|   | þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------|-----------------------------------------------------------------------------------------|

|   |  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------|------------------------------------------------------------------------------------------|

|  Delaware                  | 20-3233358          |
|---------------------------------|---------------------|
| (State or Other Jurisdiction of | (I.R.S. Employer    |
| Incorporation or Organization)  | Identification No.) |

| Large accelerated filer  ̈ | Accelerated filer  ̈                 | Non-accelerated filer  ̈ | Smaller reporting company þ |
|-------------------------------------|-----------------------------------------------|-----------------------------------|---------------------------------------|
|                                |                                          |                              |                                  |
|                                | (Do not check if a smaller reporting company) |                              |

----

|     |   |                                                                                                                                                                                                |   | Page   |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|     |   |                                                                                                                                                                                                |   |   |
|     |   | PART I - FINANCIAL INFORMATION                                                                                                                                                            |   |   |
|     |   |                                                                                                                                                                                                |   |   |
| Item 1.  |   | Financial Statements                                                                                                                                                                                |   | 3      |
|     |   | Condensed Balance Sheets as of October 31, 2011 (unaudited) and July 31, 2011 (audited)                                                                                                   |   | 3      |
|     |   | Condensed Statements of Operations, for the three months October 31, 2011 and 2010, and for the period from August 1, 2005 (inception) to October 31, 2011 (unaudited)                              |   | 4      |
|     |   | Condensed  Statement of Stockholders’ Equity for the period from inception (August 1, 2005) to July 31, 2011 (audited) and the three months ended October 31, 2011 (unaudited) |   | 5      |
|     |   | Condensed Statement of Cash Flows, for the three months ended October 31, 2011 and 2010, for the period from August 1, 2005 (inception) to October 31, 2011 (unaudited)                             |   | 6      |
|     |   | Notes to Unaudited Condensed Financial Statements                                                                                                                                                   |   | 7      |
| Item 2.  |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                         |   | 14     |
| Item 4.  |   | Controls and Procedures                                                                                                                                                                             |   | 15     |
|     |   |                                                                                                                                                                                                |   |   |
|     |   | PART II - OTHER INFORMATION                                                                                                                                                               |   |   |
|     |   |                                                                                                                                                                                                |   |   |
| Item 1.  |   | Legal Proceedings                                                                                                                                                                                   |   | 16     |
| Item 1A. |   | Risk Factors                                                                                                                                                                                        |   | 16     |
| Item 6.  |   | Exhibits                                                                                                                                                                                            |   | 16     |
|     |   |                                                                                                                                                                                                |   |   |
|     |   | SIGNATURES                                                                                                                                                                                          |   | 17     |

----

|                                                                                                                                                                  |   | As of            |       |   | As of         |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|------------|--------|---------------|--------|
|                                                                                                                                                                  |   | October 31, 2011 |       |   | July 31, 2011 |   |
|                                                                                                                                                                  |   | Unaudited        |       |   | Audited       |   |
| ASSETS                                                                                                                                                                |   |             |       |   |          |   |
| Current Assets:                                                                                                                                                       |   |             |       |   |          |   |
| Cash and cash equivalents                                                                                                                                             |   | $                | 3,630      |   |          | $      | 24,474 |   |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Total assets                                                                                                                                                          |   | $                | 3,630      |   |          | $      | 24,474 |   |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                  |   |             |       |   |          |   |   |   |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Current Liabilities:                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Accrued expenses                                                                                                                                                      |   | $                | 23,880     |   |          | $      | 31,563 |   |
| Notes Payable due shareholders & directors (Note 1)                                                                                                               |   |             | 36,000     |   |          |   | 36,000 |   |
| Total current liabilities                                                                                                                                             |   |             | 59,880     |   |          |   | 67,563 |   |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Notes Payable long-term (Note 1)                                                                                                                                      |   |             | 35,000     |   |          |   | 35,000 |   |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Commitments (Note 4)                                                                                                                                                  |   |             |       |   |          |   |   |   |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Stockholders' Equity (Deficit) (Notes 2, 4 and 5)                                                                                                                     |   |             |       |   |          |   |   |   |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Preferred stock, par value $.0001 per share, 5,000 shares authorized, 0 shares issued and outstanding                                                                 |   |             |  -    |   |          |   | -  |   |
| Common stock, par value $.0001 per share, 80,000,000 shares authorized, 18,250,003 shares issued and outstanding at October 31, 2011 and July 31, 2011, respectively. |   |             | 1,825      |   |          |   | 1,825 |   |
| Common stock, Class B, par value $.0001 per share,12,000,000 shares authorized, 0 shares issued and outstanding                                                       |   |             |  -    |   |          |   | -  |   |
| Additional paid-in-capital                                                                                                                                            |   |             | 1,498,214  |   |          |   | 1,498,214 |   |
| Retained earnings (deficit) accumulated in the development stage                                                                                                      |   |             | (1,591,289 | )      |          |   | (1,578,128 | ) |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Total stockholders' equity (deficit)                                                                                                                                  |   |             | (91,250    | )      |          |   | (78,089 | ) |
|                                                                                                                                                                  |   |             |       |   |          |   |   |   |
| Total liabilities and stockholders' (deficit)                                                                                                                         |   | $                | 3,630      |   |          | $      | 24,474 |   |

