UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-K



      [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
          EXCHANGE ACT OF 1934
          FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007

                              OR

      [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
          EXCHANGE ACT OF 1934

                      COMMISSION FILE NUMBER: 001-32574

                             JK ACQUISITION CORP.
             (Exact name of registrant as specified in its charter)

                 DELAWARE                             87-0745202
      (State or other jurisdiction of       (I.R.S. Employer Identification No.)
       incorporation or organization)

      4400 POST OAK PARKWAY, SUITE 2530
               HOUSTON, TEXAS                            77027
         (Address of principal executive              (Zip Code)
                  offices)

       Registrant's telephone number, including area code: (713) 978-7557

          Securities registered pursuant to Section 12(b) of the Act:

                                                         Name of Exchange
Title of each class                                      on Which Registered
-------------------                                      -------------------
Units, each consisting of one share of Common Stock,     American Stock Exchange
    $0.001 par value, and Two Warrants
Common Stock, $0.001 par value per share                 American Stock Exchange
Warrants to Purchase Common Stock                        American Stock Exchange

        Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark if the issuer is a well-known seasoned issuer, as defined
in  Rule  405  of  the  Securities  Act. [ ] Yes [X] No

Indicate by check mark if the issuer is not required to file reports pursuant to
Section  13  or  Section  15(d)  of  the  Securities  Act. [ ] Yes [X] No

Indicate  by check mark whether the issuer (1) has filed all reports required to
be  filed  by  Section  13  or 15(d) of the Exchange Act during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports),  and  (2) has been subject to such filing requirements for the past 90
days. [X] Yes [ ] No

Indicate  by  check mark if disclosure of delinquent filers pursuant to Item 405
of  Regulation  S-K  is  not contained herein, and will not be contained, to the
best  of  registrant's  knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form  10-K. [ ]

Indicate  by  check mark whether the registrant is a large accelerated filer, an
accelerated  filer,  or  a non-accelerated filer. See definition of "accelerated
filer  and  large  accelerated  filer" in Rule 12b-2 of the Exchange Act. (Check
one):

    [ ]   Large  accelerated  filer     [ ]    Smaller  reporting  company
    [X]   Accelerated  filer            [ ]    Non-accelerated  filer

Indicate by check mark whether the issuer is a shell company (as defined in Rule
12b-2  of  the  Securities  Act). [x] Yes [ ] No

The  aggregate  market  value  of  the registrant's voting and non-voting common
stock  held  by  non-affiliates  computed by reference to the price at which the
common  stock  was  last  sold  on  June  30,  2007  was  $76,705,000  .

As  of  March  31, 2008, there were 16,516,667 shares of the registrant's common
stock  outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE

                                      NONE

<PAGE>


                                     PART I

ITEM  1.     BUSINESS

OVERVIEW

     JK Acquisition Corp. ("Company") is a blank check company formed in 2005 to
serve  as  a  vehicle  for  the  acquisition,  through  a  merger, capital stock
exchange,  asset  acquisition  or other similar business combination with a then
unidentified  operating  business.  On  April  11, 2006, we completed our IPO of
equity  securities,  raising net proceeds of $76,632,404.  Like most blank check
companies,  our  certificate of incorporation provides for the return of the IPO
proceeds  held in trust to the holders of shares of common stock sold in the IPO
if  there  is  no  qualifying  business  combination(s)  consummated  before the
termination date as defined in the certificate of incorporation. Our certificate
of  incorporation  provides  that,  upon  the termination date, the Company will
cause  its  officers  to  distribute the amounts in the Trust Fund (inclusive of
interest)  to  the  holders  of  IPO Shares within sixty days of the termination
date.  Further,  our  certificate  of  incorporation  requires  that  after  the
distribution of the amounts in the Trust Fund, the officers of the Company shall
take  such  action  necessary  to  dissolve and liquidate the Company as soon as
reasonably  practicable.

Specifically, our certificate of incorporation defines the "termination date" as
the later of the following dates: 18 months after the consummation of the IPO or
24 months after the consummation of the IPO in the event that either a letter of
intent,  an  agreement  in  principle  or  a  definitive agreement to complete a
Business  Combination  was executed but was not consummated within such 18-month
period.  On  September  6, 2006, the Company, Multi-Shot, LLC ("Multi-Shot") and
various  other  parties  entered  into the Agreement and Plan of Merger ("Merger
Agreement")  and  related  agreements.  Over the course of this transaction, the
parties  twice  amended the terms of the Merger Agreement and twice extended the
transaction. On January 31, 2008, the Company announced that the special meeting
of  its  stockholders  to  vote  on the proposed merger with Multi-Shot had been
cancelled.  The  Company  determined  and  informed Multi-Shot that the proposed
merger  would  not  receive the votes of its stockholders required for approval.
The  agreement  and  plan  of  merger  governing  the proposed merger expired on
January 31, 2008, and the proposed merger with Multi-Shot was abandoned. In view
of  the  preceding,  our  board of directors has determined that it is no longer
possible  for  the Company to consummate a qualifying business combination prior
to  the  Termination Date. Based upon this determination, our board of directors
is  commencing  the  process of returning to the holders of our common stock the
amounts  held  in the Trust Fund with interest (net of applicable taxes, if any)
and alternatives for preserving value for stockholders. As of February 28, 2008,
approximately  $80,721,782  (approximately $6.10 per IPO Share) was in the Trust
Fund,  after  establishing a reserve for accrued Delaware franchise taxes in the
amount  of  approximately  $52,042.  One  alternative  for  preserving value for
stockholders  that  is  presently under consideration is the continuation of the
Company  as  a corporate entity (rather than dissolution) after the distribution
of  the  Trust  Fund  and the pursuit of an acquisition of one or more operating
companies  in  one  or  more  industries  not now identified. We expect that the
results of our board of directors' evaluations will be presented to stockholders
in  the  second  quarter  of  2008.

EMPLOYEES

We  have  two  executive  officers,  both  of  whom  are members of our board of
directors.  These individuals are not obligated to devote any specific number of
hours  to  our  matters  and  intend  to  devote  only as much time as they deem
necessary  to  our  affairs,  although  we  expect  for  Mr.  Wilson  to  devote
substantial  time to our business once we have signed a term sheet with a target
business  that  provides  for  a business combination conditioned in part on the
completion  of  due  diligence.  The amount of time they will devote in any time
period  will  vary  based  on  the availability of suitable target businesses to
investigate.  We  do  not  intend  to  have any full time employees prior to the
consummation  of  a  business  combination.

                                       1
<PAGE>

ITEM 1A. RISK FACTORS

Statements in this Annual Report under the captions "Business" and "Management's
Discussion  and  Analysis  of Financial Condition and Results of Operations", as
well  as oral statements that may be made by us or by our officers, directors or
employees  acting  on  our  behalf,  that  are  not  historical  fact constitute
"forward-looking  statements"  within  the  meaning  of  the  Private Securities
Litigation  Reform  Act  of 1995.  Such forward-looking statements involve known
and  unknown  risks, uncertainties and other factors that could cause our actual
results  to  be  materially  different  from  the historical results or from any
results  expressed  or implied by such forward-looking statements.  Such factors
include,  but  are  not  limited  to,  the  risk  factors  set  forth  below.
We  do  not intend to update any forward-looking statements to reflect events or
circumstances  after the date of such statements or to reflect the occurrence of
anticipated  or  unanticipated  events.

WE  ARE  A DEVELOPMENT STAGE COMPANY WITH NO OPERATING HISTORY AND, ACCORDINGLY,
YOU  WILL  NOT  HAVE  ANY  BASIS ON WHICH TO EVALUATE OUR ABILITY TO ACHIEVE OUR
BUSINESS  OBJECTIVES.

We  will  not generate any revenues (other than interest income on the cash held
in  trust)  until,  at  the  earliest,  after  the  consummation  of  a business
combination.  We  cannot assure you as to when or if a business combination will
occur.

WE  EXPECT  TO  LIQUIDATE  AND  DISTRIBUTE  THE  TRUST  ACCOUNT,  AND OUR PUBLIC
STOCKHOLDERS  MAY  RECEIVE  LESS  THAN  $6.08 PER SHARE UPON DISTRIBUTION OF THE
TRUST  ACCOUNT  AND  OUR  WARRANTS  MAY  EXPIRE  WORTHLESS.

The  per-share  liquidation  distribution  may be less than $6.08 because of our
general  and  administrative  expenses  and  the  costs  of  seeking  a business
combination.  Furthermore,  there  will  be  no distribution with respect to our
outstanding  warrants,  which  may  expire  worthless  if  we  liquidate.

UNDER  DELAWARE  LAW, THE REQUIREMENTS AND RESTRICTIONS CONTAINED IN OUR AMENDED
AND  RESTATED  ARTICLES  OF  INCORPORATION MAY BE AMENDED, WHICH COULD REDUCE OR
ELIMINATE  THE  PROTECTION AFFORDED TO OUR STOCKHOLDERS BY SUCH REQUIREMENTS AND
RESTRICTIONS.

Our  amended  and  restated  articles  of  incorporation,  as amended, set forth
certain  requirements  and  restrictions  that  shall  apply  to  us  until  the
consummation  of  a business combination. Specifically, our amended and restated
articles  of  incorporation,  as  amended,  provides,  among other things, that:

*     prior  to  the  consummation of our initial business combination, we shall
      submit  such  business  combination  to  our  stockholders  for  approval;

*     we  may  consummate our initial business combination if: (i) approved by a
      majority  of  the  shares  of common stock voted by the public
      stockholders, and (ii)  public  stockholders  owning  less than 20% of the
      shares purchased by the public  stockholders  in  this  offering  exercise
      their  conversion  rights;

*     if  our  initial  business combination is approved and consummated, public
      stockholders  who  voted  against  the  business combination and exercised
      their conversion  rights  will  receive  their  pro  rata  share of the
      trust account;

*     if  a  business  combination  is not consummated or a letter of intent, an
      agreement  in  principle  or  a  definitive  agreement  is not signed
      within the prescribed  time periods, then we will be dissolved and
      distribute to all of our public  stockholders  their  pro  rata  share  of
      the  trust  account;  and

*     we  may  not  consummate  any  other merger, capital stock exchange, stock
      purchase,  asset  acquisition  or  similar  transaction  other  than  a
      business combination  that meets the conditions specified in our initial
      public offering, including  the  requirement that our initial business
      combination be with one or more  operating  businesses  whose  fair
      market  value,  either individually or collectively,  is  equal  to  at
      least 80% of our net assets at the time of such business  combination.

Our amended and restated articles of incorporation prohibit the amendment of the
above-described  provisions.  However,  the  validity  of provisions prohibiting
amendment  of  the  articles  of  incorporation  under Delaware law has not been
settled.  A  court could conclude that the prohibition on amendment violates the
stockholders'  implicit rights to amend the corporate charter. In that case, the
above-described  provisions  would  be  amendable  and  any such amendment could
reduce  or  eliminate  the  protection afforded to our stockholders. However, we
view  the  foregoing  provisions as obligations to our stockholders, and we will
not  take  any  actions  to  waive  or  amend  any  of  these  provisions.

                                       2
<PAGE>

OUR  OFFICERS AND DIRECTORS WILL ALLOCATE THEIR TIME TO OTHER BUSINESSES THEREBY
CAUSING  CONFLICTS  OF  INTEREST  IN  THEIR DETERMINATION AS TO HOW MUCH TIME TO
DEVOTE  TO  OUR  AFFAIRS,  WHICH  COULD HAVE A NEGATIVE IMPACT ON OUR ABILITY TO
CONSUMMATE  A  BUSINESS  COMBINATION.

Our  officers  and  directors  are not required to commit their full time to our
affairs,  which  may  result  in a conflict of interest in allocating their time
between  our  operations and other businesses. This could have a negative effect
on  our  ability  to consummate a business combination. We do not intend to have
any full time employees prior to the consummation of a business combination. All
of  our  executive  officers are engaged in several other business endeavors and
are  not  obligated  to  contribute any specific number of hours to our affairs,
although  we expect Mr. Wilson to devote substantial time to our business during
the  process  of  conducting due diligence on a target company with whom we have
signed  a  term  sheet  for a business combination conditioned on the successful
conclusion  of  due  diligence.  If  our executive officers' or directors' other
business affairs require them to devote more substantial amounts of time to such
affairs,  it  could  limit their ability to devote time to our affairs and could
have  a negative impact on our ability to consummate a business combination. For
a  complete discussion of the potential conflicts of interest that you should be
aware  of,  see  the  section  appearing  elsewhere  in  this  report  entitled
"Management  - Conflicts of Interest." We cannot assure you that these conflicts
will  be  resolved  in  our  favor.

IF  THIRD  PARTIES  BRING CLAIMS AGAINST US, THE PROCEEDS HELD IN TRUST COULD BE
REDUCED  AND  THE  PER SHARE LIQUIDATION PRICE RECEIVED BY STOCKHOLDERS WOULD BE
LESS  THAN  $6.08  PER  SHARE.

Our  placing  of  funds  in  trust  may not protect those funds from third party
claims  against  us.  Messrs. Wilson and Spickelmier have agreed to indemnify us
against any claims by any vendor or other entities that are owed money by us for
services  rendered  or  products  sold to us that would reduce the amount of the
funds  in  the  trust.  However,  we  cannot  assure you that Messrs. Wilson and
Spickelmier  will  be able to satisfy those obligations. In addition, such third
party  claims  may  result  in  the  per  share conversion price received by the
stockholders  who vote against a business combination and elect to convert their
shares  into  cash  being  less  than  approximately  $6.08 per  share.

WE  MAY  ISSUE  SHARES  OF  OUR  CAPITAL  STOCK OR DEBT SECURITIES TO COMPLETE A
BUSINESS  COMBINATION WHICH WOULD REDUCE THE EQUITY INTEREST OF OUR STOCKHOLDERS
AND  COULD  LIKELY  CAUSE  A  CHANGE  IN  CONTROL  OF  OUR  OWNERSHIP.

