| x | **ANNUAL                REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES****EXCHANGE ACT OF 1934** |
|---|---------------------------------------------------------------------------------------------------------|

**For      The Fiscal Year Ended: March 31, 2007**

| o | **TRANSITION                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934** |
|---|----------------------------------------------------------------------------------------------------------------------|

**For      the transition period from ______ to _______**

**Jaguar      Acquisition Corporation**

| Delaware                                                                                    | 20-2942206                                                        |
|---------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
| (State                or other Jurisdiction ofIncorporation                or Organization) | (I.R.S.                EmployerIdentification                No.) |

| 1200                River Road, Suite 1302, Conshohocken, Pennsylvania                19428 |
|---------------------------------------------------------------------------------------------|
| (Address                of Principal Executive Office)                                      |

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**TABLE      OF CONTENTS**

|                       |                                                                                                                                                                    | Page   |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                       |                                                                                                                                                                    |   |
| PART                    I  |                                                                                                                                                                    | 1      |
|                       |                                                                                                                                                                    |   |
| Item                    1. | Description                    of Business                                                                                                                              | 1      |
|                       |                                                                                                                                                                    |   |
| Item                    2. | Description                    of Property                                                                                                                              | 18     |
|                       |                                                                                                                                                                    |   |
| Item                    3. | Legal                    Proceedings                                                                                                                                    | 18     |
|                       |                                                                                                                                                                    |   |
| Item                    4. | Submission                    of Matters to a Vote of Security Holders                                                                                                  | 19     |
|                       |                                                                                                                                                                    |   |
| PART                    II |                                                                                                                                                                    | 19     |
|                       |                                                                                                                                                                    |   |
| Item                    5. | Market                    for Common Equity, Related Stockholder Matters and Small Business                    Issuer                    Purchases of Equity Securities | 19     |
|                       |                                                                                                                                                                    |   |
| Item                    6. | Management’s                    Discussion and Analysis or Plan of Operation                                                                                      | 20     |
|                       |                                                                                                                                                                    |   |
| Item                    7. | Financial                    Statements                                                                                                                                 | 23     |
|                       |                                                                                                                                                                    |   |
| Item                    8. | Changes                    In and Disagreements with Accountants on Accounting and Financial                    Disclosure                                              | 24     |

| Item                    8A. | Controls                    and Procedures | 24     |
|-----------------------------|--------------------------------------------|--------|
|                        |                                       |   |
| Item                    8B. | Other                    Information       | 24     |

| PART                    III |                                                                                                                                                                     | 25     |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                        |                                                                                                                                                                     |   |
| Item                    9.  | Directors,                    Executive Officers, Promoters and Control Persons; Compliance                    with Section                    16(A) of the Exchange Act | 25     |
|                        |                                                                                                                                                                     |   |
| Item                    10. | Executive                    Compensation                                                                                                                                | 29     |
|                        |                                                                                                                                                                     |   |
| Item                    11. | Security                    Ownership of Certain Beneficial Owners and Management and Related                    Stockholder Matters                                     | 30     |
|                        |                                                                                                                                                                     |   |
| Item                    12. | Certain                    Relationships and Related Transactions, and Director                    Independence                                                          | 33     |
|                        |                                                                                                                                                                     |   |
| Item                    13. | Exhibits                                                                                                                                                                 | 34     |
|                        |                                                                                                                                                                     |   |
| Item                    14. | Principal                    Accountant Fees and Services                                                                                                                | 37     |

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| **PART                I** |   |
|---------------------------|--------|

**Item      1.**
**Description      of Business**

**Fair      market value**

**Sources      of target businesses**

----

**Selection      of a target business and structuring a business      combination**

| § | financial                condition and results of operation; |
|--------|--------------------------------------------------------------|

| § | growth                potential; |
|--------|----------------------------------|

| § | experience                and skill of management and availability of additional                personnel; |
|--------|------------------------------------------------------------------------------------------------------------|

| § | capital                requirements; |
|--------|--------------------------------------|

| § | competitive                position; |
|--------|--------------------------------------|

| § | barriers                to entry; |
|--------|-----------------------------------|

| § | stage                of development of the products, processes or                services; |
|--------|--------------------------------------------------------------------------------------------|

| § | degree                of current or potential market acceptance of the products, processes                or                services; proprietary features and degree of intellectual property                or                other protection of the products, processes or                services; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| § | regulatory                environment of the industry; and |
|--------|------------------------------------------------------------|

| § | costs                associated with effecting the business                combination. |
|--------|-----------------------------------------------------------------------------------------|

----

**Lack      of business diversification**

|   | · | subject                us to economic, competitive and regulatory developments, any or all                of                which may have a substantial adverse impact upon the particular industry                in which we may operate subsequent to a business combination,                and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | result                in our dependency upon the development or market acceptance of a                single or                limited number of products, processes or                services. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Limited      ability to evaluate the target business’ management**

----

**Opportunity      for stockholder approval of business combination**

**Conversion      rights**

----

**Liquidation      if no business combination**

**Competition**

----

|   | · | our                obligation to seek stockholder approval of a business combination                may                delay the completion of a                transaction; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our                obligation to convert into cash shares of common stock held by our                public                stockholders to such holders that both vote against the business                combination and exercise their conversion rights may reduce the resources                available to us for a business combination;                and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our                outstanding warrants and option, and the potential future dilution                they                represent. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

**Employees**

----

**Risks      factors**

***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      objective.***

***If      we are forced to liquidate before a business combination and distribute the      Trust Account, our public stockholders will receive less than $6.00 per share      and our warrants will expire worthless.***

***If      the funds held outside of the Trust Account are insufficient to allow us to      operate through March 2008, we may be unable to complete a business      combination.***

----

***Because      there are numerous companies with a business plan similar to ours seeking to      effectuate a business combination, it may be more difficult for us to do      so.***

***If      third parties bring claims against us, the proceeds held in trust could be      reduced and the per-share liquidation price received by stockholders will be      less than $5.45 per share.***

----

***We      are unable to currently ascertain the merits or risks of the industry or      business in which we may ultimately operate.***

***Resources      could be wasted in researching acquisitions that are not      consummated.***

***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      likely cause a change in control of our ownership.***

----

| · | may                significantly reduce the equity interest of our                stockholders; |
|--------|-------------------------------------------------------------------------------------------------|

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

| · | will                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 could result                in                the resignation or removal of our present officers and directors;                and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | may                adversely affect prevailing market prices for our common stock. |
|--------|------------------------------------------------------------------------------------|

| · | default                and foreclosure on our assets if our operating revenues after a business                combination are insufficient to repay our debt                obligations; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | acceleration                of our obligations to repay the indebtedness even if we make all                principal                and interest payments when due if certain covenants that require                the                maintenance of certain financial ratios or reserves are 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 necessary additional financing if the debt security                contains covenants restricting our ability to obtain such financing                while                the debt security is outstanding. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Our      ability to successfully effect a business combination and to be successful      afterwards will be totally dependent upon the efforts of our key personnel,      some      of whom may join us following a business combination.***

----

***Our      officers, directors and special advisors 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. This conflict of interest could have      a      negative impact on our ability to consummate a business      combination.***

***Some      of our special advisors are now, and our officers, directors and their      affiliates 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.***

----

***All      of our officers and directors own shares of our common stock and warrants which      will not participate in liquidation distributions and therefore they may have      a      conflict of interest in determining whether a particular target business is      appropriate for a business combination.***