----

|                                                                                                                                                      |   |                                   |       |   | Period from inception     |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|------------|--------|---------------------------|--------|
|                                                                                                                                                      |   | For the Three Months Ended (Unaudited) |       |   |  (August 1, 2005) to |   |
|                                                                                                                                                      |   | October 31, 2011                       |       |   | October 31, 2010          |   |   | October 31, 2011 |   |
| Revenue                                                                                                                                                   |   | $                                      | -          |   |                      | $      | - |   |   | $ | - |   |
| Operating expenses:                                                                                                                                       |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Professional fees                                                                                                                                         |   |                                   | 6,557      |   |                      |   | 4,399 |   |   |   | 895,001 |   |
| Delaware franchise tax                                                                                                                                    |   |                                   | -          |   |                      |   | 100 |   |   |   | 236,001 |   |
| Other general and administrative expenses (Note 4)                                                                                                        |   |                                   | 6,604      |   |                      |   | 5,448 |   |   |   | 566,697 |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Loss from operations                                                                                                                                      |   |                                   | (13,161    | )      |                      |   | (9,947 | ) |   |   | (1,697,699 | ) |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Other Income                                                                                                                                              |   |                                   | -          |   |                      |   | - |   |   |   | 14,574 |   |
| Interest Income                                                                                                                                           |   |                                   | -          |   |                      |   | - |   |   |   | 3,715,745 |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Income (loss) before provision for income taxes                                                                                                           |   |                                   | (13,161    | )      |                      |   | (9,947 | ) |   |   | 2,032,620 |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Provision for income taxes                                                                                                                                |   |                                   | -          |   |                      |   | - |   |   |   | - |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Net income (loss) for the period                                                                                                                          |   | $                                      | (13,161    | )      |                      | $      | (9,947 | ) |   | $ | 2,032,620 |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Accretion of Trust Fund relating to Class B common stock subject to conversion                                                                            |   |                                   | -          |   |                      |   | - |   |   |   | (734,003 | ) |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Net income (loss) attributable to other Class B stockholders and common stockholders                                                                      |   | $                                      | (13,161    | )      |                      | $      | (9,947 | ) |   | $ | 1,298,617 |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Weighted average Class B common shares outstanding subject to conversion (no Class B common shares outstanding on October 31, 2011 or 2010, respectively) |   |                                   | -          |   |                      |   | - |   |   |   |   |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Net income per Class B common share subject to conversion, basic and diluted                                                                              |   | $                                      | -          |   |                      | $      | - |   |   |   |   |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding, basic and diluted                                                                                          |   |                                   | 18,250,003 |   |                      |   | 2,465,100 |   |   |   |   |   |
|                                                                                                                                                      |   |                                   |       |   |                      |   |   |   |   |   |   |   |
| Net income (loss)per share, basic and diluted                                                                                                             |   | $                                      | (0.00      | )      |                      | $      | (0.00 | ) |   |   |   |   |