Our  certificate  of  incorporation  authorizes the issuance of up to 50,000,000
shares  of  common  stock,  par  value $.0001 per share, and 1,000,000 shares of
preferred  stock, par value $.0001 per share. There will be 9,441,665 authorized
but  unissued  shares  of  our  common  stock  available  for  issuance  (after
appropriate  reservation  for  the  issuance of shares upon full exercise of our
outstanding  warrants  and  the  purchase option granted to Ferris, Baker Watts,
Inc.),  and  all  of  the  1,000,000  shares  of  preferred  stock available for
issuance.  We  may issue a substantial number of additional shares of our common
stock  or  preferred stock, a combination of common and preferred stock, or debt
securities,  to  complete  a  business  combination.  The issuance of additional
shares  of  our  common  stock  or  any number of shares of our preferred stock:

*     may  significantly  dilute  the  equity  interest  of  our  initial public
      offering  investors;

*     may  subordinate  the  rights  of holders of common stock if the preferred
      stock  is  issued  with  rights  senior  to  those afforded to our common
      stock;

*     could  likely  cause  a  change  in control if a substantial number of our
      shares  of  common  stock  are issued, which may affect, among other
      things, our ability  to  use  our net operating loss carry forwards, if
      any, and most likely also result in the resignation or removal of our
      present officers and directors; and

*     may  adversely  affect  prevailing  market  prices  for  our common stock.
      Similarly,  if  we  issue  debt  securities,  it  could  result  in:

*     default  and  foreclosure  on our assets if our operating revenues after a
      business  combination  were  insufficient  to  service  our  debt
      obligations;

*     acceleration  of our obligations to repay the indebtedness even if we have
      made  all principal and interest payments when due if the debt security
      contains covenants  that  require the maintenance of certain financial
      ratios or reserves and  any  such  covenant  is  breached without a waiver
      or renegotiation of that covenant;

*     our  immediate  payment  of all principal and accrued interest, if any, if
      the  debt  security  is  payable  on  demand;  and

*     our  inability  to  obtain additional financing, if necessary, if the debt
      security  contains  covenants  restricting  our  ability  to  obtain
      additional financing  while  such  security  is  outstanding.

                                       3
<PAGE>

WE  DEPEND ON OUR CURRENT MANAGEMENT TEAM, THE LOSS OF ANY MEMBER OF WHICH COULD
MATERIALLY ADVERSELY AFFECT OUR BUSINESS. WE DO NOT CARRY KEY MAN LIFE INSURANCE
AND  HAVE  NOT  REQUIRED  NON-COMPETITION  AGREEMENTS.

We  depend  on  the  services  of  management  to  meet our business development
objectives.  We  would expect to encounter difficulty replacing any of them. The
loss  of  any  person on our management team, or the inability of one or more of
them  to  devote  sufficient  attention  to  our  operations,  could  materially
adversely  affect  our  business  and  operations.  We  have not entered into an
employment  or  a non-competition agreement with any member of management.  As a
result, any such member may discontinue providing his services to us at any time
and  for any reason, and even thereafter commence competition with us. We do not
carry  key  person  life  insurance  for  any  member  of  our  management team.

OUR  OFFICERS  AND DIRECTORS MAY NOT HAVE SIGNIFICANT EXPERIENCE OR KNOWLEDGE OF
THE  INDUSTRY  OF  THE  TARGET  BUSINESS.

We  cannot  assure  you  that our officers and directors will have experience or
sufficient  knowledge relating to the industry of the target business to make an
appropriate  acquisition  decision.

SOME  OF OUR OFFICERS AND DIRECTORS ARE CURRENTLY, AND MAY IN THE FUTURE BECOME,
AFFILIATED  WITH  ENTITIES  ENGAGED  IN  BUSINESS  ACTIVITIES  SIMILAR  TO THOSE
INTENDED  TO BE CONDUCTED BY US AND, ACCORDINGLY, MAY HAVE CONFLICTS OF INTEREST
IN  DETERMINING  TO  WHICH  ENTITY  A  PARTICULAR BUSINESS OPPORTUNITY SHOULD BE
PRESENTED.

Some  of our officers and directors are currently, and may in the future become,
affiliated  with  entities,  including other "blank check" companies, engaged in
business  activities  similar  to  those  intended  to  be  conducted  by  us.
Additionally,  our  officers  and  directors  may  become  aware  of  business
opportunities  which  may  be  appropriate for presentation to us as well as the
other  entities  to which they have fiduciary obligations. Accordingly, they may
have  conflicts of interest in determining to which entity a particular business
opportunity  should  be presented. For a complete discussion of our management's
business affiliations and the potential conflicts of interest that you should be
aware  of,  see  the  sections  appearing  elsewhere  in  this  report  entitled
"Management  - Directors and Officers" and "Management - Conflicts of Interest."
We  cannot  assure  you  that  these  conflicts  will  be resolved in our favor.

NONE  OF  OUR  OFFICERS OR DIRECTORS HAVE EVER BEEN A PRINCIPAL OF, OR HAVE EVER
BEEN  AFFILIATED WITH, A COMPANY FORMED WITH A BUSINESS PURPOSE SIMILAR TO OURS.

Our  officers  and  directors  have  never  served as officers or directors of a
development  stage  public company with the business purpose of raising funds to
acquire  an  operating  business. Accordingly, you may not be able to adequately
evaluate  their  ability  to  successfully  consummate  a  business combination.

WE  EXPECT THAT OUR SECURITIES WILL CEASE TO BE LISTED ON THE THE AMERICAN STOCK
EXCHANGE  IN THE NEAR FUTURE, AND THAT WE MAY NOT BE ABLE TO FIND AN ALTERNATIVE
TRADING  MARKET  FOR OUR SECURITIES WHICH COULD LIMIT INVESTORS' ABILITY TO MAKE
TRANSACTIONS  IN  OUR  SECURITIES  AND  SUBJECT  US  TO  ADDITIONAL  TRADING
RESTRICTIONS.

We  expect  that  our  securities  will cease to be listed on the American Stock
Exchange  in  the  near  future  due to our inability to meet continuing listing
requirements.  In  such  event, we will try to have our securities quoted on the
OTC  Bulletin  Board.  However,  we  have  no  certainty that we will be able to
accomplish  this.  If  the  American  Stock Exchange delists our securities from
trading  on its exchange and if we fail to find an attractive trading market, we
could  face  significant  material  adverse  consequences  including:

*     reduced  liquidity  with  respect  to  our  securities;

*     a  determination  that  our  common  stock  is  a "penny stock" which will
      require  brokers  trading  in our common stock to adhere to more stringent
      rules and  possibly  resulting in a reduced level of trading activity in
      the secondary trading  market  for  our  common  stock;

*     limited  amount  of  news  and  analyst  coverage  for  our  company;  and

*     a  decreased  ability  to issue additional securities or obtain additional
      financing  in  the  future.

OUR  INITIAL  STOCKHOLDERS,  INCLUDING  OUR  OFFICERS  AND  DIRECTORS, CONTROL A
SUBSTANTIAL  INTEREST  IN  US AND THIS MAY INFLUENCE CERTAIN ACTIONS REQUIRING A
STOCKHOLDER  VOTE.

Our  initial  stockholders  (including  all  of our officers and directors) will
collectively  own  approximately  22.25% of our issued and outstanding shares of
common  stock  (including  the  purchase  of  333,334  units  in  the  private
placement).In  connection  with  the  vote  required  for  our  initial business
combination,  all of our initial stockholders, including all of our officers and
directors,  have  agreed  to  vote  the  shares  of  common  stock owned by them
immediately before this offering, as well as any shares of common stock acquired
in  connection  with or following this offering, in accordance with the majority
of  the  shares  of  common  stock  voted  by  the  public  stockholders.

                                       4
<PAGE>

TARGET  BUSINESS MAY BE AFFILIATED WITH ONE OR MORE OF THE INITIAL STOCKHOLDERS.

We  may  complete a business combination with a target company with which one or
more of the initial stockholders is affiliated or has been affiliated, which may
give  rise  to  a  conflict  of  interest. For example, Mr. Wilson is a managing
partner  at RSTW Partners. RSTW Partners has invested in middle market companies
across  the  United States. We may complete a business combination with a target
company  in  which RSTW Partners has invested, which may give rise to a conflict
of  interest  because  Mr.  Wilson  is  affiliated  with  RSTW  Partners.

IF  THE  PRIVATE  PLACEMENT WAS NOT CONDUCTED IN COMPLIANCE WITH APPLICABLE LAW,
THE  EXISTING  STOCKHOLDERS  MAY HAVE THE RIGHT TO RESCIND THEIR UNIT PURCHASES.
THE  RESCISSION  RIGHTS,  IF  ANY,  MAY  REQUIRE  US  TO  REFUND AN AGGREGATE OF
$2,000,004  TO  OUR  EXISTING  STOCKHOLDERS,  THEREBY REDUCING THE AMOUNT IN THE
TRUST  ACCOUNT  AVAILABLE TO US TO CONSUMMATE A BUSINESS COMBINATION, OR, IN THE
EVENT  WE DO NOT COMPLETE A BUSINESS COMBINATION WITHIN THE PERIOD PRESCRIBED BY
THIS  OFFERING,  THE  AMOUNT  AVAILABLE  TO  OUR  PUBLIC  STOCKHOLDERS  UPON OUR
LIQUIDATION.

Although  we  believe that we conducted the private placement in accordance with
applicable  law,  there  is  a  risk  that  the  units,  and shares and warrants
underlying  the  units,  should have been registered under the Securities Act of
1933,  as  amended,  and  applicable  blue  sky  laws.  Although  the  existing
stockholders  have waived their respective rights, if any, to rescind their unit
purchases  as a remedy to our failure to register these securities, their waiver
may  not  be  enforceable  in  light of the public policy underlying Federal and
state securities laws. If the existing stockholders bring a claim against us and
successfully assert rescission rights, we may be required to refund an aggregate
of  $2,000,004, plus interest, to them, thereby reducing the amount in the trust
account  available  to us to consummate a business combination, or, in the event
we  do  not  complete  a  business combination within the period prescribed, the
amount  available  to  our  public  stockholders  upon  our  liquidation.

OUR  OUTSTANDING  WARRANTS MAY HAVE AN ADVERSE EFFECT ON THE MARKET PRICE OF OUR
COMMON  STOCK  AND MAKE IT MORE DIFFICULT TO EFFECT A BUSINESS COMBINATION USING
OUR  COMMON  STOCK  AS  CONSIDERATION.

To  the extent we issue shares of common stock to effect a business combination,
the  potential for the issuance of substantial numbers of additional shares upon
exercise  of  these  warrants  and  the  option  could make us a less attractive
acquisition  vehicle  in  the eyes of a target business as such securities, when
exercised,  will  increase  the  number  of issued and outstanding shares of our
common  stock and reduce the value of any shares issued to complete the business
combination. Accordingly, our warrants and the option may make it more difficult
to  effectuate  a  business  combination  or  increase  the  cost  of the target
business. Additionally, the sale, or even the possibility of sale, of the shares
underlying  the  warrants  and  the  option  could have an adverse effect on the
market  price  for  our  securities  or  on  our ability to obtain future public
financing. If and to the extent these warrants and the option are exercised, you
may  experience  dilution  to  your  holdings.

IF  OUR  INITIAL STOCKHOLDERS EXERCISE THEIR REGISTRATION RIGHTS, IT MAY HAVE AN
ADVERSE  EFFECT  ON  THE  MARKET  PRICE OF OUR COMMON STOCK AND THE EXISTENCE OF
THESE  RIGHTS  MAY  MAKE  IT  MORE  DIFFICULT  TO EFFECT A BUSINESS COMBINATION.

Our  initial  stockholders are entitled to demand that we register the resale of
the  2,958,333  shares of common stock they acquired prior to our initial public
offering.  Furthermore,  they  are  entitled  to  demand the registration of the
securities  underlying the 333,334 units they purchased in the private placement
at  any  time  after  we  announce  that  we have entered a letter of intent, an
agreement  in  principle or a definitive agreement in connection with a business
combination. If our initial stockholders exercise their registration rights with
respect to all of their shares of common stock, then there will be an additional
3,291,667  shares of common stock eligible for trading in the public market. The
presence  of  this  additional  number  of  shares  of common stock eligible for
trading  in  the public market may have an adverse effect on the market price of
our  common  stock.  In addition, the existence of these rights may make it more
difficult  to  effectuate  a  business  combination  or increase the cost of the
target  business,  as the stockholders of the target business may be discouraged
from entering into a business combination with us or will request a higher price
for  their securities as a result of these registration rights and the potential
future  effect  their  exercise  may  have  on the trading market for our common
stock.

IF  WE  ARE  DEEMED TO BE AN INVESTMENT COMPANY, WE MAY BE REQUIRED TO INSTITUTE
BURDENSOME  COMPLIANCE  REQUIREMENTS AND OUR ACTIVITIES MAY BE RESTRICTED, WHICH
MAY  MAKE  IT  DIFFICULT  FOR  US  TO  COMPLETE  A  BUSINESS  COMBINATION.

                                       5
<PAGE>

If we are deemed to be an investment company under the Investment Company Act of
1940,  our  activities  may  be  restricted,  including:

*     restrictions  on  the  nature  of  our  investments;  and

*     restrictions  on  the  issuance of securities, which may make it difficult
      for us to complete a business combination. In addition, we may have
      imposed upon us  burdensome  requirements,  including:

*     registration  as  an  investment  company;

*     adoption  of  a  specific  form  of  corporate  structure;

*     reporting,  record  keeping,  voting,  proxy,  compliance  and  disclosure
      requirements;  and

*     complying  with  other  rules  and  regulations.

We  do  not believe that our anticipated principal activities will subject us to
the  Investment Company Act of 1940. To this end, the proceeds held in trust may
only  be  invested  by  the  trust  agent in "government securities" (within the
meaning  of the Investment Company Act of 1940) with specific maturity dates. By
restricting  the  investment  of the proceeds to these instruments, we intend to
meet  the requirements for the exemption provided in Rule 3a-1 promulgated under
the  Investment Company Act of 1940. If we were deemed to be subject to the Act,
compliance  with  these  additional  regulatory burdens would require additional
expense  that  we  have  not  allotted  for.

ITEM 1B. UNRESOLVED STAFF COMMENTS

We  have  received no written comments regarding our periodic or current reports
from  the  staff  of the Securities and Exchange Commission that were issued 180
days  or  more  preceding  the  end  of  our  2006  fiscal  year and that remain
unresolved.

ITEM 2. PROPERTIES

We maintain our executive offices at 4400 Post Oak Parkway, Suite 2530, Houston,
Texas  77027. 4350 Management, LLC has agreed to provide us with certain limited
administrative,  technology  and  secretarial  services,  as  well as the use of
certain  limited  office  space,  including  a conference room, at this location
pursuant to a letter agreement between us and 4350 Management, LLC. The cost for
the  foregoing  services  to be provided to us by 4350 Management, LLC is $7,500
per  month.  We  believe,  based  on  rents and fees for similar services in the
Houston, Texas area, that the fee charged by 4350 Management, LLC is at least as
favorable as we could have obtained from an unaffiliated person. We consider our
current  office  space  adequate  for  our  current  operations.

ITEM 3. LEGAL PROCEEDINGS

To  the  knowledge  of  management,  there  is  no  litigation or administrative
proceedings  currently pending or contemplated against us or any of our officers
or  directors  in  their  capacity  as  such.

ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS.