***If      our common stock becomes subject to the SEC’s penny stock rules, broker-dealers      may experience difficulty in completing customer transactions and trading      activity in our securities may be adversely affected.***

|   | · | make                a special written suitability determination for the                purchaser; |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | · | receive                the purchaser’s written agreement to the transaction prior to                sale; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | · | provide                the purchaser with risk disclosure documents which identify certain                risks                associated with investing in ‘‘penny                stocks’’                and which describe the market for these ‘‘penny                stocks’’                as                well as a purchaser’s                legal remedies; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | obtain                a signed and dated acknowledgment from the purchaser demonstrating                that                the purchaser has actually received the required risk disclosure                document                before a transaction in a ‘‘penny stock’’ can be                completed. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***After      our business combination, we will be solely dependent on a single business      and a      limited number of products or services.***

|   | · | solely                dependent upon the performance of a single business,                or |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | dependent                upon the development or market acceptance of a single or limited                number of                products, processes or services. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***The      ability of our stockholders to exercise their conversion rights may not allow      us      to effectuate the most desirable business combination or optimize our capital      structure.***

***Because      of our limited resources and structure, we may not be able to consummate an      attractive business combination.***

----

***We      may be unable to obtain additional financing, if required, to complete a      business combination or to fund the operations and growth of the target      business, which could compel us to restructure or abandon a particular business      combination.***

***Our      initial stockholders, including our officers, directors and special advisors,      control a substantial interest in us and thus may influence certain actions      requiring a stockholder vote.***

----

***Our      outstanding warrants and option may have an adverse effect on the market price      of common stock and make it more difficult to effect a business      combination.***

***If      our initial stockholders exercise their registration rights for their initial      shares, 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.***

----

***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.***

|   | · | restrictions                on the nature of our investments; and |
|--------|--------|-------------------------------------------------------------------|

|   | · | restrictions                on the issuance of securities. |
|--------|--------|------------------------------------------------------------|

|   | · | registration                as an investment company; |
|--------|--------|-------------------------------------------------------|

|   | · | adoption                of a specific form of corporate structure;                and |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | reporting,                record keeping, voting, proxy, compliance policies and procedures                and                disclosure requirements and other rules and                regulations. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Our      directors may not be considered ‘‘independent’’ under the policies of the North      American Securities Administrators Association, Inc.***

----

**RISKS      ASSOCIATED WITH OUR ACQUISITION OF A TARGET BUSINESS IN THE FINANCIAL SERVICES      INDUSTRY **

***Changes      in technology may render our products or services obsolete following a business      combination.***

***If,      following a business combination, the products or services that we market or      sell are not accepted by the public, our profits may      decline.***

***If,      following a business combination, our business involves the keeping of private      information and we are unable to securely maintain such information, our profits      and operations may be harmed.***

***If      we are unable to protect our patents, trademarks, copyrights and other      intellectual property rights following a business combination, competitors      may      be able to use our technology or intellectual property rights, which could      weaken our competitive position.***

----

***If      we are alleged to have infringed on the intellectual property or other rights      of      third parties, it could subject us to significant liability for damages and      invalidation of our proprietary rights.***

***If      we are unable to deal effectively with losses from fraudulent transactions      following a business combination, our profits may be      reduced.***

***We      may not be able to comply with government regulations that may be adopted with      respect to the payments industry.***

**Item      2.**
**Description      of Property**

**Item      3.**
**Legal      Proceedings**

----

**Item      4.**
**Submission      of Matters to a Vote of Security Holders**

| **PART                II** |   |
|----------------------------|--------|

**Item      5.**
**Market      for Common Equity, Related Stockholder Matters and Small Business Issuer      Purchases of Equity Securities**

**Market      Information**

|                                 |   |                                    |   |                                    |   |                                    |   |
|--------------------------------------|--------|-----------------------------------------|--------|-----------------------------------------|--------|-----------------------------------------|--------|
|                                 |   | **Jaguar                  Acquisition** |   | **Jaguar                  Acquisition** |   | **Jaguar                  Acquisition** |   |
|                                 |   | **Common                  Stock**       |   | **Warrants**                            |   | **Units**                               |   |
|                                 |   |                                    |   |                                    |   |                                    |   |   |   |   |   |   |   |
|                                 |   | **High**                                |   | **Low**                                 |   | **High**                                |   | **Low** |   | **High** |   | **Low** |   |
| **2006**                             |   |                                    | 5.52   |                                    |   | 5.10                                    |   |   | 0.94 |   |   | 0.47 |   |   | 8.00 |   |   | 6.17 |   |
| **Second                  Quarter*** |   |                                    | 5.10   |                                    |   | 5.10                                    |   |   | 0.60 |   |   | 0.47 |   |   | 8.00 |   |   | 6.17 |   |
| **Third                  Quarter**   |   |                                    | 5.40   |                                    |   | 5.10                                    |   |   | 0.94 |   |   | 0.48 |   |   | 7.25 |   |   | 6.17 |   |
| **Fourth                  Quarter**  |   |                                    | 5.52   |                                    |   | 5.25                                    |   |   | 0.94 |   |   | 0.65 |   |   | 7.30 |   |   | 6.50 |   |
| **2007**                             |   |                                    | 5.57   |                                    |   | 5.35                                    |   |   | 1.20 |   |   | 0.80 |   |   | 7.83 |   |   | 7.10 |   |
| **First                  Quarter**   |   |                                    | 5.57   |                                    |   | 5.35                                    |   |   | 1.20 |   |   | 0.80 |   |   | 7.83 |   |   | 7.10 |   |

**Holders**

**Dividends**

**Recent      Sales of Unregistered Securities**

----

**Use      of Proceeds**

**Purchases      of Equity Securities**

**Item      6.**
**Management’s      Discussion and Analysis or Plan of Operation**

**Overview**

**Forward      Looking Statements**

----

**Results      of Operations for the fiscal year ended March 31, 2007 compared to the fiscal      year ended March 31, 2006**

**LIQUIDITY      AND CAPITAL RESOURCES**

----

----

**Item      7.**

**Financial      Statements**

| The                financial statements and the report and notes, are attached hereto                following the signature page beginning on Page F-1.                                                                                                                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                     |   |
| INDEX                TO FINANCIAL STATEMENTS                                                                                                                                                                                                                             |   |
|                                                                                                                                                                                                                                                                     |   |
| Report                of Independent Registered Public Accounting Firm                                                                                                                                                                                                   | F-1 |
|                                                                                                                                                                                                                                                                     |   |
| Balance                Sheets-As of March 31, 2007 and 2006                                                                                                                                                                                                              | F-2 |
|                                                                                                                                                                                                                                                                     |   |
| Statements                of Operations-For the Year Ended March 31, 2007, for the Period from                June                2, 2005 (inception) to March 31, 2006 and for the Period from June                2, 2005                (inception) to March 31, 2007 | F-3 |
|                                                                                                                                                                                                                                                                     |   |
| Statements                of Stockholders’ Equity-For the Year Ended March 31, 2007 and for the                Period from June 2, 2005 (inception) to March 31, 2007                                                                                              | F-4 |
|                                                                                                                                                                                                                                                                     |   |
| Statements                of Cash Flows-For the Year Ended March 31, 2007, for the Period from                June                2, 2005 (inception) to March 31, 2006 and for the Period from June                2, 2005                (inception) to March 31, 2007 | F-5 |
|                                                                                                                                                                                                                                                                     |   |
| Notes                to Financial Statements                                                                                                                                                                                                                             | F-6 |