----

|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   | Deficit              |   |   |    |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|--------------------------------------|--------|--------|---------------|--------|--------|----------------------|--------|--------|---------|--------|
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   | Additional    |   |   | accumulated in  |   |   |    |   |
|                                                                                                                                                                                                                                                         |   | Common Stock |       |   | Common Stock, Class B |   |   | Paid -In |   |   | the development |   |   |    |   |
|                                                                                                                                                                                                                                                         |   | Shares            |       |   | Amount                               |   |   | Shares        |   |   | Amount               |   |   | Capital |   |   | stage |   |   | Total |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |
| Balance, August 1, 2005 (inception)                                                                                                                                                                                                                          |   |              | -          |   |                                 | $      | -      |          |   |   | -                    |   |   | $       | -      |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of Common Stock to initial stockholder                                                                                                                                                                                                              |   |              | 100        |   |                                 |   | -      |          |   |   | -                    |   |   |    | -      |   |   |   | 500 |   |   |   | - |   |   |   | 500 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of 4,950,000 Warrants at $0.05 Per Warrant                                                                                                                                                                                                          |   |              | -          |   |                                 |   | -      |          |   |   | -                    |   |   |    | -      |   |   |   | 247,500 |   |   |   | - |   |   |   | 247,500 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of 532,500 Series A Units, 5,118,000 Series B Units through public offering net of underwriters' discount and offering expenses and net of proceeds of 10,333,190 allocable to 2,046,176 shares of common stock, Class B subject to possible conversion |   |              | 1,065,000  |   |                                 |   | 107    |          |   |   | 8,189,824            |   |   |    | 819    |   |   |   | 42,567,464 |   |   |   | - |   |   |   | 42,568,390 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of underwriters' purchase option                                                                                                                                                                                                          |   |              | -          |   |                                 |   | -      |          |   |   | -                    |   |   |    | -      |   |   |   | 100 |   |   |   |   |   |   |   | 100 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accretion relating to Class B common stock subject to possible conversion                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | (5,853 | ) |   |   |   |   |   |   | (5,853 | ) |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the period                                                                                                                                                                                                                                      |   |              | -          |   |                                 |   | -      |          |   |   | -                    |   |   |    | -      |   |   |   | - |   |   |   | (84,852 | ) |   |   | (84,852 | ) |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2006                                                                                                                                                                                                                                       |   |              | 1,065,100  |   |                                 | $      | 107    |          |   |   | 8,189,824            |   |   | $       | 819    |   |   | $ | 42,809,711 |   |   | $ | (84,852 | ) |   | $ | 42,725,785 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accretion relating to Class B common stock subject to possible conversion                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | (369,496 | ) |   |   |   |   |   |   | (369,496 | ) |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income for the period                                                                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   | 1,479,275 |   |   |   | 1,479,275 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2007                                                                                                                                                                                                                                       |   |              | 1,065,100  |   |                                 | $      | 107    |          |   |   | 8,189,824            |   |   | $       | 819    |   |   | $ | 42,440,215 |   |   | $ | 1,394,423 |   |   | $ | 43,835,564 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accretion relating to Class B common stock subject to possible conversion                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | (294,049 | ) |   |   |   |   |   |   | (294,049 | ) |
| Net income for the period                                                                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   | 798,309 |   |   |   | 798,309 |   |
| Net income from inception to July 31, 2008 before reclassification of interest earned on trust account                                                                                                                                                       |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   | 2,192,732 |   |   |   | - |   |
| Reclassification of interest earned on trust account since inception to additional paid-in capital                                                                                                                                                           |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | 3,319,382 |   |   |   | (3,319,382 | ) |   |   | - |   |
