|   | 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 |
|-------------------------------------|-------------------------------|-----------------------------------|---------------------------------------|

----

|     |   |                                                                                                                                                                                                   |   | Page      |
|----------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|
|     |   |                                                                                                                                                                                                   |   |      |
|     |   | PART I - FINANCIAL INFORMATION                                                                                                                                                               |   |      |
|     |   |                                                                                                                                                                                                   |   |      |
| Item 1.  |   | Financial Statements                                                                                                                                                                                   |   |   3  |
|     |   | Condensed Balance Sheets as of April 30, 2011 (unaudited) and July 31, 2010 (audited)                                                                                                        |   |   3  |
|     |   | Condensed Statements of Operations, for the three months and the nine months ended April 30, 2011 and 2010, and for the period from August 1, 2005 (inception) to April 30, 2011 (unaudited) |   |   4  |
|     |   | Condensed  Statement of Stockholders’ Equity for the period from inception (August 1, 2005) to July 31, 2010 (audited) and the nine months ended April 30, 2011 (unaudited)       |   |   5  |
|     |   | Condensed Statement of Cash Flows, for the nine months ended April 30, 2011 and 2010, for the period from August 1, 2005 (inception) to April 30, 2011 (unaudited)                                |   |   6  |
|     |   | Notes to Unaudited Condensed Financial Statements                                                                                                                                                      |   |   7  |
| Item 2.  |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                            |   |   16 |
| Item 4.  |   | Controls and Procedures                                                                                                                                                                                |   |   17 |
|     |   |                                                                                                                                                                                                   |   |      |
|     |   | PART II - OTHER INFORMATION                                                                                                                                                                  |   |      |
|     |   |                                                                                                                                                                                                   |   |      |
| Item 1.  |   | Legal Proceedings                                                                                                                                                                                      |   |   18 |
| Item 1A. |   | Risk Factors                                                                                                                                                                                           |   |   18 |
| Item 6.  |   | Exhibits                                                                                                                                                                                               |   |   18 |
|     |   |                                                                                                                                                                                                   |   |      |
|     |   | SIGNATURES                                                                                                                                                                                             |   |   19 |

----

|                                                             |   | As of               |       |   | As of              |   |
|------------------------------------------------------------------|--------|--------------------------|------------|--------|-------------------------|--------|
|                                                             |   | April 30, 2011 |       |   | July 31, 2010 |   |
|                                                             |   | Unaudited                |       |   | Audited                 |   |
| ASSETS                                                           |   |                     |       |   |                    |   |
| Current Assets:                                                  |   |                     |       |   |                    |   |
| Cash and cash equivalents                                        |   | $                        | 18,319     |   |                    | $      | 24,556 |   |
|                                                             |   |                     |       |   |                    |   |   |   |
| Total assets                                                     |   | $                        | 18,319     |   |                    | $      | 24,556 |   |
|                                                             |   |                     |       |   |                    |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                             |   |                     |       |   |                    |   |   |   |
|                                                             |   |                     |       |   |                    |   |   |   |
| Current Liabilities:                                             |   |                     |       |   |                    |   |   |   |
| Accrued expenses                                                 |   | $                        | 21,999     |   |                    | $      | 27,371 |   |
| Notes Payable due shareholders & directors (Note 1)          |   |                     | 36,000     |   |                    |   | 36,000 |   |
| Total current liabilities                                        |   |                     | 57,999     |   |                    |   | 63,371 |   |
|                                                             |   |                     |       |   |                    |   |   |   |
| Notes Payable long-term (Note 1)                                 |   |                     | 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 and                     |   |                     |       |   |                    |   |   |   |
| 2,465,100 shares issued and outstanding                          |   |                     |       |   |                    |   |   |   |
| at April 30, 2011 and July 31, 2010, respectively.               |   |                     | 1,825      |   |                    |   | 247 |   |
| 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  |   |                    |   | 1,499,792 |   |
| Retained earnings (deficit) accumulated in the development stage |   |                     | (1,574,719 | )      |                    |   | (1,538,854 | ) |
|                                                             |   |                     |       |   |                    |   |   |   |
| Total stockholders' equity (deficit)                             |   |                     | (74,680    | )      |                    |   | (38,815 | ) |
|                                                             |   |                     |       |   |                    |   |   |   |
| Total liabilities and stockholders' equity (deficit)             |   | $                        | 18,319     |   |                    | $      | 24,556 |   |