----

**Item      8.**
**Changes      In and Disagreements with Accountants on Accounting and Financial      Disclosure**

**Item          8A. **
**Controls          and Procedures**

**Item          8B. **
**Other          Information**

----

| **PART                III** |   |
|-----------------------------|--------|

**Item      9.**
**Directors,      Executive Officers, Promoters and Control Persons; Compliance with Section      16(A)      of the Exchange Act.**

| Name                            | Age    | Position                                                                                                |
|---------------------------------|--------|---------------------------------------------------------------------------------------------------------|
|                            |   |                                                                                                    |
| Jonathan                Kalman  | 45     | Chairman                & Chief Executive Officer                                                   |
| James                S. Cassano | 60     | Executive                Vice President, Chief Financial Officer, Secretary and                Director |
| C.                Richard Corl  | 68     | Executive                Vice President and Director                                                    |
| John                J. Hoey     | 67     | Director                                                                                                |

***Jonathan      Kalman***

***James      S. Cassano***

----

***C.      Richard Corl***

***John      J. Hoey***

----

**SECTION      16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE**

**Code      of Ethics**

**Board      Committees and Designated Directors**

**Special      Advisors**

***Kerry      Propper***

----

***William      J. Westervelt, Jr.***

***David      W. Tralka***

***Robert      Moreyra***

----

***Peter      Collins***

**Item      10.**
**Executive      Compensation**

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**Item      11.**
**Security      Ownership of Certain Beneficial Owners and Management and Related Stockholder      Matters.**

|   | · | each                person known by us to be the beneficial owner of more than 5% of                our                outstanding shares of common stock; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | each                of our officers and directors; and |
|--------|--------|--------------------------------------------------------|

|   | · | all                our officers and directors as a                group. |
|--------|--------|--------------------------------------------------------------------------|

----

| **Name                and Address of Beneficial****Owner****(1)**                                |   | **Amount                and Nature of****Beneficial                Ownership** |    | **Percentage                of****Class** |   |
|--------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|---------|-------------------------------------------|--------|
|                                                                                             |   |                                                                           |    |                                      |   |
| Jonathan                Kalman                                                                   |   |                                                                           | 143,889 | (2)                                       |   | 2.5 | % |
| C.                Richard Corl                                                                   |   |                                                                           | 123,334 | (3)                                       |   | 2.2 | % |
| James                S. Cassano                                                                  |   |                                                                           | 102,778 | (4)                                       |   | 1.8 | % |
| John                Hoey(5)                                                                      |   |                                                                           | 30,833  | (6)                                       |   | 0.5 | % |
| Craig                Samuels(7)                                                                  |   |                                                                           | 350,000 |                                      |   | 7.6 | % |
| Jeffrey                L. Feinberg(8)                                                            |   |                                                                           | 493,750 |                                      |   | 8.64 | % |
| JLF                Asset Management, L.L.C.                (8)                                   |   |                                                                           | 493,750 |                                      |   | 8.64 | % |
| Paul                Sonkin (9)                                                                   |   |                                                                           | 265,000 |                                      |   | 6.6 | % |
| The                Hummingbird Value Fund L.P.                (9)                                |   |                                                                           | 132,500 |                                      |   | 3.3 | % |
| The                Hummingbird Microcap Value Fund, L.P.                (9)                      |   |                                                                           | 132,500 |                                      |   | 3.3 | % |
| Hummingbird                Capital, LLC (9)                                                      |   |                                                                           | 265,000 |                                      |   | 6.6 | % |
| Hummingbird                Management, LLC(9)                                                    |   |                                                                           | 265,000 |                                      |   | 6.6 | % |
| Globis                Capital Partners, L.P.                (10)                                 |   |                                                                           | 237,517 |                                      |   | 4.2 | % |
| Globis                Capital Advisors. L.L.C.                (10)                               |   |                                                                           | 237,515 |                                      |   | 4.2 | % |
| Globis                Overseas Fund, Ltd.                (10)                                    |   |                                                                           | 50,500  |                                      |   | 0.9 | % |
| Globis                Capital Managememt, L.P.                (10)                               |   |                                                                           | 288,017 |                                      |   | 5.0 | % |
| Globis                Capital, L.L.C.                (10)                                        |   |                                                                           | 288,017 |                                      |   | 5.0 | % |
| Paul                Packer(10)                                                                   |   |                                                                           | 288,017 |                                      |   | 5.0 | % |
| Mitchell                Metzman (11)                                                             |   |                                                                           | 510,000 |                                      |   | 8.9 | % |
| Marnie                Metzman (11)                                                               |   |                                                                           | 510,000 |                                      |   | 8.9 | % |
|                                                                                             |   |                                                                           |    |                                      |   |   |   |
| All                Directors and executive officers as a group (four                individuals) |   |                                                                           | 400,834 | (12)                                      |   | 7.0 | % |

