**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-Q**

| **x** | **Quarterly                Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act                of 1934** |
|-------|--------------------------------------------------------------------------------------------------------------------------------|

**For      the quarterly period ended June 30, 2008.**

**or**

| ** ̈** | **Transition                Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act                of 1934** |
|------------|---------------------------------------------------------------------------------------------------------------------------------|

**For      the transition period from**
**            **
**to**
**            **
**.**

**Commission      File Number: 001-33541**

**Polaris      Acquisition Corp.**

**(Exact      Name of Registrant as Specified in its Charter)**

| **Delaware**                                                                                        |   | **26-0443717**                                                            |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| **(State                or Other Jurisdiction of****Incorporation                or Organization)** |   | **(I.R.S.                Employer****Identification                No.)** |

**2200      Fletcher Avenue 4**
**th**

**      Floor**

**Fort      Lee, New Jersey 07024**

**(Address      of Principal Executive Offices including Zip Code)**

**(201)      242-3500**

**(Registrant's      Telephone Number, Including Area Code)**

----

**Polaris        Acquisition Corp.**

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

**TABLE        OF CONTENTS**

**As        of June 30, 2008**

|                      |                                       |                                                                                                                     | Page   |
|---------------------------|--------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|--------|
|                      |                                       |                                                                                                                     |   |
| Part                  I.  | **Financial                  Information** |                                                                                                                     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  1.                   | Condensed                  Financial Statements                                                                          | 3      |
|                      |                                       |                                                                                                                     |   |
|                      |                                       | Balance                  Sheet                                                                                           | 3      |
|                      |                                       |                                                                                                                     |   |
|                      |                                       | Statements                  of Operations                                                                                | 4      |
|                      |                                       |                                                                                                                     |   |
|                      |                                       | Statement                  of Stockholders' Equity                                                                       | 5      |
|                      |                                       |                                                                                                                     |   |
|                      |                                       | Statement                  of Cash Flows                                                                                 | 6      |
|                      |                                       |                                                                                                                     |   |
|                      |                                       | Notes                  to Financial Statements                                                                           | 7      |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  2.                   | Management's                  Discussion and Analysis of Financial Conditions and Results of                  Operations | 12     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  3.                   | Quantitative                  and Qualitative Disclosures About Market Risk                                              | 15     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  4.                   | Controls                  and Procedures                                                                                 | 15     |
|                      |                                       |                                                                                                                     |   |
| Part                  II. | **Other                  Information**     |                                                                                                                     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  1.                   | Legal                  Proceedings                                                                                       | 15     |
|                      |                                       |                                                                                                                     |   |
|                      | Item 1A.                              | Risk                  Factors                                                                                            | 15     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  2.                   | Unregistered                  Sales of Equity Securities and Use of Proceeds                                             | 15     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  3.                   | Defaults                  Upon Senior Securities                                                                         | 16     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  4.                   | Submission                  of Matters to a Vote of Security Holders                                                     | 16     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  5.                   | Other                  Information                                                                                       | 16     |
|                      |                                       |                                                                                                                     |   |
|                      | Item                  6.                   | Exhibits                                                                                                                 | 16     |
|                      |                                       |                                                                                                                     |   |
|                      | SIGNATURES                                 | 16                                                                                                                       |
|                      |                                       |                                                                                                                     |
|                      | Exhibits                                   |                                                                                                                     |