A definitive proxy statement was filed on December 4, 2007 proposing a series of
matters  to be voted upon by our shareholders.  This special shareholder meeting
was  subsequently  cancelled  and  no  vote  was held.  No other matter has been
submitted  to a vote of security holders during the fourth quarter of the fiscal
year  ended  December  31,  2007.

                                    PART II

ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES.

The  shares  of JKA common stock, warrants and units are currently quoted on the
American  Stock  Exchange under the symbols JKA, JKA.WS and JKA.U, respectively.
Each  unit  of  JKA consists of one share of JKA common stock and two redeemable
common  stock  purchase  warrants. JKA warrants became separable from JKA common
stock  on  May  11, 2006.  Each warrant entitles the holder to purchase from JKA
one  share of common stock at an exercise price of $5.00 commencing the later of
the  completion  of  a business combination or April 11, 2007.  The JKA warrants
will expire at 5:00 p.m., New York City time, on April 10, 2010, or earlier upon
redemption.  Prior  to  April  11, 2006, there was no established public trading
market  for  our  common  stock.

                                       6
<PAGE>

In  addition,  as  part  of  the initial public offering, we issued an option to
purchase  750,000  units  for  $10.00  per  unit  to  the  representative of the
underwriters  which, if exercised, will result in the issuance of 750,000 common
shares  and  750,000 warrants.  The warrants entitle the holder to purchase from
us  one share of common stock at an exercise price of $7.50 commencing the later
of  a  business  combination  with  a  target  business or April 10, 2007.  The
warrants  issued  to  underwriters  will  expire  April  10,  2010.

JKA  does  not  currently have any authorized or outstanding equity compensation
plans.


The  following  table  sets  forth,  for  the  calendar  quarter  indicated, the
quarterly  high  and low sales prices of our units, common stock and warrants as
reported  on  the  American Stock Exchange for the year ended December 31, 2007
and 2006.

                                 Common Stock       Warrants           Units
      Quarter Ended              High     Low     High     Low     High     Low
      -------------              ----     ---     ----     ---     ----     ---

   March 31, 2007               $5.80     $5.58  $0.54    $0.37   $6.70    $6.20

   June 30, 2007                $5.89     $5.65  $0.85    $0.55   $7.40    $6.78

   September 30, 2007           $5.92     $5.70  $0.85    $0.17   $7.40    $5.95

   December 31, 2007            $6.05     $5.55  $0.42    $0.19   $6.55    $6.00

                                 Common Stock       Warrants           Units
      Quarter Ended              High     Low     High     Low     High     Low
      -------------              ----     ---     ----     ---     ----     ---

   June 30, 2006                $5.45     $5.31  $0.55    $0.32   $6.28    $6.02

   September 30, 2006           $5.65     $5.31  $0.46    $0.28   $6.35    $5.80

   December 31, 2006            $5.65     $5.40  $0.52    $0.24   $6.57    $5.89

HOLDERS

As  of  December  31, 2007, there were 2,132,094 holders of record of our units,
14,051,239  holders  of  record  of  our  common stock and 22,185,812 holders of
record  of  our  warrants.

DIVIDENDS

We  have not paid any dividends on our common stock to date and do not intend to
pay  dividends prior to the completion of a business combination. The payment of
dividends  in  the  future,  assuming  we  successfully  complete  a  business
combination,  will  be contingent upon our revenue and earnings, if any, capital
requirements  and  general  financial  condition  subsequent  to completion of a
business  combination.  The  payment  of  any dividends subsequent to a business
combination  will  be within the discretion of our then Board. It is the present
intention  of  our Board to retain all earnings, if any, for use in our business
operations  and,  accordingly,  our  board  does  not  anticipate  declaring any
dividends  in  the  foreseeable  future.

RECENT SALES OF UNREGISTERED SECURITIES

(a)  During  the  past three years, we sold the following shares of common stock
without  registration  under  the  Securities  Act:

On May 18, 2005, in connection with our organization, we issued 1,980,000 shares
of  our  common  stock  to the parties set forth below for $24,750 in cash, at a
purchase  price  of  $0.0125  per  share,  as  follows:

                                 NAME                       NUMBER OF SHARES
                                 ----                       ----------------

                            James P. Wilson                    1,089,000
                            Keith D. Spickelmier                 891,000

Such  shares  are  exempt from registration under regulations promulgated by the
SEC  under  Section  4(2)  of  the  Securities  Act  of  1933,  as  amended (the
"Securities  Act").  The  exemption was available on the basis that there was no
general  solicitation  in connection with the placement and sales were only made
to  accredited  investors.

                                       7
<PAGE>

On  May  31,  2005, in connection with the organization, we issued an additional
270,000  shares of our common stock to the parties set forth below for $3,375 in
cash,  at  a  purchase  price  of  $0.0125  per  share,  as  follows:

                                 NAME                       NUMBER OF SHARES
                                 ----                       ----------------

                            James P. Wilson                       148,500
                            Keith D. Spickelmier                  121,500

Such  shares  are  exempt from registration under regulations promulgated by the
SEC  under  Section  4(2) of the Securities Act.  The exemption was available on
the  basis  that  there  was  no  general  solicitation  in  connection with the
placement  and  sales  were  only  made  to  accredited  investors.

On  May  31,  2005,  in  connection  with  our  organization,  James  P.  Wilson
transferred  22,500  shares  of  our common stock to Michael H. McConnell for an
aggregate  purchase  price  of $281.25, or $.0125 per share, and 2,250 shares of
our  common  stock  to  Herbert C. Williamson for an aggregate purchase price of
$28.13,  or  $.0125  per  share.  On  May  31,  2005,  in  connection  with  our
organization, Keith D. Spickelmier transferred 20,250 shares of our common stock
to  Herbert  C. Williamson for an aggregate purchase price of $253.13, or $.0125
per  share.

On July 13, 2005, we issued 250,000 shares of our common stock to the parties
set forth below for $3,125 in cash, at a purchase price of $0.0125 per share, as
follows:

                                  NAME                       NUMBER OF SHARES
                                  ----                       ----------------

                            James P. Wilson                      137,500
                            Keith D. Spickelmier                 121,500

Such  shares  are  exempt from registration under regulations promulgated by the
SEC under Section 4(2) of the Securities Act. The exemption was available on the
basis  that  there  was no general solicitation in connection with the placement
and  sales  were  only  made  to  accredited  investors.

On  April 10, 2006, the board of directors declared a stock dividend of 0.183333
shares of common stock currently issued and outstanding.  The stock dividend was
paid  prior  to  the  private  placement  described  below.

On  April  10,  2006,  in  connection  with our initial public offering, we sold
333,334 units (each unit consists of one share of common stock and two warrants)
in a private placement to the parties set forth below for $2,000,004 in cash, at
a  purchase  price  of  $6.00  per  unit,  as  follows:

                                  NAME                       NUMBER  OF  UNITS
                                  ----                       -----------------

                            James P. Wilson                       183,334
                            Keith D. Spickelmier                  150,000

Such  shares  are  exempt from registration under regulations promulgated by the
SEC  under  Section  4(2) of the Securities Act.  The exemption was available on
the  basis  that  there  was  no  general  solicitation  in  connection with the
placement  and  sales  were  only  made  to  accredited  investors.

USE OF PROCEEDS FROM OUR INITIAL PUBLIC OFFERING

On April 17, 2006, JK Acquisition sold 13,225,000 units to the public at a price
of  $6.00  per  unit.  Each  unit  consists of one share of common stock and two
redeemable  common  stock purchase warrants. JK Acquisition received proceeds of
$74,606,890,  net of offering costs of $4,743,110. On May 10, 2006, the warrants
and  common  stock  were separated from the units and began to trade separately.

Each  warrant  entitles  the  holder to purchase one share of common stock at an
exercise price of $5.00. The warrants have a life of four years after which they
will  expire.  JK  Acquisition  has  a  right to call the warrants, provided the
common  stock  has traded at a closing price of at least $8.50 per share for any
20  trading days within a 30 trading day period ending on the third business day
prior  to  the  date  on  which notice of redemption is given. If JK Acquisition
calls  the  warrants,  the  holder  will  either  have to redeem the warrants by
purchasing  the  common stock from JK Acquisition for $5.00 or the warrants will
expire.

In  connection with the initial public offering, JK Acquisition committed to pay
to the underwriters a non-accountable expense allowance equal to 5% of the gross
offering  proceeds  upon  the  consummation  of the initial public offering. The
underwriters have agreed to defer approximately $1,552,500 attributable to their
non-accountable  expense  allowance (equal to 2.25% of the gross proceeds of the
offering)  until  the  consummation  of  a  business  combination.  Upon  the
consummation  of  a  business combination, JK Acquisition will pay such deferred
non-accountable expense allowance to the underwriters out of the proceeds of our
initial  public  offering  held  in  trust.

                                       8
<PAGE>

Our  net  proceeds  from  the  sale  of our units, including the exercise of the
underwriters'  over-allotment  option, after deducting certain offering expenses
of  approximately  $750,100  and  underwriting  discounts  of  approximately
$3,967,000,  were  approximately  $76,632,404.  Of  this amount, $76,532,404 was
placed  in  trust  and  the  remaining  $100,000  was  not  placed in trust. The
remaining  proceeds  of  $100,000  not  held  in  trust  (plus up to $900,000 of
interest  earned  on  the proceeds held in trust) are available to be used by us
for  working  capital purposes to provide for business, legal and accounting due
diligence  on prospective acquisitions and continuing general and administrative
expenses.

EQUITY  COMPENSATION  PLAN  INFORMATION

As  of  December  31,  2007,  we  had  no  equity  compensation plans in effect.

STOCK PRICE PERFORMANCE GRAPH

The  table  below  compares the cumulative total return of our common stock from
January  1,  2007  through December 31, 2007 with the cumulative total return of
companies  comprising  the  Amex Composite Index (formerly the Amex Market Value
Index).  The graph plots the growth in value of an initial investment of $100 in
each  of our common stock and the Amex Composite Index and assuming reinvestment
of  all  dividends,  if  any,  paid on the securities. We have not paid any cash
dividends  and,  therefore,  the  cumulative  total return calculation for us is
based  solely  upon  stock  price appreciation and not upon reinvestment of cash
dividends.  The  stock  price  performance shown in the table is not necessarily
indicative  of  future  price  performance.

                               AMEX Major
                  Date         Market Index     JKA

                1/3/2007      $ 100.00       $ 100.00
                1/31/2007     $ 100.39       $ 102.06
                2/28/2007     $  97.92       $ 101.34
                3/30/2007     $  99.12       $ 104.40
                4/30/2007     $ 104.59       $ 104.22
                5/31/2007     $ 107.68       $ 105.84
                6/29/2007     $ 107.27       $ 104.40
                7/31/2007     $ 105.51       $ 103.50
                8/31/2007     $ 107.40       $ 104.22
                9/28/2007     $ 112.07       $ 106.56
                10/31/2007    $ 114.43       $ 106.02
                11/30/2007    $ 110.61       $ 104.76
                12/31/2007    $ 109.55       $ 101.34


                                       9
<PAGE>

ITEM 6. SELECTED FINANCIAL DATA.

     The following is a summary of selected financial data of the Company for
the year ended December 31, 2007, 2006, and the period from May 11, 2005
(inception) to December 31, 2005, which should be read in conjunction with the
financial statements of the Company and the notes thereto:

                            SELECTED FINANCIAL DATA
INCOME STATEMENT DATA

                                                                     PERIOD FROM
                                                                    MAY 11, 2005
                                        YEAR ENDED    YEAR ENDED    (INCEPTION)
                                        DECEMBER 31,  DECEMBER 31,  TO DECEMBER
                                          2007          2006          31, 2005
                                        ----------------------------------------

Loss from operations                   $ (2,291,474)  $ (292,378)   $    (4,994)

Interest income                         $ 2,782,145   $1,994,845    $         -

Income (loss) before provision
  for income taxes                      $ 1,959,271     $437,463    $    (4,994)

Provision for income taxes             $     (8,335)    $ 14,027    $         -

Net Income                             $  1,967,606     $423,436    $    (4,994)

Basic weighted average number of
   common shares outstanding             16,516,667   12,605,609      2,783,316

Net income per share - basic                 $ 0.12      $ 0.003    $     (0.00)

Diluted weighted average number of
  common shares outstanding              20,135,356   14,212,584      2,783,316

Net income per share - diluted                $0.10       $ 0.03     $    (0.00)

BALANCE SHEET DATA

                                       DECEMBER 31,   DECEMBER 31,  DECEMBER 31,
                                           2007           2006          2005
                                      ------------    -----------   ------------

Cash                                       $109,917     $220,104        $26,137

Investments held in trust               $80,402,166  $77,627,249        $     -

Total Assets                            $80,512,083  $78,637,200      $ 618,953


Total liabilities, including $15,928,705
 and 15,517,687 of common stock subject
 to possible redemption, respectively   $17,620,092  $31,470,031       $592,697

Total stockholder's equity              $62,891,991  $47,167,169        $26,256

Total Liabilities and Stockholders'
  equity                                $80,512,083  $78,637,200       $618,953


                                       10
<PAGE>

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

On  January  31,  2008,  JK Acquisition Corp. ("JKA") announced that the special
meeting  of its stockholders to vote on the proposed merger with Multi-Shot, LLC
("Multi-Shot") had been cancelled. JKA determined, and informed Multi-Shot, that
the  proposed  merger would not receive the votes of JKA's stockholders required
for approval. The Second Amended and Restated Agreement and Plan of Merger dated
August  27,  2007  (the  "Merger Agreement") expired on January 31, 2008 and the
proposed  merger  with  Multi-Shot  was abandoned. The board of directors of JKA
will  continue  to  evaluate  alternatives  that may be in the best interests of
JKA's  stockholders,  including  the  potential  liquidation  of  JKA.

We  were formed on May 11, 2005, for the purpose of acquiring, through a merger,
capital stock exchange, asset acquisition or other similar business combination,
an  operating  business  headquartered  in  North  America,  focusing  in  the
manufacturing, distribution or service sectors. Our initial business combination
must  be with a target business whose fair market value is at least equal to 80%
of  our  net assets (excluding deferred compensation of the underwriters held in
trust)  at  the time of such acquisition. We intend to use cash derived from the
proceeds  of  our  recently  completed  public  offering  and concurrent private
placement,  our  capital stock, debt or a combination of cash, capital stock and
debt,  to  effect  such  business  combination.

On  April  17,  2006,  we  consummated our initial public offering of 13,225,000
units,  including  1,725,000  units  that  were  subject  to  the  underwriters'
over-allotment  option.  Each unit consists of one share of common stock and two
warrants.  Each warrant entitles the holder to purchase from us one share of our
common  stock  at  an  exercise  price  of  $5.00. Our common stock and warrants
started  trading  separately  as  of  May  11,  2006.

