announced today that it will not be able to complete its proposed acquisition of the stock of Asiana IDT, Inc., a Korean company. Consequently, its corporate existence will terminate on December 6, 2009, upon which it will liquidate and distribute to the holders of shares issued in its initial public offering their pro-rata portion of the funds held in its trust account established for the benefit of such stockholders, which will be approximately $7.95 per share. Its warrants will expire with no value. Tremisis II is a special purpose acquisition company, launched in July 2007 and that closed an initial public offering raising $76,000,000 of gross proceeds in December 2007. Sprint Nextel Corporation (NYSE:S - News) today announced the successful completion of its tender offer for all outstanding shares of iPCS, Inc. (NASDAQ:IPCS - News) common stock. The tender offer expired at midnight EST on Wednesday, November 25, 2009 and was conducted through a wholly-owned subsidiary of Sprint Nextel named Ireland Acquisition Corporation. At the expiration of the tender offer, a total of approximately 10.399 million shares of iPCS common stock were validly tendered and not withdrawn in the tender offer, representing approximately 62.8 percent of the outstanding shares of common stock of iPCS as of November 25, 2009. In addition, approximately 1.893 million shares were tendered by notice of guaranteed delivery. About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
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