----

**Polaris        Acquisition Corp.**

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

**BALANCE        SHEET**

|                                                                                                                                                                                                                                      |   | **June 30,** |            |                  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-----------------|-----------------------|--------|
|                                                                                                                                                                                                                                      |   | **2008**          |            | **December 31,** |   |
|                                                                                                                                                                                                                                      |   | **(unaudited)**   |            | **2007**              |   |
| **ASSETS**                                                                                                                                                                                                                                |   |              |            |                  |   |   |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| **Current                  Assets:**                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| Cash                                                                                                                                                                                                                                      |   | $                 | 82,519          |                  | $      | 12,801 |   |
| Investments                  Held in Trust                                                                                                                                                                                                |   |              | 150,466,762     |                  |   | - |   |
| Prepaid                  Expenses                                                                                                                                                                                                         |   |              | 103,365         |                  |   | - |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| Total                  Current Assets                                                                                                                                                                                                     |   |              | 150,652,646     |                  |   | 12,801 |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| Deferred                  Tax Asset                                                                                                                                                                                                       |   |              | 224,686         |                  |   | - |   |
| Deferred                  Offering Costs                                                                                                                                                                                                  |   |              | -               |                  |   | 175,802 |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| **Total                  Assets**                                                                                                                                                                                                         |   | **$**             | **150,877,332** |                  | **$**  | **188,603** |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                                                                                                                                                 |   |              |            |                  |   |   |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| **Current                  Liabilities:**                                                                                                                                                                                                 |   |              |            |                  |   |   |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| Accrued                  Operating Expenses                                                                                                                                                                                               |   | $                 | 201,114         |                  | $      | - |   |
| Income                  Taxes Payable                                                                                                                                                                                                     |   |              | 198,560         |                  |   | - |   |
| Accrued                  Offering Costs                                                                                                                                                                                                   |   |              | -               |                  |   | 51,365 |   |
| Due                  to Affiliate                                                                                                                                                                                                         |   |              | -               |                  |   | 12,911 |   |
| Note                  Payable to Affiliate                                                                                                                                                                                                |   |              | -               |                  |   | 100,000 |   |
| Deferred                  Underwriting Fee                                                                                                                                                                                                |   |              | 6,750,000       |                  |   | - |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| **Total                  Liabilities**                                                                                                                                                                                                    |   |              | 7,149,674       |                  |   | 164,276 |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| **Common                  Stock, subject to possible conversion of 4,499,999 shares at conversion                  value**                                                                                                                |   |              | 44,999,990      |                  |   | - |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| Commitments                  (Note 5)                                                                                                                                                                                                     |   |              |            |                  |   |   |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| **Stockholders'                  Equity**                                                                                                                                                                                                 |   |              |            |                  |   |   |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| Preferred                  stock, $.0001 par value Authorized 1,000,000 shares; none issued                  and                  outstanding                                                                                             |   |              | -               |                  |   | - |   |
| Common                  stock, $.0001 par value Authorized 55,000,000 shares Issued and                  outstanding 18,750,000 shares (which includes 4,499,999 shares                  subject to                  possible conversion) |   |              | 1,875           |                  |   | 518 |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| Additional                  Paid in Capital                                                                                                                                                                                               |   |              | 98,403,826      |                  |   | 24,482 |   |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| Income/(Deficit)                  Accumulated During the Development Stage                                                                                                                                                                |   |              | 321,967         |                  |   | (673 | ) |
|                                                                                                                                                                                                                                      |   |              |            |                  |   |   |   |
| **Total                  Stockholders' Equity**                                                                                                                                                                                           |   |              | 98,727,668      |                  |   | 24,327 |   |
|                                                                                                                                                                                                                                      |   |              |       |                  |   |    |   |
| **Total                  Liabilities and Stockholders' Equity**                                                                                                                                                                           |   | **$**             | **150,877,332** |                  | **$**  | **188,603** |   |