Our  net  proceeds  from  the  sale  of our units, including the exercise of the
underwriters'  over-allotment  option, after deducting certain offering expenses
of  approximately  $750,100  and  underwriting  discounts  of  approximately
$3,967,000, were approximately $76,632,404. Of this amount, $76,532,404 was held
in  trust.  The  remaining  proceeds  of  $100,000 not held in trust (plus up to
$900,000  of interest earned on the proceeds held in trust) were available to be
used  by  us  for  working  capital  purposes to provide for business, legal and
accounting  due diligence on prospective acquisitions and continuing general and
administrative  expenses.  We  will use substantially all of the net proceeds of
our  initial public offering to acquire a target business, including identifying
and  evaluating  prospective  acquisition  candidates,  selecting  the  target
business,  and  structuring,  negotiating  and  consummating  the  business
combination. To the extent that our capital stock is used in whole or in part as
consideration  to  effect a business combination, the proceeds held in the trust
account  as  well as any other net proceeds not expended will be used to finance
the operations of the target business. We believe that the funds available to us
outside of the trust account will not be sufficient to allow us to operate until
April  2008, assuming that a business combination is not consummated during that
time.  In addition to the use of the $900,000 of interest earned on the proceeds
held  in  trust  to fund operating expenses, Messrs. Wilson and Spickelmier have
advanced  $825,000  to  the  company  through  December  31,  2007.

Commencing  on  April  10,  2006  and  ending  upon  the acquisition of a target
business or liquidation, we began incurring a fee of $7,500 per month for office
space  and certain administrative, technology and secretarial services from 4350
Management,  LLC, an affiliate of James P. Wilson, our chairman of the board and
chief  executive  officer.  In  addition, on May 18, 2005 and December 20, 2005,
Messrs.  Wilson  and  Spickelmier  advanced  an  aggregate of $329,000 to us for
payment of offering expenses on our behalf. These advances were repaid following
our  initial  public  offering  from  the  proceeds  of  the  offering.

Since  our  initial public offering, we have been actively engaged in sourcing a
suitable  business  combination  candidate.  We  have met with target companies,
service  professionals  and  other  intermediaries  to  discuss our company, the
background  of  our management and our combination preferences. In the course of
these  discussions,  we have also spent time explaining the capital structure of
the  initial  public offering, the combination approval process and the timeline
under which we are operating before the proceeds of the offering are returned to
investors.  Consistent  with  the  disclosures  in  our  initial public offering
prospectus,  we  have  focused  our  search  on  companies in the manufacturing,
distribution and service sectors, though we may acquire an operating business in
an  industry  that  we  choose.  However, there can be no assurance that we will
close  a  suitable  business  combination  in  the  allotted  time.

RESULTS  OF  OPERATIONS

Comparison  of Fiscal Year Ended December 31, 2007 to Fiscal Year Ended December
31,  2006

For  the  fiscal  year ended December 31, 2007, we had net income of $1,967,606.
For  the  year  ended December 31, 2006, we had net income of $423,436.  For the
fiscal  year  ended  December  31,  2007,  we  incurred  $462,848 of general and
administrative  expenses,  a gain of $1,468,600 on derivative liabilities of the
Company's  warrants  as  a  result  of the change in valuation of the derivative
liabilities  (see  Notes  to  the Financial Statements for more information) and
interest  income on the trust fund investments of $2,782,145, as compared to the
year  ended  December  31,  2006  when  we  incurred  $292,378  of  general  and
administrative  expenses, a  loss of $1,265,004 on derivative liabilities of the
Company's  warrants  as  a  result  of the change in valuation of the derivative
liabilities  (see  Notes  to  the Financial Statements for more information) and
by interest income on the trust fund investments  of  $1,994,845.

                                       11
<PAGE>

Comparison of Fiscal Year Ended December 31, 2006 with Period from Inception to
December 31, 2005

For  the fiscal year ended December 31, 2006, we had net income of $423,436. For
the  period  from  May 11, 2005 (our date of inception) to December 31, 2005, we
had  a  net  loss  of  $4,994.  For  the fiscal year ended December 31, 2006, we
incurred  $292,378  of general and administrative expenses, a loss of $1,265,004
on derivative liabilities of the Company's warrants as a result of the change in
valuation  of  the derivative liabilities (see Notes to the Financial Statements
for  more  information)  and  $14,027  of income tax expense, offset by interest
income  on  the  trust fund investments of $1,994,845, as compared to the period
from  May  11, 2005 to December 31, 2005 when we incurred only $4,994 of general
and  administrative  expenses  in  connection  with  our  formation.

CHANGES IN FINANCIAL CONDITION

Liquidity and Capital Resources

We  are  currently  contemplating  liquidation.  If  we liquidate, the per-share
liquidation  may  be  less  than $6.08 because of our general and administrative
expenses and the costs of seeking a business combination. Additionally, if third
parties  make claims against us, the offering proceeds held in the trust account
could  be  subject  to  those  claims,  resulting  in a further reduction to the
per-share  liquidation  price.  Under  Delaware  law,  our stockholders who have
received distributions from us may be held liable for claims by third parties to
the extent such claims are not paid by us. Furthermore, our warrants will expire
worthless  if  we  liquidate  before  the  completion of a business combination.

Off-Balance Sheet Arrangements

Other than contractual obligations incurred in the normal course of business, we
do  not  have  any  off-balance  sheet  financing  arrangements  or liabilities,
guarantee  contracts,  retained or contingent interests in transferred assets or
any  obligation arising out of a material variable interest in an unconsolidated
entity.  We  do  not  have  any  majority-owned  subsidiaries.

Contractual Obligations

In  connection  with  our  initial  public  offering,  we  agreed  to  pay  the
underwriters a deferred non-accountable expense allowance of $1,552,500 upon the
consummation  of our initial business combination. We expect that such allowance
will  be  paid  out of the proceeds in the trust account. Other than contractual
obligations  incurred  in  the  ordinary  course of business, we do not have any
other  long-term  contractual  obligations.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market risk is a broad term for the risk of economic loss due to adverse changes
in  the fair value of a financial instrument. These changes may be the result of
various  factors,  including  interest  rates, foreign exchange rates, commodity
prices  and/or equity prices. Our exposure to market risk is limited to interest
income  sensitivity  with  respect  to  the  funds  placed in the trust account.
However,  the  funds  held  in our trust account have been invested only in U.S.
"government  securities,"  defined  as  any  Treasury  Bill issued by the United
States  having  a  maturity  of  one hundred and eighty days or less or in money
market  funds  meeting  certain conditions under Rule 2a-7 promulgated under the
Investment Company Act of 1940, so we are not deemed to be an investment company
under  the Investment Company Act. Thus, we are subject to market risk primarily
through  the  effect  of changes in interest rates on government securities. The
effect of other changes, such as foreign exchange rates, commodity prices and/or
equity  prices,  does  not  pose  significant  market  risk  to  us.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Reference is made to our financial statements beginning on page F-1 of this
report.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.

Not applicable.

                                       12
<PAGE>

ITEM 9A. CONTROLS AND PROCEDURES.

Evaluation  of  Disclosure  Controls  and  Procedures

We  evaluated  the  effectiveness  of the design and operation of our disclosure
controls  and  procedures as of December 31, 2007, as required by Rule 13a-15 of
the  Exchange  Act.  As  described below, under "Management's Report on Internal
Control  Over  Financial  Reporting,"  a material weakness was identified in our
internal  control  over financial reporting as of December 31, 2007, relating to
our  lack of segregation of duties. Based on the evaluation described above, our
Chief  Executive  Officer,  Chairman  of  the  Board  of Directors and Secretary
(Principal  Executive  Officer) (Principal Financial and Accounting Officer) all
roles  of  which are performed by one individual, concluded that, as of December
31,  2007, our disclosure controls and procedures were not effective in ensuring
that  the  information required to be disclosed by us in reports filed under the
Securities  Exchange Act of 1934 is recorded, processed, summarized and reported
within  the time periods specified in the rules and forms of the SEC. To address
the  material  weakness, we performed additional analysis and other post-closing
procedures in an effort to ensure our consolidated financial statements included
in  this  annual report have been prepared in accordance with generally accepted
accounting  principles.  Accordingly,  management  believes  that  the financial
statements  included  in this report fairly present in all material respects our
financial  condition,  results  of  operations  and  cash  flows for the periods
presented.

Management's  Report  on  Internal  Control  over  Financial  Reporting

Effective  June  30,  2007,  we  met  the  definition of "accelerated filer," as
described  by  Rule  12b-2  of the Exchange Act. As an accelerated filer, we are
required  by  the  Sarbanes-Oxley  Act  of  2002 to include an assessment of our
internal  control over financial reporting for the year ended December 31, 2007.
Management  is  responsible  for  establishing and maintaining adequate internal
control  over  financial  reporting as that term is defined in Exchange Act Rule
13a-15(f).  Our  internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting
and  the preparation of our financial statements for external reporting purposes
in  accordance  with  generally  accepted  accounting  principles  ("GAAP"). Our
internal control over financial reporting includes those policies and procedures
that  (i)  pertain  to  the  maintenance  of records that, in reasonable detail,
accurately  and  fairly reflect our transactions and dispositions of our assets;
(ii) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of our financial statements in accordance with GAAP, and that
our  receipts  and  expenditures  are  being  made  only  in  accordance  with
authorizations  of  our  management  and directors; and (iii) provide reasonable
assurance  regarding prevention or timely detection of unauthorized acquisition,
use  or  disposition  of  our  assets  that  could have a material effect on our
financial  statements.

Internal  control  over financial reporting cannot provide absolute assurance of
achieving  financial  reporting  objectives because of its inherent limitations.
Internal  control  over  financial  reporting  is  a process that involves human
diligence  and  compliance  and  is subject to lapses in judgment and breakdowns
resulting  from  human  failures. Internal control over financial reporting also
can  be  circumvented  by  collusion or improper management override. Because of
such  limitations,  there  is  a  risk  that  material  misstatements may not be
prevented  or  detected  on  a  timely  basis by internal control over financial
reporting.  However,  these  inherent  limitations  are  known  features  of the
financial  reporting  process.  Therefore,  it  is  possible  to design into the
process  safeguards  to  reduce,  though  not eliminate, this risk. In addition,
projections  of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in conditions or
that  the  degree of compliance with the policies or procedures may deteriorate.

                                       13
<PAGE>

In  order  to  evaluate the effectiveness of our internal control over financial
reporting  as  of  December  31,  2007,  as  required  by  Section  404  of  the
Sarbanes-Oxley  Act  of  2002,  management  conducted  an  assessment, including
testing,  based  on  the  criteria  set  forth  in  Internal  Control-Integrated
Framework  issued  by  the Committee of Sponsoring Organizations of the Treadway
Commission  (the "COSO Framework"). A material weakness is a control deficiency,
or  a  combination  of  control deficiencies, that results in more than a remote
likelihood  that  a  material  misstatement  of  our annual or interim financial
statements  will not be prevented or detected. In assessing the effectiveness of
our  internal  control  over  financial  reporting,  management  identified  the
following  material weakness in internal controls over financial reporting as of
December  31,  2007:

Deficiencies  in  the  Segregation  of  Duties.

The  role  and  duties  of  Chief  Executive  Officer,  Chairman of the Board of
Directors,  Secretary  ,Principal Financial and Accounting Officer are held  and
performed  by  one individual who is actively involved in the preparation of the
financial  statements,  and  therefore  cannot provide an independent review and
quality  assurance function within the accounting and financial reporting group.
Furthermore,  that  individual has wide-spread access to create and post entries
in  the  Company's  financial accounting system. There is a risk that a material
misstatement  of  the  financial  statements could be caused, or at least not be
detected  in  a  timely  manner,  due  to  insufficient  segregation  of duties.

Based on the material weakness described above and the criteria set forth by the
COSO  Framework,  we  have  concluded  that  our internal control over financial
reporting  at  December  31,  2007,  was  not  effective.

The  Company's  independent  registered public accounting firm, Malone & Bailey,
PC,  has  issued  an  attestation  report on the Company's internal control over
financial reporting siting such material weakness. That report appears elsewhere
in  this  Form  10-K
..
Changes  in  Internal  Control  over  Financial  Reporting

No  change  in our internal control over financial reporting (as defined in Rule
13a-15(f)  under the Securities Exchange Act of 1934) occurred during the fourth
quarter  of fiscal 2007 that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

Not applicable.

                                       14

<PAGE>

                                    PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Our current directors and executive officers are as follows:

     NAME               AGE     POSITION
     ----               ---     --------

James P. Wilson          49     Chairman of the Board, Chief Executive Officer
                                and Secretary

Keith D. Spickelmier     46     President and Director

Herbert C. Williamson    58     Director

James  P. Wilson has been our Chairman of the Board, Chief Executive Officer and
Secretary  since  our  inception.  Mr.  Wilson  is  a  Managing  Partner of RSTW
Partners,  a  private  debt and equity firm he co-founded in 1990. RSTW Partners
raised  a  series  of  three  private  equity  funds  totaling $871.5 million in
capital.  RSTW  Partners  invested in 55 private debt and equity transactions in
middle  market  companies  across  the  United States. Prior to co-founding RSTW
Partners,  Mr.  Wilson  was a vice president of the First Texas Merchant Banking
Group,  (August  1987  -  December  1989) a private subordinated debt investment
group. Mr. Wilson began his career in 1981 as a Certified Public Accountant with
the  national  accounting  firm  of  Arthur  Young & Co (now Ernst & Young). Mr.
Wilson  holds  a B.B.A. in accounting from Texas A&M University.

Keith  D. Spickelmier has been our President and a Director since our inception.
Mr.  Spickelmier  began  his career in 1986 practicing law with Sheinfeld, Maley
and  Kay,  a nationally known bankruptcy firm in Houston, Texas, and was named a
partner  in  1991.  In  1992,  he  joined Verner, Liipfert, Bernhard and Hand, a
Washington,  D.C. firm, as a Shareholder. From 2001 to 2003, Mr. Spickelmier was
with Haynes and Boone as Of Counsel and as a consultant. His practice focused on
complex  corporate  bankruptcy and commercial litigation. Beginning in 1997, Mr.
Spickelmier  transitioned  from the practice of law to investments, primarily in
the  telecommunications  and energy sectors. In 2004, Mr. Spickelmier co-founded
and  is  currently  the  Chairman  of  Westside  Energy Corp., a publicly traded
exploration  and  production  company  based  in  Dallas, Texas. Mr. Spickelmier
received  an  undergraduate degree from the University of Nebraska at Kearney in
1983  and  a  Juris  Doctorate  from  the  University  of  Houston  in  1986.