|   | (1) | Unless                otherwise indicated, the business address of each of the individuals                is                1200 River Road, Suite 1302, Conshohocken, Pennsylvania                19428. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Represents                (i) 116,667 shares of common stock held by Sapphire Canyon Investments                LLC                and (ii) 27,222 shares of common stock held by Jonathan Kalman IRA.                Does                not include 54,444 shares of common stock issuable upon exercise                of                warrants held by Jonathan Kalman IRA which are not exercisable and                will                not become exercisable within 60 days. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Represents                (i) 100,000 shares of common stock held by Corl LLC and (ii) 23,334                shares                of common stock held by C. Richard Corl IRA. Does not include 46,668                shares of common stock issuable upon exercise of warrants held by                C.                Richard Corl IRA which are not exercisable and will not become exercisable                within 60 days. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (4) | These                shares are held by JSC Group Holdings LLC, of which Mr. Cassano is                the                president. Does not include 38,890 shares of common stock issuable                upon                exercise of warrants held by JSC Group Holdings which are not exercisable                and will not become exercisable within 60                days. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | The                business address of Mr. Hoey is Beneficial Capital Corp., Post Office                Box                40A, Villanova, Pennsylvania 19085. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Does                not include 11,666 shares of common stock issuable upon exercise                of                warrants which are not exercisable and will not become exercisable                within                60 days. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | The                business address of Mr. Samuels is 13990 Rancho Dorado Bend, San                Diego, CA                92130. The information was derived from a Schedule 13G/A filed with                the                SEC on February 13, 2007. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (8) | The                business address of Mr. Feinberg and JLF Asset Management, L.L.C.                is 2775                Via de la Valle, Suite 204, Del Mar, CA 92014. Mr. Feinberg and JLF                Asset                Management, L.L.C each share voting and dispositive power over their                shares. The information was derived from a Schedule 13G filed with                the SEC                on January 18, 2007. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (9) | The                principal office and business address is 460 Park Avenue, 12th                Floor, New York, NY 10022. Hummingbird Management, LLC (“Hummingbird”),                acts as investment manager to The Hummingbird Value Fund, L.P. ("HVF")                and                to The Hummingbird Microcap Value Fund, L.P. (the "Microcap Fund"),                and                has the sole investment discretion and voting authority with respect                to                the investments owned of record by each of HVF and Microcap Fund.                Accordingly, Hummingbird may be deemed for purposes of Rule 13d-3                of the                Securities and Exchange Act of 1934, as amended ("Rule 13d-3"), to                be the                beneficial owner of the securities owned by HVF and Microcap Fund.                The                managing member of Hummingbird is Paul Sonkin. Mr. Sonkin is also                the                managing member of Hummingbird Capital, LLC (f/k/a Morningside Capital,                LLC), a Delaware limited liability company, the general partner of                each of                HVF and Microcap Fund. The information was derived from a Schedule                13D                filed with the SEC on April 18,                2006. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10) | The                principal office and business address is 60 Broad Street, 38th                floor, New York, NY 10004. The Schedule 13G was jointly filed by                each of                the following persons pursuant to Rule 13d-1 promulgated by the Securities                and Exchange Commission pursuant to Section 13 of the Securities                Exchange                Act of 1934, as amended: (i) Globis Capital Partners, L.P., a Delaware                limited partnership ("Globis Partners"), with respect to shares of                Common                Stock directly held by it; (ii) Globis Capital Advisors, L.L.C.,                a                Delaware limited liability company ("Globis Advisors"), serves as                the                general partner of Globis Partners, with respect to shares of Common                Stock                directly held by Globis Partners; (iii) Globis Overseas Fund, Ltd.,                a                Cayman Islands exempted company ("Globis Overseas"), with respect                to                shares of Common Stock directly held by it; (iv) Globis Capital                Management, L.P., a Delaware limited partnership (the "Investment                Manager"), which serves as investment manager to, and has investment                discretion over the securities held by, Globis Partners and Globis                Overseas, with respect to shares of Common Stock directly held by                Globis                Partners and Globis Overseas; (v) Globis Capital, L.L.C., a Delaware                limited liability company ("GC"), which serves as the general partner                of                the Investment Manager, with respect to shares of Common Stock directly                held by Globis Partners and Globis Overseas; and (vi) Mr. Paul Packer                ("Mr. Packer"), who is the Managing Member of Globis Advisors, and                GC,                with respect to shares of Common Stock directly held by Globis Partners                and Globis Overseas. The information was derived from a Schedule                13G filed                on April 26, 2007. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (11) | Represents                510,000 shares issuable upon the exercise of outstanding warrants,                as to                which Mitchell Metzman and Marnie Metzman share dispositive control.                This                information was derived from a Schedule 13G filed on February 29,                2007. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (12) | Does                not include 151,668 shares of common stock issuable upon exercise                of                warrant which are not exercisable and will not become exercisable                within                60 days. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | April                5, 2009; |
|--------|--------|-------------------------------|

|   | · | our                liquidation; and |
|--------|--------|-------------------------------------|

|   | · | the                consummation of a liquidation, merger, stock exchange or other similar                transaction which results in all of our stockholders having the right                to                exchange their shares of common stock for cash, securities or other                property subsequent to our consummating a business combination with                a                target business. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Item      12.**
**Certain      Relationships and Related Transactions, and Director      Independence.**

----

**Item      13.**
**Exhibits**

| Exhibit                No. | Description                                     |
|----------------------------|-------------------------------------------------|
|                       |                                            |
| 3.1                        | Certificate                of Incorporation (1) |

----

| 3.2    | By-laws                (1)                                                                                                                                                                                                                                                                            |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                  |
| 4.1    | Specimen                Unit Certificate (1)                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                  |
| 4.2    | Specimen                Stock Certificate (1)                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                  |
| 4.3    | Specimen                Warrant Certificate (1)                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                  |
| 4.4    | Form                of Warrant Agreement between Continental Stock Transfer & Trust                Company and the Registrant                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.1   | Letter                Agreement among the Registrant and Katalyst LLC regarding administrative                support (1).                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.2   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and each of                Jonathan Kalman, James S. Cassano, C. Richard Corl, John J. Hoey,                William                Westervelt, Jr., David W. Tralka, Robert Moreyra and Peter Collins                (1) |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.3   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and each of                Sapphire Canyon Investments LLC, Corl LLC, JSC Group Holdings LLC                and FA                Holdings LLC (1)                                                                       |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.4   | Form                of Investment Management Trust Agreement between Continental Stock                Transfer & Trust Company and the Registrant (1)                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.5   | Form                of Stock Escrow Agreement between the Registrant, Continental Stock                Transfer & Trust Company and the Initial Stockholders                (1)                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.6   | Form                of Promissory Notes dated as of June 29, 2005 issued to each of Jonathan                Kalman, James S. Cassano, C. Richard Corl, First Annapolis, John                J. Hoey,                Robert Moreyra, Peter Collins and David Tralka (1).                               |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.7   | Registration                Rights Agreement among the Registrant and the Initial Stockholders                (1)                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.8   | Form                of Warrant Purchase Agreements among EarlyBirdCapital, Inc. and each                of                Kerry Propper and YMBB LLC (1)                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.9   | Letter                Agreement, dated September 28, 2005, among the Registrant and the                Initial                Shareholders (1)                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.10  | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and YMBB LLC                (1)                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                  |
| 10.11  | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and Kerry                Propper                (1)                                                                                                                                                                      |

----

| 10.12  | Form                of Subscription Agreements among the Registrant and each of Jonathan                Kalman IRA, C. Richard Corl IRA, JSC Group Holdings LLC, FA Holdings                LLC,                John J. Hoey, David W. Tralka, Robert Moreyra and Peter Collins                (1) |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                               |
| 31.1*  | Certification                of Principal Executive Officer pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                               |
| 31.2*  | Certification                of Principal Financial Officer pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                               |
| 32.1*  | Certification                of Principal Executive Officer pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002.                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                               |
| 32.2*  | Certification                of Principal Financial Officer Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002.                                                                                                                                                              |

----

**Item      14.**
**Principal      Accountant Fees and Services**

----

**SIGNATURES**

|                                    |                                 | **JAGUAR              AQUISITION CORPORATION** |
|-----------------------------------------|--------------------------------------|------------------------------------------------|
|  Dated:              June 27, 2007 |                            |                                      |
|                                    |                                 | /s/ Jonathan              Kalman          |
|                                    | Jonathan              Kalman         |
|                                    | Chief              Executive Officer |

| Name                                                                   |   | Title                                                                                                                                                |   | Date                         |
|------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|
|                                                                   |   |                                                                                                                                                 |   |                         |
| /s/                  Jonathan KalmanJonathan                Kalman     |   | Chairman                of the Board and Chief Executive Officer (Principal Executive                Officer)                                        |   | June                27, 2007 |
|                                                                   |   |                                                                                                                                                 |   |                         |
| /s/                    James S. CassanoJames                S. Cassano |   | Executive                Vice President, Chief Financial Officer, Secretary and Director (Principal                Accounting and Financial Officer) |   | June                27, 2007 |
|                                                                   |   |                                                                                                                                                 |   |                         |
| /s/                    C. Richard CorlC.                Richard Corl   |   | Executive                Vice President and Director                                                                                                 |   | June                27, 2007 |