----

**Polaris        Acquisition Corp.**

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

**STATEMENT        OF OPERATIONS**

**(Unaudited)**

|                                                                    |   |                        |       | **Period From**        |   |                        |   | **Period From**        |       |
|-------------------------------------------------------------------------|--------|-----------------------------|------------|-----------------------------|--------|-----------------------------|--------|-----------------------------|------------|
|                                                                    |   | **For The Three** |       | **June 18, 2007** |   | **For The Six**   |   | **June 18, 2007** |       |
|                                                                    |   | **Months Ended**       |       | **(inception) to**     |   | **Months Ended**       |   | **(inception) to**     |       |
|                                                                    |   | **June 30, 2008** |       | **June 30, 2007** |   | **June 30, 2008** |   | **June 30, 2008** |       |
|                                                                    |   |                        |       |                        |   |                        |   |                        |       |
| Formation                  Costs                                        |   | $                           | -          |                        | $      | 1,062                       |   | $                           | -          |   | $ | 1,062 |   |
| Trustee                  Fees                                           |   |                        | 4,275      |                        |   | -                           |   |                        | 7,769      |   |   | 7,769 |   |
| Administrative                  Fees                                    |   |                        | 22,500     |                        |   | -                           |   |                        | 45,000     |   |   | 45,000 |   |
| Professional                  Fees                                      |   |                        | 26,593     |                        |   | -                           |   |                        | 51,108     |   |   | 51,108 |   |
| Operating                  Costs                                        |   |                        | 99,925     |                        |   | -                           |   |                        | 146,360    |   |   | 146,360 |   |
| Due                  Diligence Costs                                    |   |                        | 411,200    |                        |   | -                           |   |                        | 411,200    |   |   | 411,200 |   |
| Delaware                  Franchise Taxes                               |   |                        | 31,300     |                        |   | -                           |   |                        | 59,355     |   |   | 59,355 |   |
|                                                                    |   |                        |       |                        |   |                        |   |                        |       |   |   |   |   |
| Operating                  Loss                                         |   |                        | (595,793   | )                           |   | (1,062                      | )      |                        | (720,792   | ) |   | (721,854 | ) |
|                                                                    |   |                        |       |                        |   |                        |   |                        |       |   |   |   |   |
| Interest                  Income                                        |   |                        | 564,269    |                        |   | -                           |   |                        | 1,325,155  |   |   | 1,325,544 |   |
|                                                                    |   |                        |       |                        |   |                        |   |                        |       |   |   |   |   |
| Income                  (Loss) Before Provision For Income Taxes        |   |                        | (31,524    | )                           |   | (1,062                      | )      |                        | 604,363    |   |   | 603,690 |   |
|                                                                    |   |                        |       |                        |   |                        |   |                        |       |   |   |   |   |
| Provision                  For Income Taxes                             |   |                        | 21,257     |                        |   | -                           |   |                        | 281,723    |   |   | 281,723 |   |
|                                                                    |   |                        |       |                        |   |                        |   |                        |       |   |   |   |   |
| Net                  Income (Loss)                                      |   | $                           | (52,781    | )                           | $      | (1,062                      | )      | $                           | 322,640    |   | $ | 321,967 |   |
|                                                                    |   |                        |       |                        |   |                        |   |                        |       |   |   |   |   |
| Weighted                  average shares outstanding, basic and diluted |   |                        | 18,892,170 |                        |   | 5,175,000                   |   |                        | 17,759,959 |   |   | 11,218,437 |   |
|                                                                    |   |                        |       |                        |   |                        |   |                        |       |   |   |   |   |
| Basic                  and diluted net income per share                 |   | $                           | -          |                        | $      | -                           |   | $                           | 0.02       |   | $ | 0.03 |   |

----

**Polaris        Acquisition Corp.**

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

**STATEMENT        OF STOCKHOLDERS' EQUITY**

**For        the Period from June 18, 2007 (Inception) to June 30, 2008**

|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   | Income/(Deficit)       |        |          |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|------------------|--------|---------------------------|--------|------------------------|-------------|---------------|--------|
|                                                                                                                                                                                                                                                                                                |   | Common Stock |       | Additional  |   | Accumulated               |   | Total                  |        |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   | Paid - In  |   | During the        |        | Stockholders' |   |
|                                                                                                                                                                                                                                                                                                |   | Shares            |       | Amount           |   | Capital              |   | Development Stage |        | Equity        |   |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |
| Issuance                  of Units to Founders on June 18, 2007 at approximately $0.005 per                  share                                                                                                                                                                                  |   |              | 5,175,000  |             | $      | 518                       |   | $                      | 24,482      |          | $      | - |   | $ | 25,000 |   |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                                                                                                                                           |   |              | -          |             |   | -                         |   |                   | -           |          |   | (673 | ) |   | (673 | ) |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Balance                  at December 31, 2007                                                                                                                                                                                                                                                       |   |              | 5,175,000  |             |   | 518                       |   |                   | 24,482      |          |   | (673 | ) |   | 24,327 |   |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Contribution                  of shares to capital on January 11, 2008                                                                                                                                                                                                                              |   |              | (862,500   | )                |   | (87                       | )      |                   | 87          |          |   | - |   |   | - |   |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Sale                  of 4,500,000 Private Placement Warrants at $1 per warrant                                                                                                                                                                                                                     |   |              |       |             |   | -                         |   |                   | 4,500,000   |          |   | - |   |   | 4,500,000 |   |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Sale                  of 15,000,000 units on January 17, 2008 at $10 per unit through                  public                  offering (net of underwriter's                  discount and offering expenses) including                  4,499,999 shares subject to possible conversion |   |              | 15,000,000 |             |   | 1,500                     |   |                   | 138,879,191 |          |   | - |   |   | 138,880,691 |   |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Proceeds                  subject to possible conversion                                                                                                                                                                                                                                            |   |              | -          |             |   | -                         |   |                   | (44,999,990 | )             |   | - |   |   | (44,999,990 | ) |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Unaudited:                                                                                                                                                                                                                                                                                          |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Forfieted                  Founders shares on April 23, 2008                                                                                                                                                                                                                                        |   |              | (562,500   | )                |   | (56                       | )      |                   | 56          |          |   | - |   |   |   |   |
| Net                  Income                                                                                                                                                                                                                                                                         |   |              | -          |             |   | -                         |   |                   | -           |          |   | 322,640 |   |   | 322,640 |   |
|                                                                                                                                                                                                                                                                                                |   |              |       |             |   |                      |   |                   |        |          |   |   |   |   |   |   |
| Balance                  at June 30, 2008                                                                                                                                                                                                                                                           |   |              | 18,750,000 |             | $      | 1,875                     |   | $                      | 98,403,826  |          | $      | 321,967 |   | $ | 98,727,668 |   |