Herbert  C.  Williamson became a Director of the Company on May 31, 2005. He has
served  on  the  board of Mission Resources Corp. since November of 2002 and the
board  of  Westside  Energy  Corp. since March 2005. From April 1997 to February
2002,  Mr.  Williamson  served  as  director  of  Pure  Resources,  Inc. and its
predecessor.  From  September 2000 through March 2003, he was also a director of
Southwest  Royalties,  Inc.  Since  1996,  Mr.  Williamson  has also served as a
director  of  Merlon Petroleum Company, a private oil and gas company engaged in
exploration  and  production  in  East  Texas and Egypt. From April 1985 through
April  1995, Mr. Williamson served as vice chairman and executive vice president
for  Parker  & Parsley Petroleum Company, now Pioneer Natural Resources Company,
and  from  October 1998 to April 1999, he served as chief financial officer with
Seven  Seas  Petroleum.  From April 1995 through May 1999, Mr. Williamson was an
investment  banker  with  Petrie  Parkman  &  Company and prior to that he was a
director in the Energy Group at CS First Boston. Mr. Williamson currently serves
as  a Colonel in the U.S. Army Reserve. Mr. Williamson earned a bachelor of arts
degree  from  Ohio  Wesleyan  University and a master of business administration
from  Harvard  University.

Our  board  of directors has three directors. The directors, consisting of James
P.  Wilson, Keith D. Spickelmier and Herbert C. Williamson, will serve until the
next  annual  meeting of stockholders and until their successors are elected and
qualified.  These individuals will play a key role in identifying and evaluating
prospective  acquisition  candidates,  selecting  the  target  business,  and
structuring,  negotiating  and  consummating  its  acquisition.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section  16(a) of the Securities Exchange Act of 1934 requires our directors and
executive  officers  and  persons who own more than 10% of a registered class of
our  equity  securities,  to  file  with  the Securities and Exchange Commission
initial  reports  of ownership and reports of changes in beneficial ownership of
Common Stock and other equity securities of us.  Directors, officers and greater
than  10%  stockholders  are  required  by SEC regulation to furnish us with all
Section  16(a)  forms  they  file.

                                       15
<PAGE>

To  our  knowledge,  based  solely  upon our review of the copes of such reports
furnished to us, we believe that all of our directors, officers and greater than
10%  stockholders  have  complied  with  the  applicable Section 16(a) reporting
requirements.

AUDIT COMMITTEE

Our  audit  committee  consists  of Mr. Williamson. The independent directors we
appoint  to  our audit committee will each be an independent member of our board
of  directors,  as  defined  by  the  rules of the SEC. Each member of our audit
committee  will  be  financially  literate,  and  our  board  of  directors  has
determined  that  Mr.  Williamson  qualifies  as  an  "audit committee financial
expert",  as  such  term  is  defined  by  SEC  rules.

The  audit  committee  will review the professional services and independence of
our  independent  registered public accounting firm and our accounts, procedures
and internal controls. The audit committee will also recommend the firm selected
to  be our independent registered public accounting firm, review and approve the
scope  of  the  annual  audit,  review  and evaluate with the independent public
accounting  firm  our annual audit and annual consolidated financial statements,
review  with  management  the  status  of internal accounting controls, evaluate
problem  areas  having a potential financial impact on us that may be brought to
the  committee's  attention  by  management,  the  independent registered public
accounting  firm  or  the  board  of  directors,  and evaluate all of our public
financial  reporting  documents.

CODE OF ETHICS

We  have  adopted  a  code  of  conduct  and ethics applicable to our directors,
officers and employees in accordance with applicable federal securities laws and
the  rules  of the American Stock Exchange. A copy of the JKA Code of Ethics and
any  amendments  thereto  is  available  at  www.jkacq.com.
                                             -------------

ITEM  11.       EXECUTIVE  COMPENSATION

No executive officer or director has received any cash compensation for services
rendered.  Commencing  on  the  effective  date  of  our initial public offering
through  the acquisition of a target business, we will pay 4350 Management, LLC,
a  wholly-owned  entity  of  James  P.  Wilson,  a  fee  of $7,500 per month for
providing  us  with  certain  limited administrative, technology and secretarial
services,  as  well  as  the  use  of  certain limited office space, including a
conference  room, in Houston, Texas. However, this arrangement is solely for our
benefit and is not intended to provide James P. Wilson compensation in lieu of a
salary.  No  other  executive  officer  or  director  has a relationship with or
interest  in  4350  Management,  LLC.

Other  than  this  $7,500  per-month fee, no compensation of any kind, including
finder's  and  consulting fees, will be paid to any of our initial stockholders,
our  officers  or directors, or any of their respective affiliates, for services
rendered  prior  to  or  in connection with a business combination. However, our
initial  stockholders will be reimbursed for any out-of-pocket expenses incurred
in connection with activities on our behalf such as identifying potential target
businesses and performing due diligence on suitable business combinations. There
is  no  limit on the amount of these out-of-pocket expenses and there will be no
review  of  the reasonableness of the expenses by anyone other than our board of
directors,  which  includes  persons  who  may seek reimbursement, or a court of
competent  jurisdiction  if  such  reimbursement  is  challenged. If none of our
directors  are deemed "independent," we will not have the benefit of independent
directors examining the propriety of expenses incurred on our behalf and subject
to  reimbursement.

ITEM  12.   SECURITY  OWNERSHIP  OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED  STOCKHOLDERS  MATTERS

The following table sets forth information regarding the beneficial ownership of
our  common  stock  as  of  February  21,  2008,  by:

*     each person known by JKA to be the beneficial owner of more than 5% of its
      outstanding shares of common stock based solely upon the amounts and
      percentages as  are contained in the public filings of such persons as of
      February 21, 2008;

*     each  of  JKA's  officers  and  directors;  and

*     all  of  JKA's  officers  and  directors  as  a  group.

Unless otherwise indicated, JKA believes that all persons named in the table
have sole voting and investment power with respect to all shares of common stock
beneficially owned by them.

                                       16
<PAGE>

Based  solely  upon  information contained in public filings, as of February 21,
2008, the following stockholders beneficially own greater than five (5%) percent
of  JKA's  issued  and  outstanding common stock as such amounts and percentages
(based  on  16,516,667 shares outstanding on November 20, 2006) are reflected in
the  public  filings  of  such  stockholder:

                                                       AMOUNT
                                                     AND NATURE      PERCENTAGE
                                                   OF BENEFICIAL  OF OUTSTANDING
NAME AND ADDRESS OF BENEFICIAL OWNER (1)             OWNERSHIP      COMMON STOCK
                                                    ----------     -------------

James P. Wilson (2)(4)                               1,781,130      10.78%
Keith D. Spickelmier (3)(4)                          1,457,287       8.79%
Herbert C. Williamson II (4)                            26,625         *
Weiss Capital (5)                                    4,029,913      24.40%
Staley Capital Advisers, Inc. (6)                    1,716,000      10.30%
HBK Investments L.P. (7)                               981,740       5.94%
D.B. Zwirn & Co, L.P. (8)                            1,395,685       8.45%
STRS Ohio (9)                                        1,100,000       6.66%
ALL DIRECTORS AND EXECUTIVE OFFICERS AS A GROUP
  ( 3 INDIVIDUALS)                                   3,265,042      19.77%
__________
*     Less than one percent.

(1)     Unless  otherwise  indicated,  the  business  address  of  each  of  the
individuals  is  4400  Post  Oak  Parkway,  Suite  2530,  Houston,  Texas 77027.

(2)     Mr. Wilson is our Chairman of the Board and Chief Executive Officer. Mr.
Wilson  also  owns  366,668 warrants issued in the private placement immediately
prior  to  the  initial  public  offering.  Each  warrant entitles the holder to
purchase  one share of common stock at $5.00 per share. The warrants will become
exercisable  on the later of the completion of (i) a business combination by JKA
and  (ii)  April  10,  2007,  and  will  expire  on  April  10,  2010.

(3)     Mr.  Spickelmier  is  our  President and Secretary. Mr. Spickelmier also
owns  300,000  warrants issued in the private placement immediately prior to the
initial  public offering. Each warrant entitles the holder to purchase one share
of  common stock at $5.00 per share. The warrants will become exercisable on the
later  of the completion of (i) a business combination by JKA and (ii) April 10,
2007,  and  will  expire  on  April  10,  2010.

(4)     Each  of  these  individuals  is  a  director.

(5)     Based  upon  information  contained  in  the Schedule 13D filed by Weiss
Asset  Management, LLC, Weiss Capital, LLC, Andrew M. Weiss on February 8, 2008.
2,670,024  Shares, representing approximately 16.2% of the outstanding shares of
the  Issuer, are held by BIP. Weiss Asset Management, LLC is the General Partner
of  BIP.  Mr. Weiss is the Managing Member of Weiss Asset Management, LLC and in
such  capacity  has  the  power  to  vote  and dispose of such Shares. 1,359,889
Shares, representing approximately 8.2% of the outstanding shares of the Issuer,
are  held by BGO. Weiss Capital, LLC is the Investment Manager of BGO. Mr. Weiss
is  the Managing Member of Weiss Capital, LLC and in such capacity has the power
to  vote  and  dispose  of  such  Shares.

(6)     Based  upon  information  contained  in the Form SC 13GA filed by Staley
Capital  Advisers,  Inc.  on  February  5,  2008.

(7)     Based on information contained in the Schedule 13G (as amended) filed by
HBK  Investments  L.P.  February  8,  2008.

(8)     Based  upon  information contained in the Schedule 13F filed on December
31,  2007.  by  D.B.  Zwirn  &  Co.,  L.P.

(9)     Based uon information contained in the Form SC 13GA filed by STRS Ohio
on January 25, 2008.

                                       17
<PAGE>

Our  officers and directors, collectively, beneficially own approximately 19.93%
of  the  issued  and  outstanding  shares  of our common stock.  Because of this
ownership  block, these initial stockholders may be able to effectively exercise
control  over  all matters requiring approval by our stockholders, including the
election  of  directors and approval of significant corporate transactions other
than  approval  of  a  business  combination.

All  of  the  shares  of  our  common stock outstanding prior to the date of our
initial  public offering were placed in escrow with Continental Stock Transfer &
Trust  Company,  as escrow agent. Subject to certain limited exceptions (each of
which  requires that the shares remain in escrow for the required period), these
shares  will  not  be  transferable  during  the  escrow  period and will not be
released  until  six  months  after  the consummation of a business combination.

During  the  escrow period, the holders of these shares will not be able to sell
or  transfer  their  securities  except  to  their  spouses and children, trusts
established  for  their benefit, or to affiliated companies, but will retain all
other  rights  as  our stockholders, including, without limitation, the right to
vote  their  shares  of common stock and the right to receive cash dividends, if
declared.  If dividends are declared and payable in shares of common stock, such
dividends  will also be placed in escrow.  None of our initial stockholders will
receive  any  portion  of  the liquidation proceeds with respect to common stock
owned  by  them  prior  to  the  date  of  our  initial  public  offering.

Our  officers  and  directors  have purchased an aggregate of 333,334 units in a
private  placement  immediately prior to the initial public offering. The shares
comprising  such  units  may  not  be  sold,  assigned  or  transferred until we
consummate a business combination. Such individuals have further agreed to waive
their  right to any liquidation distributions with respect to such shares in the
event  we fail to consummate a business combination. These shares are subject to
a  lock-up  on  transferability  until  we  complete  a  business  combination.

The  existing  stockholders  have  agreed  to  waive  their respective rights to
participate  in  any  liquidation  distribution  occurring  upon  our failure to
consummate  a  business  combination,  but  only with respect to those shares of
common  stock  acquired by them prior to this offering; they will participate in
any liquidation distribution with respect to any shares of common stock acquired
in  connection  with  or  following  this  offering.

In  addition,  in  connection  with  the  vote required for our initial business
combination,  all  of  our existing stockholders, including all of our officers,
directors  and  our  special  advisors, have agreed to vote all of the shares of
common  stock  owned  by  them, including shares they may acquire in the private
placement  or  during  or after the offering, in accordance with the majority of
the  shares  of  common  stock  voted  by the public stockholders other than our
existing  stockholders.  Accordingly,  they will not be entitled to exercise the
conversion  rights  available to public stockholders who vote against a business
combination.

ITEM 13. CERTAIN RELATIONSHIPS AND CERTAIN RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE

Since our inception, we have issued 2,958,333 shares of our common stock to the
parties set forth below for $31,250 in cash, at an average purchase price of
$0.010563 per share, as follows:

NAME                       NUMBER OF SHARES        RELATIONSHIP TO US
----                         ------------          ------------------
James P. Wilson              1,597,796             Chairman of the Board, Chief
                                                   Executive Officer and
                                                   Secretary

Keith D. Spickelmier         1,307,287             President and Director

Herbert C. Williamson           26,625             Director

The  holders  of the majority of these shares will be entitled to make up to two
demands  that  we  register  these  shares pursuant to an agreement to be signed
prior  to  or  on  the  date  of our initial public offering. The holders of the
majority  of these shares may elect to exercise these registration rights at any
time  after  the  date  on  which these shares of common stock are released from
escrow.  In  addition, these stockholders have certain "piggy-back" registration
rights  on  registration  statements filed subsequent to the date on which these
shares  of  common  stock  are  released  from escrow. We will bear the expenses
incurred  in  connection  with  the  filing of any such registration statements.

On  April 10, 2006, the board of directors approved and declared the issuance of
a  stock  dividend  of  0.183333  shares of common stock on each share of common
stock  currently  issued  and outstanding, after which the existing stockholders
held,  in  the aggregate, 2,958,333 shares. The stock dividend was paid prior to
the  private  placement.

                                       18
<PAGE>

Mr.  Wilson and Mr. Spickelmier have purchased in the aggregate 333,334 units in
a  private  placement immediately prior to this offering at a price equal to the
price  of our initial public offering, $6.00 per unit. The existing stockholders
have  agreed  to waive their respective rights to participate in any liquidation
distribution  occurring  upon  our failure to consummate a business combination,
but  only with respect to those shares of common stock acquired by them prior to
this  offering, and the 333,334 shares included in the units they have purchased
in  the  private  placement, therefore, they will participate in any liquidation
distribution  with  respect to any shares of common stock acquired in connection
with  or  following  this  offering.  In  addition,  in connection with the vote
required for our initial business combination, all of our existing stockholders,
including  all  of  our officers, directors and special advisors, have agreed to
vote  all  of the shares of common stock owned by them, including those acquired
in  the  private  placement or during or after this offering, in accordance with
the  majority  of  the  shares of common stock voted by the public stockholders.

4350 Management, LLC, a wholly-owned entity of James P. Wilson, has agreed that,
commencing  on  the  effective  date  of our initial public offering through the
acquisition  of  a target business, it will make available to us certain limited
administrative,  technology  and  secretarial  services,  as  well as the use of
certain limited office space, including a conference room, in Houston, Texas, as
we  may  require  from  time to time. We have agreed to pay 4350 Management, LLC
$7,500  per  month for these services. James P. Wilson is the sole owner of 4350
Management,  LLC  and,  as  a  result,  will benefit from the transaction to the
extent  of  his  interest  in  or  position  with  4350  Management,  LLC.