| Reclassification of Class B common stock value subject to redemption to current liability                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | (44,014,447 | ) |   |   | - |   |   |   | (44,014,447 | ) |
| Proceeds from sale by beneficial owner of Class B stock                                                                                                                                                                                                      |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | 7,343 |   |   |   |   |   |   |   | 7,343 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2008                                                                                                                                                                                                                                       |   |              | 1,065,100  |   |                                 | $      | 107    |          |   |   | 8,189,824            |   |   | $       | 819    |   |   | $ | 1,458,444 |   |   | $ | (1,126,650 | ) |   | $ | 332,720 |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accretion relating to Class B common stock subject to possible conversion                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | (64,605 | ) |   |   |   |   |   |   | (64,605 | ) |
| Reclassification of interest earned on trust account to additional paid-in capital                                                                                                                                                                           |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | 304,527 |   |   |   | (304,527 | ) |   |   | - |   |
| Reclassification of Class B common stock value subject to redemption to current liability                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | (238,645 | ) |   |   |   |   |   |   | (238,645 | ) |
| Cancellation of B Common Stock                                                                                                                                                                                                                               |   |              |       |   |                                 |   |   |          |   |   | (8,189,824           | )      |   |    | (819   | ) |   |   | 819 |   |   |   |   |   |   |   | - |   |
| Net (Loss) for the period                                                                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   | (66,898 | ) |   |   | (66,898 | ) |
| Balance, July 31, 2009                                                                                                                                                                                                                                       |   |              | 1,065,100  |   |                                 | $      | 107    |          |   |   | -                    |   |   | $       | -      |   |   | $ | 1,460,540 |   |   | $ | (1,498,075 | ) |   | $ | (37,428 | ) |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital contribution by shareholders                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   | 25,392 |   |   |   |   |   |   |   | 25,392 |   |
| Proceeds from the sale of common shares on June 30, 2010                                                                                                                                                                                                     |   |              | 1,400,000  |   |                                 |   | 140    |          |   |   |                 |   |   |    |   |   |   |   | 13,860 |   |   |   |   |   |   |   | 14,000 |   |
| Net (Loss) for the period                                                                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   | (40,779 | ) |   |   | (40,779 | ) |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2010                                                                                                                                                                                                                                       |   |              | 2,465,100  |   |                                 | $      | 247    |          |   |   | -                    |   |   | $       | -      |   |   | $ | 1,499,792 |   |   | $ | (1,538,854 | ) |   | $ | (38,815 | ) |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (Loss) for the period                                                                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   | (39,274 | ) |   |   | (39,274 | ) |
| Exercise of cashless common stock warrants (Note 1)                                                                                                                                                                                                          |   |              | 15,784,903 |   |                                 |   | 1,578  |          |   |   |                 |   |   |    |   |   |   |   | (1,578 | ) |   |   |   |   |   |   | - |   |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2011 (Audited)                                                                                                                                                                                                                             |   |              | 18,250,003 |   |                                 | $      | 1,825  |          |   |   | -                    |   |   | $       | -      |   |   | $ | 1,498,214 |   |   | $ | (1,578,128 | ) |   | $ | (78,089 | ) |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (Loss) for the period                                                                                                                                                                                                                                    |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   | (13,161 | ) |   |   | (13,161 | ) |
|                                                                                                                                                                                                                                                         |   |              |       |   |                                 |   |   |          |   |   |                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, October 31, 2011 (Unaudited)                                                                                                                                                                                                                        |   |              | 18,250,003 |   |                                 | $      | 1,825  |          |   |   | -                    |   |   | $       | -      |   |   | $ | 1,498,214 |   |   | $ | (1,591,289 | ) |   | $ | (91,250 | ) |