----

|                                                                                                                                |   | For the Three Months Ended |       |   | For the Nine Months Ended |   |      | Period frominception (August 1, 2005) to |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|--------|-----------------------------------------------|--------|-----------|--------------------------------------------------------------|--------|
|                                                                                                                                |   | Unaudited                                      |       |   | Unaudited                                     |   |      |                                                         |   |
|                                                                                                                                |   | April 30, 2011                       |       |   | April 30, 2010                      |   |      | April 30, 2011                                     |   |   | April 30, 2010 |   |   | April 30, 2011 |   |
| Revenue                                                                                                                             |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   | $ | - |   |
| Operating expenses:                                                                                                                 |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |
| Professional fees                                                                                                                   |   |                                           | 9,588      |   |                                          |   | 3,850     |                                                         |   |   | 23,701 |   |   |   | 21,928 |   |   |   | 873,459 |   |
| Delaware franchise tax                                                                                                              |   |                                           | 125        |   |                                          |   | 5,956     |                                                         |   |   | 325 |   |   |   | 5,956 |   |   |   | 236,001 |   |
| Other general and administrative expenses (Note 4)                                                                                  |   |                                           | 2,920      |   |                                          |   | 1,000     |                                                         |   |   | 11,839 |   |   |   | 3,496 |   |   |   | 557,095 |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                                                                                                |   |                                           | (12,633    | )      |                                          |   | (10,806   | )                                                            |   |   | (35,865 | ) |   |   | (31,380 | ) |   |   | (1,666,555 | ) |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Income                                                                                                                     |   |                                           | -          |   |                                          |   | -         |                                                         |   |   | - |   |   |   | - |   |   |   | 3,715,745 |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before provision for income taxes                                                                                     |   |                                           | (12,633    | )      |                                          |   | (10,806   | )                                                            |   |   | (35,865 | ) |   |   | (31,380 | ) |   |   | 2,049,190 |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                                                                                          |   |                                           | -          |   |                                          |   | -         |                                                         |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) for the period                                                                                                    |   | $                                              | (12,633    | )      |                                          | $      | (10,806   | )                                                            |   | $ | (35,865 | ) |   | $ | (31,380 | ) |   | $ | 2,049,190 |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| 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                                                |   | $                                              | (12,633    | )      |                                          | $      | (10,806   | )                                                            |   | $ | (35,865 | ) |   | $ | (31,380 | ) |   | $ | 1,315,187 |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average Class B common shares outstanding subject to conversion (no Class B common shares outstanding on October 31, 2009) |   |                                           | -          |   |                                          |   | -         |                                                         |   |   | - |   |   |   | - |   |   |   |   |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income per Class B common share subject to conversion, basic and diluted                                                        |   | $                                              | -          |   |                                          | $      | -         |                                                         |   | $ | - |   |   | $ | - |   |   |   |   |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding, basic and diluted                                                                    |   |                                           | 12,111,430 |   |                                          |   | 1,065,100 |                                                         |   |   | 5,680,543 |   |   |   | 1,065,100 |   |   |   |   |   |
|                                                                                                                                |   |                                           |       |   |                                          |   |      |                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)per share, basic and diluted                                                                                       |   | $                                              | (0.00      | )      |                                          | $      | (0.01     | )                                                            |   | $ | (0.01 | ) |   | $ | (0.03 | ) |   |   |   |   |

----

|                                                   |   |         |       |   |                  |   |   |       |   |   | 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 (audited)                            |   |         | 2,465,100  |   |                  | $      | 247    |       |   |   | -               |   |   | $       | -      |   |   | $ | 1,499,792 |   |   | $ | (1,538,854 | ) |   | $ | (38,815 | ) |
|                                                        |   |         |       |   |                  |   |   |       |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (Loss) for the period                                   |   |         |       |   |                  |   |   |       |   |   |            |   |   |    |   |   |   |   |   |   |   |   | (35,865 | ) |   |   | (35,865 | ) |
| Exercise of cashless common stock warrants (Note 1)         |   |         | 15,784,903 |   |                  |   | 1,578  |       |   |   |            |   |   |    |   |   |   |   | (1,578 | ) |   |   |   |   |   |   | - |   |
|                                                        |   |         |       |   |                  |   |   |       |   |   |            |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, April 30, 2011 (unaudited)                         |   |         | 18,250,003 |   |                  | $      | 1,825  |       |   |   | -               |   |   | $       | -      |   |   | $ | 1,498,214 |   |   | $ | (1,574,719 | ) |   | $ | (74,680 | ) |

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|                                                                                   |   | For the nine month period ended |    |   | Period frominception (August 1, 2005) to |   |
|----------------------------------------------------------------------------------------|--------|----------------------------------------------------------|---------|--------|--------------------------------------------------------------|--------|
|                                                                                   |   | Unaudited                                                |    |   |                                                         |   |
|                                                                                   |   | April 30, 2011                                 |    |   | April 30, 2010                                     |   |   | April 30, 2011 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                   |   |                                                     |    |   |                                                         |   |   |   |   |
| Net income (loss) for the period                                                       |   | $                                                        | (35,865 | )      |                                                         | $      | (31,380 | ) |   | $ | 2,049,187 |   |
| 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                                                |   |                                                     | (5,372  | )      |                                                         |   | 3,637 |   |   |   | 21,999 |   |
| Net cash used in operating activities                                                  |   |                                                     | (41,237 | )      |                                                         |   | (27,743 | ) |   |   | (1,551,444 | ) |
|                                                                                   |   |                                                     |    |   |                                                         |   |   |   |   |   |   |   |
| 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                                               |   |                                                     | -       |   |                                                         |   | 10,000 |   |   |   | 25,392 |   |
| Proceeds from promissory notes                                                         |   |                                                     | 35,000  |   |                                                         |   | - |   |   |   | 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                                    |   |                                                     | 35,000  |   |                                                         |   | 10,000 |   |   |   | 53,261,563 |   |
|                                                                                   |   |                                                     |    |   |                                                         |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                   |   |                                                     | (6,237  | )      |                                                         |   | (17,743 | ) |   |   | 18,319 |   |
|                                                                                   |   |                                                     |    |   |                                                         |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                              |   |                                                     |    |   |                                                         |   |   |   |   |   |   |   |
| Beginning of period                                                                    |   |                                                     | 24,556  |   |                                                         |   | 22,689 |   |   |   | - |   |
|                                                                                   |   |                                                     |    |   |                                                         |   |   |   |   |   |   |   |
| End of period                                                                          |   | $                                                        | 18,319  |   |                                                         | $      | 4,946 |   |   | $ | 18,319 |   |
|                                                                                   |   |                                                     |    |   |                                                         |   |   |   |   |   |   |   |
| 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)                         |   | $                                                        | 315,690 |   |                                                         | $      | - |   |   | $ | 315,690 |   |

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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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