However,  this  arrangement  is  solely  for  our benefit and is not intended to
provide  James  P. Wilson compensation in lieu of a salary. We believe, based on
rents  and  fees  for  similar services in the Houston, Texas area, that the fee
charged  by  4350  Management,  LLC  is  at  least as favorable as we could have
obtained  from  an unaffiliated person. However, if our directors are not deemed
"independent,"  we  will  not  have  had  the benefit of disinterested directors
approving  this  transaction.

James  P.  Wilson  and  Keith  D. Spickelmier advanced a total of $329,000, on a
non-interest  bearing  basis,  to  us in order to cover expenses related to this
offering.  These  advances  were  repaid from the proceeds of the initial public
offering.

We  will  reimburse  our officers and directors for any reasonable out-of-pocket
business  expenses incurred by them in connection with certain activities on our
behalf  such  as  identifying  and  investigating possible target businesses and
business  combinations.  There  is  no  limit  on  the  amount  of  accountable
out-of-pocket  expenses  reimbursable  by us, which will be reviewed only by our
board  or a court of competent jurisdiction if such reimbursement is challenged.

Other  than  the  $7,500  per-month  administrative  fee  and  reimbursable
out-of-pocket expenses payable to our officers and directors, no compensation or
fees of any kind, including finder's and consulting fees, will be paid to any of
our initial stockholders, officers or directors who owned our common stock prior
to this offering, or to any of their respective affiliates for services rendered
to  us  prior  to  or  with  respect  to  the  business  combination.

All  ongoing  and  future  transactions  between  us and any of our officers and
directors  or  their  respective affiliates, including loans by our officers and
directors,  will  be  on  terms  believed by us to be no less favorable than are
available  from  unaffiliated  third  parties  and  such  transactions or loans,
including any forgiveness of loans, will require prior approval in each instance
by  a  majority  of our uninterested ''independent'' directors (to the extent we
have  any)  or  the  members  of  our  board  who do not have an interest in the
transaction,  in either case who had access, at our expense, to our attorneys or
independent  legal  counsel.  In  addition,  our  management will gather pricing
information, estimates or fairness opinions from unaffiliated third parties with
respect  to  similar  transactions  undertaken  by  us.

DIRECTOR INDEPENDENCE

     Our common stock is listed for trading on the American Stock Exchange (the
"AMEX"). Accordingly, we use the standards established by the AMEX for
determining whether or not each of our directors is "independent." We have
determined that currently Herbert C. Williamson is an "independent" director in
accordance with the AMEX independence standards, and that James P. Wilson, and
Keith D. Spickelmier are not. The AMEX rules generally require that a listed
company's Board of Directors be composed of a majority of independent directors.
As a consequence, we do not presently comply with the AMEX rules in this regard.

     Moreover, the AMEX rules generally require that a listed company's Audit
Committee be composed of at least three members, each of whom must be
independent. Currently, Mr. Williamson is the only member of our Audit
Committee. As a consequence, we do not presently comply with the AMEX rules in
this regard either.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit Fees

     During the fiscal year ended December 31, 2006 and 2007, we paid, or expect
to pay, our principal accountant $25,200 and $37,020, respectively for the
services they performed throughout the year, including the yearend audit, the
quarters and consents on other SEC filings.

                                       19
<PAGE>

Audit-Related Fees

     During 2007, our principal accountant did not render assurance and related
services reasonably related to the performance of the audit or review of
financial statements.

Tax Fees

     During 2006 and 2007, we paid our principal accountant $1,200 and $850,
respectively.

All Other Fees

     During 2007, there were no fees billed for products and services provided
by the principal accountant other than those set forth above.

POLICY ON AUDIT COMMITTEE PRE-APPROVAL OF AUDIT AND PERMISSIBLE NON-AUDIT
SERVICES OF INDEPENDENT AUDITORS

     Consistent  with  SEC  policies  regarding  auditor independence, the Audit
Committee has responsibility for appointing, setting compensation and overseeing
the  work of the independent auditor. In recognition of this responsibility, the
Audit  Committee  has  established  a  policy  to  pre-approve  all  audit  and
permissible  non-audit  services  provided  by  the  independent  auditor.

     Prior  to  engagement of the independent auditor for the next year's audit,
management  will  submit an aggregate of services expected to be rendered during
that  year  for  each  of four categories of services to the Audit Committee for
approval.

     1.  AUDIT  services  include  audit  work  performed  in the preparation of
financial  statements,  as  well  as  work  that  generally only the independent
auditor  can  reasonably  be  expected  to  provide,  including comfort letters,
statutory  audits,  and  attest  services  and  consultation regarding financial
accounting  and/or  reporting  standards.

     2.  AUDIT-RELATED  services are for assurance and related services that are
traditionally  performed  by  the  independent  auditor, including due diligence
related  to  mergers and acquisitions, employee benefit plan audits, and special
procedures  required  to  meet  certain  regulatory  requirements.

     3.  TAX  services  include  all  services  performed  by  the  independent
auditor's  tax personnel except those services specifically related to the audit
of  the  financial statements, and includes fees in the areas of tax compliance,
tax  planning,  and  tax  advice.

     4.  OTHER FEES are those associated with services not captured in the other
categories.  We  generally  do  not  request  such services from the independent
auditor.

     Prior  to  engagement,  the  Audit Committee pre-approves these services by
category  of service. The fees are budgeted and the Audit Committee requires the
independent  auditor  and  management  to  report  actual fees versus the budget
periodically  throughout  the  year  by  category  of  service. During the year,
circumstances  may  arise when it may become necessary to engage the independent
auditor  for  additional services not contemplated in the original pre-approval.
In  those  instances,  the Audit Committee requires specific pre-approval before
engaging  the  independent  auditor.

     The  Audit  Committee may delegate pre-approval authority to one or more of
its  members.  The  member  to whom such authority is delegated must report, for
informational  purposes  only, any pre-approval decisions to the Audit Committee
at  its  next  scheduled  meeting.

                                       20

<PAGE>
                                    PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a)     The following documents are filed as a part of this Report:

1.     FINANCIAL STATEMENTS:

          Index to Financial Statements and Schedules

          Report of Independent Registered Public Accounting Firm

          Balance Sheets as of December 31, 2007 and December 31, 2006

          Statement of Operations-Period from Year ended December 31, 2007,
          December 31, 2006, Period from May 11, 2005 (Inception) to December
          31, 2005 and Period from May 11, 2005 (Inception) to December 31, 2007

          Statement of Stockholders' Equity-Period-Year ended December 31, 2007,
          December 31, 2006 and Period from May 11, 2005 (Inception) to December
          31, 2005 and Period from May 11, 2005 (Inception) to December 31, 2007

          Statement of Cash Flows-Year ended December 31, 2007, December 31,
          2006 and Period from May 11, 2005 (Inception) to December 31, 2005 and
          Period from May 11, 2005 (Inception) to December 31, 2007

          Notes to Financial Statements

2.     FINANCIAL STATEMENT SCHEDULES:

All schedules are omitted for the reason that the information is included in the
financial statements or the notes thereto or that they are not required or are
not applicable.

                                       21
<PAGE>

3.     EXHIBITS:

EXHIBIT NO.     DESCRIPTION
-----------     -----------
1.1     Form of Underwriting Agreement.*

1.2     Form of Selected Dealers Agreement.*

3.1     Amended and Restated Certificate of Incorporation.*

3.2     Amended and Restated Bylaws.*

3.3     Amendment to the Amended and Restated Certificate of Incorporation.*

3.4     Amendment to the Amended and Restated Certificate of Incorporation.*

4.1     Specimen Unit Certificate.*

4.2     Specimen Common Stock Certificate.*

4.3     Specimen Warrant Certificate.*

4.4     Form of Warrant Agreement between Continental Stock Transfer & Trust
        Company and the Registrant.*

4.5     Form of Unit Purchase Option.*

10.1    Form of Letter Agreement among the Registrant, Ferris, Baker Watts,
        Incorporated, and James P. Wilson.*

10.2    Form of Letter Agreement among the Registrant, Ferris, Baker Watts,
        Incorporated and Keith D. Spickelmier.*

10.3    Form of Letter Agreement among the Registrant, Ferris, Baker Watts,
        Incorporated and Michael H. McConnell.*

10.4    Form of Letter Agreement among the Registrant, Ferris, Baker Watts,
        Incorporated and Herbert C. Williamson.*

10.5    Form of Investment Management Trust Agreement between Continental Stock
        Transfer & Trust Company and the Registrant.*

10.6    Form of Stock Escrow Agreement between the Registrant, Continental
        Stock Transfer & Trust Company and the Initial Stockholders.*

10.7    Form of Letter Agreement between 4350 Management, LLC and the
        Registrant regarding administrative support.*

10.8    Advance Agreement between the Registrant and James P. Wilson, dated May
        18, 2005.*

10.9    Advance Agreement between the Registrant and Keith D. Spickelmier,
        dated May 18, 2005.*

10.10   Form of Registration Rights Agreement among the Registrant and the
        Initial Stockholders.*

10.11   Form of Unit Placement Agreement among each of James P. Wilson and
        Keith D. Spickelmier and Ferris, Baker Watts, Incorporated.*

10.12   Advance Agreement between the Registrant and James P. Wilson, dated
        December 20, 2005.*

10.13   Advance Agreement between the Registrant and Keith D. Spickelmier,
        dated December 20, 2005.*

31.1    Sarbanes Oxley Section 302 Certifications**

32.1    Sarbanes Oxley Section 906 Certifications**

24      Power of Attorney.*

99.1    Audit Committee Charter*

99.2     Code of Ethics*

*     Incorporated herein by reference to the Company's Registration Statement
on Form S-1, as amended, (File No. 333-125211)

**     Filed herewith

                                       22
<PAGE>
                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Houston, State of Texas,
on the 31st day of March 2008.

                                             JK ACQUISITION CORP.

                                             By:  /s/ James P. Wilson
                                                  -------------------
                                                  James P. Wilson
                                                  Chairman of the Board and
                                                  Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.

               NAME                       POSITION                DATE
               ----                       --------                ----
By: /s/ James P. Wilson       Chief Executive Officer,           March 31, 2008
    JAMES P. WILSON           Chairman of the Board
                              of Directors and Secretary
                              (Principal Executive Officer)
                              (Principal Financial
                              and Accounting Officer)

By: /s/ Keith D. Spickelmier  President and Director             March 31, 2008
    KEITH D. SPICKELMIER

By: /s/ Herbert C. Williamson  Director                          March 31, 2008
   HERBERT C. WILLIAMSON


                                       23


<PAGE>
                  INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                 F-2
BALANCE SHEET                                                            F-4
STATEMENT OF OPERATIONS                                                  F-5
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY                             F-6
STATEMENT OF CASH FLOWS                                                  F-7
NOTES TO FINANCIAL STATEMENTS                                            F-8

<PAGE>

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To  the  Board  of  Directors
JK Acquisition Corp.
(A Development Stage Company)
Houston,  Texas

We  have  audited JK Acquisition Corp.'s. (A Development Stage Company) internal
control  over  financial  reporting  as  of December 31, 2007, based on criteria
established  in Internal Control-Integrated Framework issued by the Committee of
Sponsoring  Organizations  of  the  Treadway  Commission  (COSO). JK Acquisition
Corp's management is responsible for maintaining effective internal control over
financial  reporting  and  for  its  assessment of the effectiveness of internal
control  over  financial  reporting  included in Management's Report on Internal
Control  over Financial Reporting appearing under Item 9A. Our responsibility is
to  express  an  opinion on the effectiveness of JK Acquisition Corp.'s internal
control  over  financial  reporting  based  upon  our  audit.

We  conducted  our  audit  of  internal  control  over  financial  reporting  in
accordance  with  the standards of the Public Company Accounting Oversight Board
(United  States).  Those standards require that we plan and perform the audit to
obtain  reasonable  assurance  about  whether  effective  internal  control over
financial  reporting was maintained in all material respects. Our audit included
obtaining  an  understanding  of  internal  control  over  financial  reporting,
assessing  the  risk that a material weakness exists, testing and evaluating the
design  and  operating  effectiveness  of internal control based on the assessed
risk,  and  performing  such  other  procedures  as we consider necessary in the
circumstances.  We  believe  that  our audit provides a reasonable basis for our
opinion.

A  company's internal control over financial reporting is a process designed by,
or  under  the  supervision  of, the company's principal executive and principal
financial officers, or persons performing similar functions, and effected by the
company's  board  of  directors,  management,  and  other  personnel, to provide
reasonable  assurance  regarding  the reliability of financial reporting and the
preparation  of  financial  statements  for external purposes in accordance with
generally  accepted  accounting  principles,  and  includes  those  policies and
procedures  that  (1)  pertain to the maintenance of records that, in reasonable
detail,  accurately  and fairly reflect the transactions and dispositions of the
assets  of  the  company; (2) provide reasonable assurance that transactions are
recorded  as  necessary  to  permit  preparation  of  financial  statements  in
accordance  with generally accepted accounting principles, and that receipts and
expenditures  of  the  company  are  being  made  only  in  accordance  with
authorizations  of  management  and  directors  of  the company; and (3) provide
reasonable  assurance  regarding  prevention or timely detection of unauthorized
acquisition,  use,  or  disposition  of  the  company's assets that could have a
material  effect  on  the  financial  statements.

Because  of  inherent limitations, internal control over financial reporting may
not  prevent  or  detect  misstatements.  Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate  because  of  changes in conditions, or that the degree of compliance
with  the  policies  or  procedures  may  deteriorate.  A material weakness is a
deficiency, or a combination of deficiencies, in internal control over financial
reporting,  such  that  there  is  a  reasonable  possibility  that  a  material
misstatement of the company's annual or interim financial statements will not be
prevented  or  detected  on  a timely basis. The following material weakness has
been  identified  at  December 31, 2007 and included in management's assessment:

Deficiencies  in  the  Segregation  of  Duties.  The  role  and  duties of Chief
Executive  Officer,  Chairman  of  the  Board of Directors, Secretary ,Principal
Financial and Accounting Officer are held and performed by one individual who is
actively  involved in the preparation of the financial statements, and therefore
cannot  provide  an independent review and quality assurance function within the
accounting  and  financial  reporting  group.  Furthermore,  that individual has
wide-spread  access  to  create  and  post  entries  in  the Company's financial
accounting system. There is a risk that a material misstatement of the financial
statements  could be caused, or at least not be detected in a timely manner, due
to  insufficient  segregation  of  duties.