----

|                                                                                                                                                    |   |                             |    |   | Period from inception     |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|---------|--------|---------------------------|--------|
|                                                                                                                                                    |   | For the three month period ended |    |   |  (August 1, 2005) to |   |
|                                                                                                                                                    |   | October 31, 2011                 |    |   | October 31, 2010          |   |   | October 31, 2011 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                                    |   |                             |    |   |                      |   |   |   |   |
| Net income (loss) for the period                                                                                                                        |   | $                                | (13,161 | )      |                      | $      | (9,947 | ) |   | $ | 2,032,617 |   |
| Adjustments to reconcile net income to net cash used in operating activities:                                                                           |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Gain on maturity of Securities held in Trust Fund                                                                                                       |   |                             | -       |   |                      |   | - |   |   |   | (3,622,630 | ) |
| Changes in operating assets and liabilities:                                                                                                            |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Decrease (increase) in interest receivable in trust                                                                                                     |   |                             | -       |   |                      |   | - |   |   |   | - |   |
| Decrease (Increase) in prepaid expenses                                                                                                                 |   |                             | -       |   |                      |   | - |   |   |   | - |   |
| (Decrease) Increase in accrued expenses                                                                                                                 |   |                             | (7,683  | )      |                      |   | (5,504 | ) |   |   | 23,880 |   |
| Net cash used in operating activities                                                                                                                   |   |                             | (20,844 | )      |                      |   | (15,451 | ) |   |   | (1,566,133 | ) |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Purchase of Securities held in trust                                                                                                                    |   |                             | -       |   |                      |   | - |   |   |   | (1,665,222,246 | ) |
| Maturity of Securities held in trust                                                                                                                    |   |                             | -       |   |                      |   | - |   |   |   | 1,613,530,446 |   |
| Net cash used in investing activities                                                                                                                   |   |                             | -       |   |                      |   | - |   |   |   | (51,691,800 | ) |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Proceeds from issuance of common stock to initial stockholder                                                                                           |   |                             | -       |   |                      |   | - |   |   |   | 500 |   |
| Proceeds from issuance of warrants                                                                                                                      |   |                             | -       |   |                      |   | - |   |   |   | 247,500 |   |
| Proceeds from advances from shareholders                                                                                                                |   |                             | -       |   |                      |   | - |   |   |   | 25,392 |   |
| Proceeds from promissory notes                                                                                                                          |   |                             | -       |   |                      |   | - |   |   |   | 71,000 |   |
| Proceeds from the issuance of common stock                                                                                                              |   |                             | -       |   |                      |   | - |   |   |   | 14,000 |   |
| Proceeds from sale of underwriters' purchase option                                                                                                     |   |                             | -       |   |                      |   | - |   |   |   | 100 |   |
| Portion of net proceeds from sale of Series B units through public offering allocable to shares of common stock, Class B subject to possible conversion |   |                             | -       |   |                      |   | - |   |   |   | 10,327,338 |   |
| Proceeds from sale by beneficial owner of Class B stock                                                                                                 |   |                             | -       |   |                      |   | - |   |   |   | 7,343 |   |
| Net proceeds from sale of Series A and B units through public offering allocable to stockholders' equity                                                |   |                             | -       |   |                      |   | - |   |   |   | 42,568,390 |   |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Net cash (used in) provided by financing activities                                                                                                     |   |                             | -       |   |                      |   | - |   |   |   | 53,261,563 |   |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                                                                    |   |                             | (20,844 | )      |                      |   | (15,451 | ) |   |   | 3,630 |   |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                               |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Beginning of period                                                                                                                                     |   |                             | 24,474  |   |                      |   | 24,556 |   |   |   | - |   |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| End of period                                                                                                                                           |   | $                                | 3,630   |   |                      | $      | 9,105 |   |   | $ | 3,630 |   |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Supplemental disclosure of non-cash financing activities:                                                                                               |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Fair value of underwriter purchase option included in offering costs                                                                                    |   | $                                | -       |   |                      | $      | - |   |   | $ | 641,202 |   |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Accretion of Trust Fund relating to Class B common stock subject to possible coversion                                                                  |   | $                                | -       |   |                      | $      | - |   |   | $ | (735,003 | ) |
|                                                                                                                                                    |   |                             |    |   |                      |   |   |   |   |   |   |   |
| Exercise of cashless common stock warrants (15,784,903 shares)                                                                                          |   | $                                | -       |   |                      | $      | - |   |   | $ | - |   |

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| Exhibit           |   |                                                                                                                                               |
|-------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| Number            |   | Exhibit                                                                                                                                            |
| 3.1(1)            |   | Third Amended and Restated Certificate of Incorporation.                                                                                           |
|              |   |                                                                                                                                               |
| 3.2(2)            |   | Bylaws.                                                                                                                                            |
|              |   |                                                                                                                                               |
| 31.1*   |   | Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934.                |
|              |   |                                                                                                                                               |
| 31.2*   |   | Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934.                |
|              |   |                                                                                                                                               |
| 32.1*   |   | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|              |   |                                                                                                                                               |
| 32.2*   |   | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

| *      | Filed herewith.                                                                                                                                       |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                  |
| (1)    | Incorporated by reference to an exhibit to the Registrant’s Current Report on Form 8-K filed with the Commission on March 19, 2009.             |
|   |                                                                                                                                                  |
| (2)    | Incorporated by reference to an exhibit to the Registrant’s Registration Statement of Form S-1 filed with the Commission on September 15, 2005. |

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|   | ISRAEL GROWTH PARTNERS ACQUISITION CORP. |
|--------|------------------------------------------|
|   |                                     |   |
|   | By:                                      | /s/ Craig Samuels |
|   |                                     | Craig Samuels |
|   |                                     | Director, Chief Executive Officer and President |

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| Exhibit          |   |                                                                                                                                               |
|------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| Number           |   | Exhibit                                                                                                                                            |
| 31.1   |   | Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934.                |
|             |   |                                                                                                                                               |
| 31.2   |   | Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934.                |
|             |   |                                                                                                                                               |
| 32.1   |   | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|             |   |                                                                                                                                               |
| 32.2   |   | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

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