----

| INDEX                TO FINANCIAL STATEMENTS                                                                                                                                                                                                                             |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                     |   |
| Report                of Independent Registered Public Accounting Firm                                                                                                                                                                                                   | F-1    |
|                                                                                                                                                                                                                                                                     |   |
| Balance                Sheets-As of March 31, 2007 and 2006                                                                                                                                                                                                              | F-2    |
|                                                                                                                                                                                                                                                                     |   |
| Statements                of Operations-For the Year Ended March 31, 2007, for the Period from                June                2, 2005 (inception) to March 31, 2006 and for the Period from June                2, 2005                (inception) to March 31, 2007 | F-3    |
|                                                                                                                                                                                                                                                                     |   |
| Statements                of Stockholders’ Equity-For the Year Ended March 31, 2007 and for the                Period from June 2, 2005 (inception) to March 31, 2007                                                                                              | F-4    |
|                                                                                                                                                                                                                                                                     |   |
| Statements                of Cash Flows-For the Year Ended March 31, 2007, for the Period from                June                2, 2005 (inception) to March 31, 2006 and for the Period from June                2, 2005                (inception) to March 31, 2007 | F-5    |
|                                                                                                                                                                                                                                                                     |   |
| Notes                to Financial Statements                                                                                                                                                                                                                             | F-8    |

----

----

**Jaguar        Acquisition Corporation**

**(A        corporation in the development stage)**

**Balance        Sheets**

----

----

|                                                                        |   | **March                31 2007** |       | **March                31 2006** |   |
|-----------------------------------------------------------------------------|--------|----------------------------------|------------|----------------------------------|--------|
|                                                                        |   |                             |       |                             |   |
| **Assets**                                                                  |   |                             |       |                             |   |   |   |
| Current                Assets:                                              |   |                             |       |                             |   |   |   |
| Cash                and cash equivalents                                    |   | $                                | 193,651    |                             | $      | 470 |   |
| Cash                and cash equivalents held in trust fund (note 1)        |   |                             | 25,913,282 |                             |   | - |   |
| Accrued                interest receivable in Trust Fund (note 1)           |   |                             | 76,552     |                             |   | - |   |
| Prepaid                expenses                                             |   |                             | 46,259     |                             |   | - |   |
| Total                Current Assets:                                        |   |                             | 26,229,744 |                             |   | 470 |   |
| Deferred                offering costs (note 1)                             |   |                             |       |                             |   | 110,330 |   |
| Deferred                acquistion costs                                    |   |                             | 202,774    |                             |   | - |   |
| Total                Assets                                                 |   | $                                | 26,432,518 |                             | $      | 110,800 |   |
|                                                                        |   |                             |       |                             |   |   |   |
| **Liabilities                and Stockholder' Equity**                      |   |                             |       |                             |   |   |   |
| Current                Liabilities:                                         |   |                             |       |                             |   |   |   |
| Accounts                payable                                             |   | $                                | 19,251     |                             | $      | - |   |
| Accured                acquisition costs                                    |   |                             | 113,362    |                             |   |   |   |
| Accrued                offering costs                                       |   |                             | -          |                             | $      | 12,000 |   |
| Taxes                payable (note 8)                                       |   |                             | 67,075     |                             |   | - |   |
| Note                payable, stockholders (note 6)                          |   |                             | -          |                             |   | 75,000 |   |
| Total                Current Liabilities                                    |   |                             | 199,688    |                             |   | 87,000 |   |
|                                                                        |   |                             |       |                             |   |   |   |
| Common                Stock, subject to possible conversion, 919,540 shares |   |                             |       |                             |   |   |   |
| at                conversion value (note 2)                                 |   |                             | 5,189,769  |                             |   | - |   |
|                                                                        |   |                             |       |                             |   |   |   |
| Commitment                (Note 3)                                          |   |                             |       |                             |   |   |   |
|                                                                        |   |                             |       |                             |   |   |   |
| Stockholders'                equity (Notes 4,5 and 7)                       |   |                             |       |                             |   |   |   |
| Preferred                Stock, $.0001 par value, Authorized                |   |                             |       |                             |   |   |   |
| 1,000.000                shares, none issued                                |   |                             | -          |                             |   | - |   |
| Common                Stock, $.0001 par value, Authorized                   |   |                             |       |                             |   |   |   |
| 20,000,000                shares, Issued and outstanding                    |   |                             |       |                             |   |   |   |
| 5,716,667                shares (which includes 919,540 subject             |   |                             |       |                             |   |   |   |
| to                possible conversion) and 1,000,000 respectively           |   |                             | 572        |                             |   | 100 |   |
| Additional                paid-in capital                                   |   |                             | 20,460,184 |                             |   | 24,900 |   |
| Retained                earnings (deficit) accumulated during               |   |                             |       |                             |   |   |   |
| development                stage                                            |   |                             | 582,305    |                             |   | (1,200 | ) |
|                                                                        |   |                             |       |                             |   |   |   |
| Total                Stockholder's Equity                                   |   |                             | 21,043,061 |                             |   | 23,800 |   |
|                                                                        |   |                             |       |                             |   |   |   |
| Liabilities                and Stockholder' Equity                          |   | $                                | 26,432,518 |                             | $      | 110,800 |   |

----

**Jaguar        Acquisition Corporation**

**(A        corporation in the development stage)**

**Statements        of Operations**

----

----

|                                                             |   |                      |      | Period                  from    |   | Period                  from    |   |
|------------------------------------------------------------------|--------|---------------------------|-----------|---------------------------------|--------|---------------------------------|--------|
|                                                             |   | Year                      |      | June                  2, 2005   |   | June                  2, 2005   |   |
|                                                             |   | ended                     |      | (inception)                  to |   | (inception)                  to |   |
|                                                             |   | March                  31 |      | March                  31       |   | March                  31       |   |
|                                                             |   | 2007                      |      | 2006                            |   | 2007                            |   |
|                                                             |   |                      |      |                            |   |                            |   |
| Income:                                                          |   |                      |      |                            |   |                            |   |   |   |   |
| Interest                  income                                 |   | $                         | 894,117   |                            | $      | -                               |   | $ | 894,117 |   |
| Loss                  on disposition of Treasury bills           |   |                      | (2,285    | )                               |   | -                               |   |   | (2,285 | ) |
| Total                  Income                                    |   |                      | 891,832   |                            |   | -                               |   |   | 891,832 |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Expenses:                                                        |   |                      |      |                            |   |                            |   |   |   |   |
| General                  and administrative                      |   |                      |      |                            |   |                            |   |   |   |   |
| and                  formation expenses (Note 3)                 |   |                      | 240,477   |                            |   | 1,200                           |   |   | 241,677 |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Net                  income (loss) before taxes                  |   |                      | 651,355   |                            |   | (1,200                          | )      |   | 650,155 |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Provision                  for taxes (Note 8)                    |   |                      | 67,850    |                            |   | -                               |   |   | 67,850 |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Net                  income (loss) for period                    |   | $                         | 583,505   |                            | $      | (1,200                          | )      | $ | 582,305 |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Accretion                  of Trust Account relating to          |   |                      |      |                            |   |                            |   |   |   |   |
| common                  stock subject to possible conversion     |   |                      | (178,276  | )                               |   | -                               |   |   | (178,276 | ) |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Net                  income (loss) attributable to other         |   |                      |      |                            |   |                            |   |   |   |   |
| common                  shareholders                             |   | $                         | 405,229   |                            | $      | (1,200                          | )      | $ | 404,028 |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Weighted                  average shares outstanding,            |   |                      |      |                            |   |                            |   |   |   |   |
| subject                  to possible conversion                  |   |                      | 919,540   |                            |   | 0                               |   |   |   |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Net                  income per share - basic and diluted        |   | $                         | 0.19      |                            | $      | -                               |   |   |   |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Weighted                  average common shares outstanding      |   |                      | 4,672,290 |                            |   | 1,000,000                       |   |   |   |   |
|                                                             |   |                      |      |                            |   |                            |   |   |   |   |
| Net                  income (loss) per share - basic and diluted |   | $                         | 0.09      |                            | $      | (0.00                           | )      |   |   |   |

| ***See                  summary of significant accounting policies and notes to financial                  statement*** |
|-------------------------------------------------------------------------------------------------------------------------|