This  material  weakness  was  considered  in determining the nature, timing and
extent of audit tests applied in our audit of the financial statements as of and
for the year ended December 31, 2007, and this report does not affect our report
dated  March  28,  2008  on  those  financial  statements.

In  our opinion, because of the effects of the material weakness described above
on  the  achievement  of the criteria established in Internal Control-Integrated
Framework  issued  by  COSO,  JK  Acquisition  Corp.  did not maintain effective
internal  control  over  financial  reporting  as  of  December  31,  2007.

/s/ Malone & Bailey, PC
Houston, Texas
www.malone-bailey.com

March 28, 2008

                                      F-2


<PAGE>
            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors
JK Acquisition Corp.
(A Development Stage Company)
Houston, Texas

We  have  audited  the  accompanying  balance  sheets  of JK Acqusition Corp. (A
Development  Stage  Company)  as  of December 31, 2007 and 2006, and the related
statements  of  operations,  shareholders' equity and cash flows for each of the
two  years  in  the period ended December 31, 2007, the period from May 11, 2005
(inception) to December 31, 2005 and the period from May 11, 2005 (inception) to
December  31,  2007.  These  financial  statements are the responsibility of the
Company's  management.  Our  responsibility  is  to  express an opinion on these
financial  statements  based  on  our  audits.

We  conducted  our  audit  in  accordance  with  standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements  are free of material misstatement. An audit includes examining, on a
test  basis,  evidence  supporting  the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe  that  our  audit  provides  a
reasonable  basis  for  our  opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material  respects,  the  financial  position of JK Acquisition Corp. as of
December 31, 2007 and 2006, and the results of its operations and its cash flows
for  the  periods  described  above  in  conformity  with  accounting principles
generally  accepted  in  the  United  States  of  America.

The  accompanying  financial  statements have been prepared assuming the Company
will  continue  as  a  going  concern.  As  discussed in Note 9 to the financial
statements,  the  Company  did  not consumate its planned merger and has current
liabilities in excess of its available cash. This raises substantial doubt about
its  ability  to  continue  as  a going concern. Management's plans in regard to
these  matters  are  also  described  in Note 9. The financial statements do not
include  any adjustments that might result from the outcome of this uncertainty.

We  have  also  audited,  in accordance with the standards of the Public Company
Accounting  Oversight  Board  (United  States)  JK  Acquisition Corp.'s internal
control  over  financial reporting as of December 31, 2007 based on the criteria
established  in Internal Control-Integrated Framework issued by the Committee of
Sponsoring  Organizations of the Treadway Commission, and our report dated March
28,  2008  expressed  an  adverse opinion on the effectiveness of JK Acquisition
Corp.'s  internal  control  over  financial  reporting.

/s/ Malone & Bailey, PC

Malone & Bailey, PC
Houston, Texas
www.malone-bailey.com

March 28, 2008

                                      F-3

<PAGE>

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS
                        AS OF DECEMBER 31, 2007 AND 2006


                                                     2007               2006

                                     ASSETS

Current assets:

Cash                                          $     109,917       $     220,104
Deferred tax asset                                        -               1,613
Trust Fund                                       80,402,166                   -
                                              -------------       -------------
Total current assets                             80,512,083             221,717

Trust fund                                               -           77,627,249
Deferred offering costs                                  -                    -
Deferred transaction costs                               -              788,234
                                              ------------        -------------
           Total Assets                       $  80,512,083       $  78,637,200
                                              ============        =============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued expenses         $     866,387     $       299,870
Federal income tax payable                                -              15,640
Derivative liabilities                                    -          15,636,834
Advances payable                                    825,000                   -
                                               ------------      --------------
         Total Liabilities                        1,691,387          15,952,344

Common stock subject to redemption,
   2,710,311 shares                              15,928,705          15,517,687

Stockholders' equity:

Preferred stock, $0.0001 par value,
  1,000,000 shares authorized, none issued
  and outstanding                                         -                   -
Common stock, $0.0001 par value, 50,000,000
  shares authorized, 16,516,667 shares issued
  and outstanding at December 31, 2007 and
  December 31, 2006, respectively (including
  2,710,311 and 2,710,311 shares subject to
  redemption, respectively)                           1,652               1,652
Paid-in capital                                  60,504,291          46,747,075
Earnings accumulated during the development
  stage                                           2,386,048             418,442
                                              -------------     ---------------
           Total Stockholders' Equity            62,891,991          47,167,169
                                              -------------     ---------------
Total Liabilities and Stockholders' Equity   $   80,512,083          78,637,200
                                             ==============     ===============

                       See notes to financial statements.

                                      F-4
<PAGE>

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
              YEAR ENDED DECEMBER 31, 2007 AND DECEMBER 31, 2006,
         PERIOD FROM MAY 11, 2005 (INCEPTION) TO DECEMBER 31, 2005 AND
           PERIOD FROM MAY 11, 2005 (INCEPTION) TO DECEMBER 31, 2007


                         Year         Year         Period from      Period from
                         Ended        Ended       Inception to     Inception to
                     December 31,   December 31,    December 31,    December 31,
                         2007          2006            2005             2007

Operating expenses:

General &
  administrative    $    462,848     $   292,378    $     4,994  $      760,220
Impairment of deferred
  transaction costs    1,828,626                                      1,828,626
                       --------------------------------------------------------
Operating loss        (2,291,474)       (292,378)        (4,994)     (2,588,846)

Other income (expense):

Interest income        2,782,145       1,994,845              -       4,776,990
Gain (loss) on
 derivative
 liabilities           1,468,600      (1,265,004)             -         203,596
                       --------------------------------------------------------
Total other income     4,250,745         729,841              -       4,980,586


Net income (loss)
before income taxes    1,959,271         437,463         (4,994)      2,391,740
Income tax expense
  (benefit)               (8,335)         14,027              -           5,692
                       --------------------------------------------------------
Net income (loss)    $ 1,967,606     $   423,436    $    (4,994)    $ 2,386,048
                       ========================================================

Earnings (loss) per share:

Basic                $      0.12     $      0.03    $      0.00

Diluted              $      0.10     $      0.03    $      0.00

Weighted average number of
common shares outstanding:

Basic                 16,516,667      12,605,609      2,783,316

Diluted               20,135,356      14,212,584      2,783,316

                       See notes to financial statements.

                                      F-5

<PAGE>
                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                 STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY
                 YEAR ENDED DECEMBER 31, 2007 AND 2006 AND THE
         PERIOD FROM MAY 11, 2005 (INCEPTION) TO DECEMBER 31, 2005

                                                             EARNINGS
                                                             (DEFICIT)
                                                            ACCUMULATED
                                               ADDITIONAL   DURING THE
                            COMMON STOCK       PAID-IN      DEVELOPMENT
                         SHARES     AMOUNT     CAPITAL        STAGE     TOTAL
                         ------     ------     -------      ----------- -----

Stock issued for cash   2,958,333 $    296    $  30,954             $   30,954
Net loss                                                 $ (4,994)      (4,994)
                        -------------------------------------------------------

Balance at December 31,
  2005                  2,958,333      296       30,954    (4,994)  $   26,256
Stock issued for cash,
 net of offering costs 13,558,334    1,356   76,605,538             76,606,894
Derivative Liability                        (14,371,830)           (14,371,380)
Proceeds subject to
 redemption                                 (15,299,099)           (15,299,099)
Sale of underwriter
 option                                             100                    100
Increase in value of
 common stock subject
 to redemption                                 (218,588)              (218,588)
Net income                                                 423,436     423,436
                        -------------------------------------------------------
Balance at December 31,
 2006                  16,516,667 $  1,652 $ 46,747,075  $ 418,442 $47,167,169
Change in value of
 derivative liability                        14,168,234             14,168,234
Increase in value of
 comon stock subject
 to redemption                                 (411,018)              (411,018)
Net Income                                               1,967,606   1,967,606
                        ------------------------------------------------------
Balance at December 31,
 2007                 16,516,667  $  1,652 $ 60,504,291$ 2,386,048 $62,891,991
                        ======================================================

     See summary of significant accounting policies and notes to financial
                                  statements.

                                      F-6


<PAGE>
                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
              YEAR ENDED DECEMBER 31, 2007 AND DECEMBER 31, 2006,
         PERIOD FROM MAY 11, 2005 (INCEPTION) TO DECEMBER 31, 2005 AND
           PERIOD FROM MAY 11, 2005 (INCEPTION) TO DECEMBER 31, 2007

                              Year        Year        Period from    Period from
                             Ended        Ended       Inception to  Inception to
                         December 31,  December 31,   December 31,  December 31,
                             2007         2006          2005           2007

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)       $  1,967,606  $   423,436    $    (4,994)   $ 2,386,048
Adjustments to reconcile
 net income (loss) to net
 cash used in operating
 activities:
   Investment income      (2,782,145)  (1,994,845)             -     (4,776,990)
   Loss (Gain) on
    derivative
    liabilities           (1,468,600)   1,265,004              -       (203,596)

Change in:
Deferred tax asset             1,613       (1,613)             -              -
Accrued liabilities and
  accounts payable           566,517      299,870              -        866,387
Federal Income Tax Payable   (15,640)      15,640              -              -
                          -----------------------------------------------------

Net cash provided by
 (used) in operating
 activities               (1,730,649        7,492         (4,994)    (1,728,151)

CASH FLOWS FROM INVESTING ACTIVITIES
Deferred transaction costs   788,234     (788,234)             -              -
Payment to trust account           -  (76,532,404)             -    (76,532,404)
Disbursements from trust
 account                       7,228      900,000              -        907,228
                          -----------------------------------------------------
Net cash used in investing
 activities                  795,462  (76,420,638)             -    (75,625,176)


CASH FLOWS FROM FINANCING ACTIVITIES
Gross proceeds from public
 offering                          -   79,350,000              -     79,350,000
Gross proceeds from private
 placement                         -    2,000,004              -      2,000,004
Proceeds from sale of stock        -                      31,250         31,250
Proceeds from sale of
 underwriter option                -          100              -            100
Proceeds from advances
 from stockholders           825,000            -        329,000      1,154,000
Payments on advances from
 stockholders                      -     (329,000)             -       (329,000)
Cash paid for offering
 costs                             -   (4,413,991)      (329,119)    (4,743,110)
                          -----------------------------------------------------
Net cash provided by
 financing activities        825,000   76,607,113         31,131     77,463,244
                          -----------------------------------------------------
Net change in cash          (110,187)     193,967         26,137        109,917
Cash at beginning of
 period                      220,104       26,137              -              -
                          -----------------------------------------------------
Cash at end of period     $  109,917  $   220,104    $    26,137     $  109,917
                          =====================================================

Supplemental disclosures:
 Cash paid for interest   $        -  $         -    $         -     $        -
Cash paid for income taxes     7,228            -              -          7,228

Non-cash transactions:
Common stock subject
 to redemption                     -   15,299,099              -     15,299,099
Increase in value of
 common stock subject
 to redemption               411,018      218,588              -        629,606
Derivative liabilities   (15,636,834)  15,636,834              -              -

                       See notes to financial statements

                                      F-7

<PAGE>
                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS

JK  Acquisition  Corp.  (also hereinafter referred to as "JK Acquisition" or the
"Company")  was  incorporated  in  Delaware  on  May 11, 2005 for the purpose of
acquiring  an  operating  business.  JK  Acquisition's  year end is December 31.

DEVELOPMENT  STAGE  COMPANY

JK  Acquisition Corp. has had no operations since inception and is a development
stage  company.

USE  OF  ESTIMATES

In  preparing  financial  statements, management makes estimates and assumptions
that  affect the reported amounts of assets and liabilities in the balance sheet
and  revenue  and  expenses in the income statement. Actual results could differ
from  those  estimates.

CASH  AND  EQUIVALENTS

JK Acquisition considers all highly liquid investments with an original maturity
of  three  months  or  less  at  the  time  of  purchase to be cash equivalents.

INVESTMENT  SECURITIES

Investment securities in the trust fund are classified as trading securities and
are  carried  at fair value, with gains or losses resulting from changes in fair
value  recognized  currently  in earnings. Investment securities are invested in
non-taxable  U.S.  Treasury  securities.

DEFERRED  OFFERING  COSTS

Certain  costs  associated with the proposed initial public offering of $592,816
were  deferred as of December 31, 2005 until the offering was effective in April
2006.  The  deferred  offering costs were charged to equity against the proceeds
raised.

DEFERRED  ACQUISITION  COSTS

Deferred acquisition costs consist primarily of accounting fees, legal fees, due
diligence  fees  and other fees incurred through the balance sheet date that are
related  to  the  proposed merger discussed in Note 9. Due to the uncertainty of
the  proposed  merger,  the  deferred  acquisition  costs  were  written  off to
impairment  expense  during  the  quarter  ended  June  30,  2007,  and deferred
acquisition  costs  incurred  during the six months ended December 31, 2007 were
expensed  as  impaired  costs.

INCOME  TAXES

JK  Acquisition  recognizes  deferred  tax  assets  and  liabilities  based  on
differences  between  the  financial  reporting  and  tax  bases  of  assets and
liabilities  using  the  enacted  tax  rates and laws that are expected to be in
effect  when  the  differences  are  expected  to  be  recovered. JK Acquisition
provides  a  valuation  allowance  for deferred tax assets for which it does not
consider  realization  of such assets to be more likely than not. As of December
31,2007  the  Company  had  a  net operarting loss carryforward of approximately
$2,291,474  which  expires  in  2027.

                                      F-8

The  provision for income taxes for the year ended December 31, 2007 of $(8,335)
was  comprised  of:

                 Current  U.S.  federal  income tax expense         $ 77
                 Deferred U.S. federal income tax benefit         (8,412)
                                                                  -------
                 Total  tax  expense                              (8,335)

The  provision for income taxes differs from the amount computed by applying the
U.S.  statutory  income  for  the  reasons  set  forth  below:

                                           Year  Ended          Year  Ended
                                        December  31,  2007  December  31,  2006

  Tax  at  Statutory  Rate                   $ 666,152           $ 148,736
  Tax Effected Permanent Differences
  Unrealized  loss(gain)  on  derivatives     (499,324)            430,101
  Non-taxable investment income               (945,929)           (554,164)
  Valuation Allowance                          779,101                   -
  Other                                         (8,335)            (10,646)
  Total  Tax  Expense                        $  (8,335)          $  14,027

Deferred tax assets as of December 31, 2007 and 2006 consisted of the following:

                                             Year  Ended         Year  Ended
                                        December  31,  2007  December  31,  2006

   Amortization  of  Organization Costs $            -           $    1,613
   Net Operating Loss Carryforward             779,101                    -
   Less: Valuation Allowance                  (779,101)                   -
   Total Deferred Tax Assets            $            -           $    1,613

BASIC  AND  DILUTED  NET  INCOME  (  LOSS)  PER  SHARE

The  basic  net  income  (loss) per common share is computed by dividing the net
income  (loss)  by the weighted average number of common shares outstanding. The
diluted  net  income per common share reflects the potential dilution that could
occur  if securities or other contracts to issue common shares were exercised or
converted  into  commons shares or resulted in the issuance of common share that
then shared in the earnings. A reconciliation of earnings per share used for the
basic  and  diluted  earnings  per share computations is as follows for the year
ended  December  31,  2007:

Weighted  average  common shares outstanding-basic 16,516,667
Effect of dilutive securities-  warrants            3,618,689
                                                   ----------
Weighted  average  common  shares outstanding
   -  diluted                                      20,135,356
                                                   ==========

RECENTLY  ISSUED  ACCOUNTING  PRONOUNCEMENTS

JK  Acquisition Corp. does not expect the adoption of recently issued accounting
pronouncements  to  have  a  significant  impact  on  the  Company's  results of
operations,  financial  position  or  cash  flow.