----

**Jaguar        Acquisition Corporation**

**(A        corporation in the development stage)**

**Statements        of Stockholders’ Equity**

----

----

|                                                                                                       |   |                              |      |    |   |                            |   | Retained                      Earnings/    |       |   |   |
|------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-----------|---------|--------|---------------------------------|--------|--------------------------------------------|------------|--------|--------|
|                                                                                                       |   |                              |      |    |   | Additional                      |   | (deficit)                      accumulated |       | Total  |   |
|                                                                                                            |        | Common                      Stock |      | Paid-In |   | during                      the |   | Stockholder's                              |            |
|                                                                                                       |   | Shares                            |      | Amount  |   | Capital                         |   | development stage                     |       | Equity |   |
| Balance,                      June 2, 2005 (inception)                                                     |   |                              |      |    | $      | -                               |   | $                                          | -          |   | $      | - |   | $ | - |   |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Common                      shares issued to initial stockholders                                          |   |                              | 1,000,000 |    |   | 100                             |   |                                       | 24,900     |   |   | - |   |   | 25,000 |   |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Net                      Loss for the period                                                               |   |                              |      |    |   |                            |   |                                       |       |   |   | (1,200 | ) |   | (1,200 | ) |
| Balance                      March 31, 2006                                                                |   |                              | 1,000,000 |    | $      | 100                             |   | $                                          | 24,900     |   | $      | (1,200 | ) | $ | 23,800 |   |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Sale                      of 4,000,000 units of underwriters'                                              |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| discount                      and offering expenses (includes                                              |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| 799,600                      shares subject to possible conversion                                         |   |                              | 4,000,000 |    |   | 400                             |   |                                       | 21,626,463 |   |   | - |   |   | 21,626,863 |   |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Proceeds                      subject to possible conversion of 799,600 shares                             |   |                              | -         |    |   | -                               |   |                                       | (4,357,820 | )      |   | - |   |   | (4,357,820 | ) |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Proceeds                      from issuance of underwriter purchase option                                 |   |                              | -         |    |   | -                               |   |                                       | 100        |   |   | - |   |   | 100 |   |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Proceeds                      from issuance of insider units                                               |   |                              | 116,667   |    |   | 12                              |   |                                       | 699,990    |   |   | - |   |   | 700,002 |   |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Sale                      of 600,000 units in overallotment ( includes 119,940                      shares |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| subject                      to possible conversion), net of underwriter's discount                        |   |                              | 600,000   |    |   | 60                              |   |                                       | 3,311,940  |   |   | - |   |   | 3,312,000 |   |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Proceeds                      subject to possible conversions of 119,940 shares                            |   |                              | -         |    |   | -                               |   |                                       | (653,672   | )      |   | - |   |   | (653,672 | ) |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Accretion                      of trust relating to common stock subject to                                |   |                              | -         |    |   | -                               |   |                                       | (178,276   | )      |   | - |   |   | (178,276 | ) |
| possible                      conversion                                                                   |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Additional                      offering expenses                                                          |   |                              | -         |    |   | -                               |   |                                       | (13,441    | )      |   | - |   |   | (13,441 | ) |
|                                                                                                       |   |                              |      |    |   |                            |   |                                       |       |   |   |   |   |   |   |   |
| Net                      Income for the year ending March 31 2007                                          |   |                              | -         |    |   | -                               |   |                                       | -          |   |   | 583,505 |   |   | 583,505 |   |
| Balance,March                      31,2007                                                                 |   |                              | 5,716,667 |    | $      | 572                             |   | $                                          | 20,460,184 |   | $      | 582,305 |   | $ | 21,043,061 |   |

| ***See                    summary of significant accounting policies and accompanying notes                    to                    financial                    statements*** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Jaguar        Acquisition Corporation**

**(A        corporation in the development stage)**

**Statements        of Cash Flows**

----

----

|                                                                                                              |   |                      |                     | Period                  from    |   | Period                  from    |   |
|-------------------------------------------------------------------------------------------------------------------|--------|---------------------------|--------------------------|---------------------------------|--------|---------------------------------|--------|
|                                                                                                              |   | Year                      |                     | June                  2, 2005   |   | June                  2, 2005   |   |
|                                                                                                              |   | ended                     |                     | (inception)                  to |   | (inception)                  to |   |
|                                                                                                              |   | March                  31 |                     | March                  31       |   | March                  31       |   |
|                                                                                                              |   | 2007                      |                     | 2006                            |   | 2007                            |   |
|                                                                                                              |   |                      |                     |                            |   |                            |   |
| Cash                  Flows from operating activities                                                             |   |                      |                     |                            |   |                            |   |   |   |   |
| Net                  Income (loss) for the period                                                                 |   | $                         | 583,505                  |                            | $      | (1,200                          | )      | $ | 582,305 |   |
|                                                                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Adjustments                  to reconcile net income                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Increase                  in prepaid expenses                                                                     |   |                      | (46,259                  | )                               |   | -                               |   |   | (46,259 | ) |
| Increase                  in accrued expenses                                                                     |   |                      | -                        |                            |   | -                               |   |   | - |   |
| Increase                  in accounts payable                                                                     |   |                      | 19,251                   |                            |   | -                               |   |   | 19,251 |   |
| Increase                  in taxes payable                                                                        |   |                      | 67,075                   |                            |   | -                               |   |   | 67,075 |   |
| Increase                  in interest receivable                                                                  |   |                      | (76,552                  | )                               |   | -                               |   |   | (76,552 | ) |
| Net                  cash provided by (used in) operating activities                                              |   | $                         | 547,020                  |                            | $      | (1,200                          | )      | $ | 545,820 |   |
|                                                                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Cash                  Flows from Investing activities                                                             |   |                      |                     |                            |   |                            |   |   |   |   |
| Cash                  and cash equivalents held in trust account                                                  |   | $                         | (25,913,282              | )                               | $      | -                               |   | $ | (25,913,282 | ) |
| Deferred                  acquistion costs                                                                        |   |                      | (89,412                  | )                               |   | -                               |   |   | (89,412 | ) |
| Net                  cash used in investing activities                                                            |   | $                         | (26,002,694              | )                               | $      | -                               |   | $ | (26,002,694 | ) |
|                                                                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
|                                                                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Cash                  Flow from Financing activities                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Proceeds                  from initial public offering, net                                                       |   | $                         | 25,723,855               |                            | $      | -                               |   | $ | 25,723,855 |   |
| Proceeds                  from notes payable, shareholders                                                        |   |                      | -                        |                            |   | 75,000                          |   |   | 75,000 |   |
| Payment                  of notes payable, shareholders                                                           |   |                      | (75,000                  | )                               |   | -                               |   |   | (75,000 | ) |
| Proceeds                  from issuance of shares of common stock to initial shareholders                         |   |                      | -                        |                            |   | 25,000                          |   |   | 25,000 |   |
| Payment                  of deferred offering costs                                                               |   |                      |      |                            |   | (98,330                         | )      |   | (98,330 | ) |
| Net                  cash provided by financing activities                                                        |   | $                         | 25,648,855               |                            | $      | 1,670                           |   | $ | 25,650,525 |   |
|                                                                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Net                  increase in cash and cash equivalents                                                        |   | $                         | 193,181                  |                            | $      | 470                             |   | $ | 193,651 |   |
| Cash                  and cash equivalents at beginning of period                                                 |   |                      | 470                      |                            |   |                            |   |   | - |   |
| Cash                  and cash equivalents at end of period                                                       |   | $                         | 193,651                  |                            | $      | 470                             |   | $ | 193,651 |   |
|                                                                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Supplemental                  disclosure of non-cash financing activities                                         |   |                      |                     |                            |   |                            |   |   |   |   |
| Accrued                  offering costs                                                                           |   | $                         | -                        |                            | $      | 12,000                          |   | $ | 12,000 |   |
| Accured                  acquisition costs                                                                        |   | $                         | 113,362                  |                            | $      | -                               |   | $ | 113,362 |   |
| Accretion                  of trust fund relating to common stock subject to possible                  conversion |   | $                         | 178,276                  |                            | $      | -                               |   | $ | 178,276 |   |
|                                                                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Fair                  value of underwriter purchase option                                                        |   | $                         | 759,500                  |                            | $      | -                               |   | $ | 759,500 |   |
|                                                                                                              |   |                      |                     |                            |   |                            |   |   |   |   |
| Taxes                  paid                                                                                       |   | $                         | 745                      |                            | $      | -                               |   | $ | 745 |   |

| ***See                  summary of significant accounting policies and accompanying notes                  to                  financial                  statements*** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Jaguar        Acquisition Corporation**

**(A        corporation in the development stage)**

**Summary        of Significant Accounting Policies**

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| **Cash                and Cash Equivalents**  | The                Company considers all highly liquid investments with original maturities                of three months or less to be cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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| **Securities                Held in Trust Fund**   | The                Company carries its investment in U.S. government at cost, which                approximates fair value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **Income                Taxes**                    | The                Company follows Statement of Financial Accounting Standards No. 109                (“SFAS                No. 109”), “Accounting for Income Taxes” which is an asset and liability                approach that requires the recognition of deferred tax assets and                liabilities for the expected future tax consequences of events that                have                been recognized in the Company’s financial statements or tax                returns.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **Net                Income per Common Share**     | Basic                net income (loss) per share is computed by dividing net** **income                (loss) applicable to common stock by the weighted average common                shares                outstanding during the period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                               | Basic                earnings (loss) per share excludes dilution and is computed by dividing                income (loss) available to common stockholders by the weighted average                common shares outstanding for the period. Calculation of the weighted                average common shares outstanding during the period is based on 1,000,000                initial shares outstanding throughout the period from June 2, 2005                (inception) to March 31, 2007 and 3,797,127 common shares outstanding                after the effective date of the offering on April 13, 2006. Net income                per                share subject to possible conversion is calculated by dividing accretion                of trust account relating to common stock subject to possible conversion                by 919,540 common stock subject to possible conversion. Diluted earnings                per share reflects the potential dilution that could occur if securities                or other contracts to issue common stock were exercised or converted                into                common stock or resulted in the issuance of common stock that then                shared                in the earnings of the entity. At March 31, 2007, there were no such                potentially dilutive securities. |
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **Deferred                Offering Costs**         | Deferred                offering costs consist principally of legal, audit and underwriting                fees                incurred through the balance sheet date that were charged to capital                upon                receipt of the proceeds from the offering during April                2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

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| **Deferred                Acquisition Costs**    | Costs                related to proposed acquisitions are capitalized and in the unlikely                event                the acquisition does not occur the costs are expensed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Use                of Estimates**              | The                preparation of financial statements in conformity with accounting                principles generally accepted in the United States of America requires                management to make estimates and assumptions that affect the reported                amounts of assets and liabilities at the date of the financial statements                and the reported amounts of expenses during the reporting period.                Actual                results could differ from those estimates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **New                Accounting Pronouncements** | In                July 2006, the Financial Accounting Standards Board (“FASB”) issued                Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income                Taxes, and Interpretation of FASB Statement No. 109.” FIN 48 clarifies the                accounting for uncertainty in income taxes recognized in a company’s                financial statements and prescribes a recognition threshold and                measurement attribute for the financial statement recognition and                measurement of a tax position taken or expected to be taken in an                income                tax return. FIN 48 also provides guidance in derecognition,                classification, interest and penalties, accounting in interim periods,                disclosures and transition. FIN 48 is effective for the fiscal years                beginning after December 15, 2006. The adoption of FIN 48 is not                expected                to have a significant effect on the Company’s balance sheet or statements                of operations. |

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**Jaguar        Acquisition Corporation**

**(A        corporation in the development stage)**

**Notes        to Financial Statements**

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| **1.** | **Organization****and****Business****Operations** | Jaguar                Acquisition Corporation (the “Company”) was incorporated in Delaware on                June 2, 2005 as a blank check company whose objective is to acquire                an                operating business. The Company’s initial stockholders purchased 1,200,000                shares of common stock, $.0001 par value, for $25,000 in July                2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|---------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                              | The                registration statement for the Company’s initial public offering                (“Offering”) was declared effective April 5, 2006. The Company consummated                the offering on April 13, 2006 and received net proceeds of approximately                $21,600,000 from the sale of 4,000,000 units. The Company incurred                $110,330 in deferred offering costs as of March 31, 2006 which were                charged to Additional Paid-In Capital at the time of the initial                public                offering. On April 18, 2006 the underwriters exercised their                over-allotment option and the Company received net proceeds of                approximately $3,300,000. The Company’s management has broad discretion                with respect to the specific application of the net proceeds of this                Offering, although substantially all of the net proceeds of this                Offering                are intended to be generally applied toward consummating a business                combination with an operating business (“Business Combination”).                Furthermore, there is no assurance that the Company will be able                to                successfully effect a Business Combination. An amount of $25,098,002                (including $700,002 of proceeds from the Insider Units discussed                in Note                8) was placed in an interest-bearing trust account. As of March 31,                2007                an amount of $25,989,834                (which includes accrued interest of $76,552) is being held in an                interest-bearing trust account (“Trust Account”) until the earlier of (i)                the consummation of a Business Combination or (ii) liquidation of                the                Company. Under the agreement governing the Trust Account, funds will                only                be invested in United States government securities (Treasury Bills)                with a                maturity of 180 days or less. The remaining net proceeds (not held                in the                Trust Account) may be used to pay for business, legal and accounting                due                diligence on prospective acquisitions and continuing general and                administrative expenses.  The                Company, after signing a definitive agreement for the acquisition                of a                target business, will submit such transaction for stockholder approval.                In                the event that stockholders owning 20% or more of the shares sold                in the                Offering vote against the Business Combination and exercise their                conversion rights described below, the Business Combination will                not be                consummated. |