NOTE  2  -  INITIAL  PUBLIC  OFFERING

On April 17, 2006, JK Acquisition sold 13,225,000 units to the public at a price
of  $6.00  per  unit.  Each  unit  consists of one share of common stock and two
redeemable  common  stock purchase warrants. JK Acquisition received proceeds of
$74,606,890,  net of offering costs of $4,743,110. On May 11, 2006, the warrants
and  common  stock  were separated from the units and began to trade separately.

                                      F-9

Each  warrant  entitles  the  holder to purchase one share of common stock at an
exercise price of $5.00. The warrants have a life of four years after which they
will  expire.  JK  Acquisition  has  a  right to call the warrants, provided the
common  stock  has traded at a closing price of at least $8.50 per share for any
20  trading days within a 30 trading day period ending on the third business day
prior  to  the  date  on  which notice of redemption is given. If JK Acquisition
calls  the  warrants,  the  holder  will  either  have to redeem the warrants by
purchasing  the  common stock from JK Acquisition for $5.00 or the warrants will
expire.

In  connection with the initial public offering, JK Acquisition has committed to
pay  to  the underwriters a non-accountable expense allowance equal to 5% of the
gross  offering  proceeds  upon the consummation of the initial public offering.
The  underwriters  have agreed to defer approximately $1,552,500 attributable to
their non-accountable expense allowance (equal to 2.25% of the gross proceeds of
the  offering)  until  the  consummation  of  a  business  combination. Upon the
consummation  of  a  business combination, JK Acquisition will pay such deferred
non-accountable expense allowance to the underwriters out of the proceeds of our
initial  public offering held in trust. The underwriters will not receive any of
the  $1,552,500  attributable  to  their  non-accountable  expense if a business
combination  is  not  completed  and  the  trust  is  liquidated.

At  the  time  JK  Acquisition  seeks  stockholder  approval  of  any  business
combination,  the  Company  will offer each public stockholder the right to have
such  stockholder's  shares of common stock converted to cash if the stockholder
votes  against the business combination and the business combination is approved
and completed. The actual per-share conversion price will be equal to the amount
in the trust fund, inclusive of any interest (calculated as of two business days
prior  to the consummation of the proposed business combination), divided by the
number  of  shares  of  common  stock  sold  in  our initial public offering. JK
Acquisition  will  not complete any business combination if public stockholders,
owning  an  aggregate  of  20%  or more of the shares sold in its initial public
offering  and  purchased  in  the private placement both vote against a business
combination  and  exercise  their  conversion  rights.  The  liability for stock
subject  to  redemption  in the accompanying financial statements represents the
potential  conversion  price  for  19.99%  of  the  outstanding  shares.

NOTE  3  -  ADVANCES  FROM  SHAREHOLDERS

On  May  18, 2005 and December 20, 2005, JK Acquisition received an aggregate of
$329,000  as advances for expenses from two shareholders. These advances did not
bear  any  interest  and  were repaid from the proceeds of the Company's initial
public  offering.

On  May  23,  2007,  June 14, 2007, July 19, 2007, September 6, 2007, October 9,
2007  and December 29, 2007, JK Acquisition received an aggregate of $825,000 in
advances  for  expenses  from  two shareholders, Messrs. Wilson and Spickelmier.
Proceeds  from  each  of the advances funded JK Acquisition's ongoing continuing
operating  expenses.  Under  the terms of the advances, JK Acquisition will: (i)
pay  no  interest  and (ii) the amounts of the advances are due to be reimbursed
upon  the  consummation  of  a business combination. In the event JK Acquisition
fails to complete a business combination with any entity (I) by October 10, 2007
or,  (II)  if a letter of intent, agreement in principle or definitive agreement
is  executed,  but not consummated, by October 10, 2007, then by April 10, 2008,
then  JK  Acquisition  shall  not  be  required  to  repay the advances. The two
shareholders  who  advanced  such  funds,  have  waived  any recourse against JK
Acquisition's  trust  account  with  respect to the advances in the event that a
business  combination is not consummated by JK Acquisition in a timely manner as
described  herein  above.

NOTE  4  -  DERIVATIVE  LIABILITY

On  January  10,  2007,  JK  Acquisition  entered  into  a Warrant Clarification
Agreement  to  clarify the terms of the Warrant Agreement, dated as of April 10,
2006  (the  ''Warrant Agreement'') by and between JK Acquisition and Continental
Stock  Transfer  &  Trust  Company,  as Warrant Agent. The Warrant Clarification
Agreement  clarified, consistent with the terms of the Warrant Agreement and the
disclosure  contained in JK Acquisition's Prospectus, dated April 11, 2006, that
if  JK Acquisition is unable to deliver securities pursuant to the exercise of a
warrant  because  a  registration statement under the Securities Act of 1933, as
amended,  with  respect  to  the common stock is not effective, then in no event
would  JK  Acquisition  be  obligated  to pay cash or other consideration to the
holders of warrants or otherwise ''net-cash settle'' any warrant exercise. As of
January  10,  2007,  JK  Acquisition  determined that net cash settlement of the
warrants  could  no  longer  be  required; therefore, the warrants should not be
treated  as  derivative liabilities. The fair value of these warrants was marked
to market on January 10, 2007 and a derivative gain was recorded. The balance of
the  derivative liability was then recorded as a contribution to paid-in capital
on  that  date.  The  fair  value  of  the  warrants  as of January 10, 2007 was
determined  by  the  trading  value  of  the  securities  on  that  date.

                                      F-10

Gain  on  derivative  liability  reported  in  the  accompanying  statement  of
operations  through  January  10, 2007 resulting from the change in valuation of
the  derivative  liability related to these warrants was $1,468,600 for the year
ended  December  31,  2007.  Loss  on  derivative  liability  reported  in  the
accompanying  statement  of operations resulting from the change in valuation of
the  derivative  liability related to these warrants was $1,265,004 for the year
ended  December  31,  2006.

NOTE  5  -  TRUST  FUND

The  Trust Fund is classified as a current asset at December 31, 2007 due to the
termination  of  the  proposed  merger  as  described  in  Note  9.

NOTE  6-  EQUITY

On  April 10, 2006, JK Acquisition declared a stock dividend of 0.1833332 shares
for  each  share  outstanding.  After  the  stock dividend, there were 2,958,333
shares outstanding. All transactions and disclosures in the financial statements
related to the Company's common stock, have been adjusted to reflect the results
of  the  stock  dividend.

On  April  10,  2006,  JK Acquisition sold 333,334 shares of common stock to two
existing  shareholders  for  $2,000,004  in  a  private  placement.

NOTE  7  -  STOCK  OPTION

On April 17, 2006, JK Acquisition sold to Ferris Baker, Watts, Inc. for $100, an
option  to  purchase up to a total of 700,000 units. This option was issued upon
closing  of  the  initial  public  offering. The units that would be issued upon
exercise  of  this  option  are  identical  to  those sold in the initial public
offering,  except  that each of the warrants underlying this option entitles the
holder  to  purchase  one  share  of  our common stock at a price of $6.25. This
Underwriter's  Purchase  Option  ("UPO") is exercisable at $7.50 per unit at the
later  of  one  year  from the effective date, or the consummation of a business
combination  and  may be exercised on a cashless basis. The UPO will have a life
of  four  years  from  the  effective  date.

Statement  of  Financial  Accounting  Standard ("SFAS") No. 133, "Accounting for
Derivative  Instruments  and  Hedging  Activities,"  as  amended,  requires  all
derivatives  to  be  recorded  on  the balance sheet at fair value. Furthermore,
paragraph  11(a)  of  SFAS  No.  133  precludes  contracts  issued  or held by a
reporting  entity  that are both (1) indexed to its own stock and (2) classified
as  stockholders'  equity  in  its  statement  of  financial position from being
treated  as  derivative  instruments.  We  have  determined  that  the option to
purchase  700,000  units,  each  unit consisting of one warrant and one share of
common  stock,  is  a  derivative that also contains an embedded derivative. The
option to purchase 700,000 shares of common stock and the warrant to purchase an
additional  1,400,000  shares,  the  latter  being  the embedded derivative, are
separately valued and accounted for on JK Acquisition's balance sheet. While the
warrant  to  purchase  the  additional  1,400,000  shares  is  indexed  to  JK
Acquisition's  common  stock,  the  fact that the shares underlying the warrants
require  future  registration in accordance with the warrant agreement, requires
JK  Acquisition  to classify these instruments as a liability in accordance with
EITF  00-19,  paragraph  14.

As  such,  the  option  to  purchase  700,000  units  is  considered  an  equity
instrument, as the underlying shares do not need to be registered, and all other
criteria  in  EITF  00-19  required for the instrument to be accounted for as an
equity  instrument  have  been  fulfilled.  The embedded derivative which is the
warrant  to purchase 1,400,000 shares for $6.25 each follows the same accounting
guidelines  as  the  warrants  sold  in  the public offering and is considered a
liability.

JK  Acquisition  performed  a valuation of the option to purchase 700,000 units,
and  then allocated its fair value to its two components, the underlying 700,000
shares  and the embedded warrant to purchase an additional 1,400,000 shares. The
fair  value  at  inception was calculated at $4,201,277, of which $1,218,448 was
allocated  to the purchase option of 700,000 shares and $2,982,829 was allocated
to  the  warrants to purchase an additional 1,400,000 shares, according to their
respective  fair  values.

On  January  10,  2007,  JK  Acquisition  entered  into  a Warrant Clarification
Agreement  to  clarify  the  terms  of  the  warrants. The Warrant Clarification
Agreement  clarified  that  if  JK  Acquisition  is unable to deliver securities
pursuant to the exercise of a warrant because a registration statement under the
Securities  Act  of  1933,  as  amended, with respect to the common stock is not
effective,  then  in  no  event would JK Acquisition be obligated to pay cash or
other  consideration to the holders of warrants or otherwise ''net-cash settle''
any  warrant exercise. Accordingly, in the first quarter of 2007, JK Acquisition
reversed  the derivative liability on the balance sheet as of December 31, 2006.

                                      F-11

Loss  on  derivative  liability  reported  in  the  accompanying  statement  of
operations  resulting  from  the change in valuation of the derivative liability
related  to  these warrants was $1,265,004 for the year ended December 31, 2006.

The  pricing  model  JK  Acquisition  uses  for  determining  fair values of the
purchase  option and the embedded derivative is the Black Scholes Pricing Model.
Valuations  derived from this model are subject to ongoing internal and external
verification  and  review. The model uses market-sourced inputs such as interest
rates,  market  prices  and  volatilities.  Selection  of  these inputs involves
management's  judgment  and  may  impact  net  income.

In  particular,  JK  Acquisition  uses  volatility  rates based upon a sample of
comparable  companies in its industry, special purpose acquisition corporations.
At  the  time  a  company  to  be acquired has been identified and agreements to
acquire are in place, the volatility rates will be based on comparable companies
to the acquired company. JK Acquisition uses a risk-free interest rate, which is
the  rate  on  U.  S.  Treasury instruments, for a security with a maturity that
approximates  the  estimated  remaining  contractual life of the derivative. The
volatility  factor  used  in  Black  Scholes  has  a  significant  effect on the
resulting  valuation  of  the derivative liabilities on JK Acquisition's balance
sheet.  The  volatility  for  the  calculation  of  the embedded derivatives was
approximated  at  38.6%.

NOTE  8  -  RELATED  PARTY  TRANSACTION

JK  Acquisition  has  agreed  to  pay  4350 Management, LLC, a related party and
privately-held  company  owned  by  JK Acquisition's chief executive officer, an
administrative  fee  of  $7,500  per  month for office space and administrative,
technology  and  secretarial  services  from  the  effective date of the initial
public  offering through the acquisition date of a target business. For the year
ended  December  31, 2007, $90,000 has been expensed for the administrative fee.

NOTE  9-SUBSEQUENT  EVENTS,  TERMINATION  OF  PROPOSED  MERGER AND GOING CONCERN

On  September  6,  2006, the Company, Multi-Shot, LLC ("Multi-Shot") and various
other parties entered into the Agreement and Plan of Merger ("Merger Agreement")
and  related  agreements. Over the course of this transaction, the parties twice
amended the terms of the Merger Agreement and twice extended the transaction. On
January  31,  2008,  the  Company  announced  that  the  special  meeting of its
stockholders  to vote on the proposed merger with Multi-Shot had been cancelled.
The  Company  determined  and informed Multi-Shot that the proposed merger would
not  receive  the votes of its stockholders required for approval. The agreement
and  plan  of  merger governing the proposed merger expired on January 31, 2008,
and the proposed merger with Multi-Shot was abandoned. In view of the preceding,
the  board  of  directors  has  determined that it is no longer possible for the
Company to consummate a qualifying business combination prior to the Termination
Date  (as  defined  in  the Trust Agreement). Based upon this determination, the
board  of  directors  is evaluating alternatives to return to the holders of our
common stock the amounts held in the Trust Fund with interest (net of applicable
taxes,  if  any)  and  alternatives  for  preserving value for stockholders. One
alternative  for  preserving  value  for  stockholders  that  is presently under
consideration  is  the continuation of the Company as a corporate entity (rather
than  dissolution)  and  the  pursuit of an acquisition of one or more operating
companies  in  one  or  more  industries  not  now  identified.

Because  of the abandonment of the merger discussed above, the Company's current
cash position of approximately $109,917 and outstanding payables and accruals of
$1,691,387,  there  is substantial doubt about the Company's ability to continue
as  a  going concern. . The accompanying financial statements have been prepared
assumingA  the  Company  will  continue  as  a  going concern. The future of the
Company  is  dependent  upon  the  development  of  new  business opportunities.
Management may need to raise additional funds via a combination of equity and/or
debt  offerings.  These financial statements do not include any adjustments that
might  arise  from  this  uncertainty.


                                      F-12