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|   |   | All                of the Company’s stockholders prior to the Offering, including all of the                officers and directors of the Company (“Initial Stockholders”), have                agreed to vote their 1,000,000 founding shares of common stock in                accordance with the vote of the majority in interest of all other                stockholders of the Company (“Public Stockholders”) with respect to any                Business Combination. After consummation of a Business Combination,                these                voting safeguards will no longer be applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   | With                respect to a Business Combination which is approved and consummated,                any                Public Stockholder who voted against the Business Combination may                demand                that the Company convert his shares. The per share conversion price                will                equal the amount in the Trust Account, calculated as of two business                days                prior to the consummation of the proposed Business Combination, divided                by                the number of shares of common stock held by Public Stockholders                at the                consummation of the Offering. Accordingly, Public Stockholders holding                19.99% of the aggregate number of shares owned by all Public Stockholders                may seek conversion of their shares in the event of a Business                Combination. Such Public Stockholders are entitled to receive their                per                share interest in the Trust Account computed without regard to the                shares                held by Initial Stockholders. In this respect, $5,189,769                (which includes $178,276 accretion of Trust Fund) has been classified                as                common stock subject to possible conversion at March 31,                2007. The                Company’s Certificate of Incorporation provides for mandatory liquidation                of the Company in the event that the Company does not consummate                a                Business Combination within 18 months from the date of the consummation                of                the Offering (such date would be October 13, 2007), or 24 months                from the                consummation of the Offering if certain extension criteria have been                satisfied (such date would be April 13, 2008). In the event of                liquidation, it is likely that the per share value of the residual                assets                remaining available for distribution (including Trust Account assets)                will                be less than the initial public offering price per share in the Offering                due to costs related to the Offering (assuming no value is attributed                to                the Warrants contained in the Units sold in the Offering (See                Note 3)). |

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| **2.**       | **Offering**                             | The                Company sold 4,600,000 units (“Units”) in the Offering, which includes the                600,000 Units subject to the underwriters’ over-allotment. Each Unit                consists of one share of the Company’s common stock, $.0001 par value, and                two Redeemable Common Stock Purchase Warrants (“Warrants”). Each Warrant                entitles the holder to purchase from the Company one share of common                stock                at an exercise price of $5.00 commencing the later of the completion                of a                Business Combination or one year from the effective date of the Offering                and expiring four years from the effective date of the Offering.                The                Warrants will be redeemable, upon prior written consent of                EarlyBirdCapital, Inc., the representative of the underwriters in                the                Offering (“Representative”), at a price of $.01 per Warrant upon 30 days’                notice after the Warrants become exercisable, only in the event that                the                last sale price of the common stock is at least $8.50 per share for                any 20                trading days within a 30 trading day period ending on the third day                prior                to the date on which notice of redemption is given. In connection                with                this Offering, the Company issued an option, for $100, to the                Representative to purchase 350,000 Units at an exercise price of                $9.10 per                Unit. At April 5, 2006, the Company estimated that the fair value                of this                unit purchase option was approximately $759,500 ($2.17 per Unit)                using a                Black-Scholes option-pricing model. The fair value of the unit purchase                option was estimated using the following assumptions: (1) expected                volatility of 48.79%, (2) risk-free interest rate of 4.79% and (3)                expected life of 5 years. The Company accounted for the fair value                of the                unit purchase option as an expense of the Offering resulting in a                charge                directly to stockholders' equity. The unit purchase option may be                exercised for cash or on a "cashless" basis, at the holder's option,                such                that the holder may use the appreciated value of the unit purchase                option                (the difference between the exercise prices of the unit purchase                option                and the underlying Warrants and the market price of the Units and                underlying securities) to exercise the unit purchase option without                the                payment of any cash. In addition, the Warrants underlying such Units                are                exercisable at $5.00 per share. |
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|         |                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **3.**       | **Commitment**                           | The                Company presently occupies office space provided by an affiliate                of an                Initial Stockholder. Such affiliate has agreed that, until the acquisition                of a target business by the Company, it will make such office space,                as                well as certain office and secretarial services, available to the                Company,                as may be required by the Company from time to time. The Company                has                agreed to pay such affiliate $3,750 per month for such services commencing                on April 5, 2006, the effective date of the Offering. Amounts of                $45,000                for the year                ended March 31, 2007 and** **$45,000                for the period from June 2, 2005 (inception) to March 31, 2007 are                included in general and administrative expenses for such                services.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| **4.**  | **Preferred                Stock**  | The                Company is authorized to issue 1,000,000 shares of preferred stock                with                such designations, voting and other rights and preferences as may                be                determined from time to time by the Board of                Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

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| **5.** | **Common                Stock**             | On                February 6, 2006, the Company's Board of Directors authorized a stock                dividend of 0.333333 shares of common stock for each outstanding                share of                common stock. All references in the accompanying financial statements                to                the number of shares of common stock have been retroactively restated                to                reflect these transactions. At                March 31, 2007, 10,483,334 shares of common stock were reserved for                issuance upon exercise of redeemable warrants and the representative’s                unit purchase option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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| **6.** | **Notes                Payable****Stockholders** | In                June 2005, the Company issued an aggregate of $75,000 unsecured promissory                notes to its Initial Stockholders. The notes are non-interest-bearing                and                were paid following the consummation of                the Offering from the net proceeds of the Offering.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| **7.** | **Insider                Units**                 | Simultaneously                with the consummation of the Offering on April 13, 2006, certain                of the                Initial Stockholders and their affiliates purchased an aggregate                of                116,667 Units (“Insider Units”) at $6.00 per unit (for an aggregate                purchase price of $700,002) privately from the Company. All of the                proceeds received from these purchases were placed in the Trust Account.                The Insider Units are identical to the Units offered in the Offering                except that the Warrants underlying such Units may be exercisable                on a                cashless basis so long as such Warrants are held by the Initial                Stockholders or their affiliates. Additionally, the purchasers have                waived                their right to receive distributions upon the Company’s liquidation prior                to a Business Combination with respect to the securities underlying                these                Insider Units. The purchasers have further agreed that the Insider                Units                and underlying securities will not be sold or transferred by them                until                after the Company has completed a Business Combination. |
|   |                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **8.** | **Provision                for Taxes**           | Provision                for current franchise and income taxes consists                of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

|   |                                          |   | Federal                       |   | State                  Franchise                  and |   | Total   |   |
|--------|-----------------------------------------------|--------|-------------------------------|--------|-------------------------------------------------------|--------|---------|--------|
|   |                                          |   | Income                  Taxes |   | Income Taxes                                     |   | Current |   |
|   |                                          |   |                          |   |                                                  |   |    |   |
|   | Year                  ended                   |   |                          |   |                                                  |   |    |   |   |   |   |
|   | March                  31, 2007               |   | $                             | 2,000  |                                                  | $      | 65,850  |   | $ | 67,850 |   |
|   |                                          |   |                          |   |                                                  |   |    |   |   |   |   |
|   | Period                  from June 2, 2005     |   |                          |   |                                                  |   |    |   |   |   |   |
|   | (Inception)                  to March 31,2006 |   | $                             | -      |                                                  | $      | -       |   | $ | - |   |
|   |                                          |   |                          |   |                                                  |   |    |   |   |   |   |
|   | Period                  from June 2, 2005     |   |                          |   |                                                  |   |    |   |   |   |   |
|   | (Inception)                  to March 31,2007 |   | $                             | 2,000  |                                                  | $      | 65,850  |   | $ | 67,850 |   |

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