----

**Polaris        Acquisition Corp.**

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

**STATEMENT        OF CASH FLOWS**

**(Unaudited)**

|                                                                                                           |   |                            |         | **Period From**        |   | **Period From**        |   |
|----------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------------|-----------------------------|--------|-----------------------------|--------|
|                                                                                                           |   | **For The Six ** |         | **June 18, 2007** |   | **June 18, 2007** |   |
|                                                                                                           |   | **Months Ended**           |         | **(inception) to**     |   | **(inception) to**     |   |
|                                                                                                           |   | **June 30, 2008**     |         | **June 30, 2007** |   | **June 30, 2008** |   |
| **Cash                  Flows from Operating Activities**                                                      |   |                            |         |                        |   |                        |   |   |   |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| Net                  Income (Loss)                                                                             |   | $                               | 322,640      |                        | $      | (1,062                      | )      | $ | 321,967 |   |
| Adjustments                  to reconcile net income to net cash used in operating                  activities |   |                            |         |                        |   |                        |   |   |   |   |
| Increase                  in accrued operating expenses                                                        |   |                            | 201,114      |                        |   | 1,062                       |   |   | 201,114 |   |
| Increase                  in income taxes payables                                                             |   |                            | 198,560      |                        |   | -                           |   |   | 198,560 |   |
| Increase                  in prepaid expenses                                                                  |   |                            | (103,365     | )                           |   | -                           |   |   | (103,365 | ) |
| Interest                  earned on trust                                                                      |   |                            | (1,323,762   | )                           |   | -                           |   |   | (1,323,762 | ) |
| Increase                  in deferred tax asset                                                                |   |                            | (224,686     | )                           |   | -                           |   |   | (224,686 | ) |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| Net                  Cash Used in Operating Activities                                                         |   |                            | (929,499     | )                           |   | -                           |   |   | (930,172 | ) |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| **Cash                  Flows from Investing Activities**                                                      |   |                            |         |                        |   |                        |   |   |   |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| Investments                  placed in trust                                                                   |   |                            | (150,000,000 | )                           |   | -                           |   |   | (150,000,000 | ) |
| Disbursements                  from trust                                                                      |   |                            | 857,000      |                        |   | -                           |   |   | 857,000 |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| Net                  Cash Used in Investing Activities                                                         |   |                            | (149,143,000 | )                           |   | -                           |   |   | (149,143,000 | ) |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| **Cash                  Flows from Financing Activities**                                                      |   |                            |         |                        |   |                        |   |   |   |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| Proceeds                  from sale of units to public                                                         |   |                            | 150,000,000  |                        |   | -                           |   |   | 150,000,000 |   |
| Proceeds                  from private placement of warrants                                                   |   |                            | 4,500,000    |                        |   | -                           |   |   | 4,500,000 |   |
| Proceeds                  from sale of units to Founders                                                       |   |                            | -            |                        |   | 25,000                      |   |   | 25,000 |   |
| Proceeds                  from notes payable to affiliates of Founders                                         |   |                            | -            |                        |   | -                           |   |   | 100,000 |   |
| Payment                  of notes payable Founders                                                             |   |                            | (100,000     | )                           |   | -                           |   |   | (100,000 | ) |
| Proceeds                  from due to affiliates                                                               |   |                            | -            |                        |   | -                           |   |   | 12,911 |   |
| Payment                  of due to affiliates                                                                  |   |                            | (12,911      | )                           |   | -                           |   |   | (12,911 | ) |
| Payment                  of offering costs                                                                     |   |                            | (4,244,872   | )                           |   |                        |   |   | (4,369,309 | ) |
| Common                  Stock Subscription Receivable                                                          |   |                            | -            |                        |   | (25,000                     | )      |   | - |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| **Net                  Cash Provided by Financing Activities**                                                 |   |                            | 150,142,217  |                        |   | -                           |   |   | 150,155,691 |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| **Net                  Increase in Cash**                                                                      |   |                            | 69,718       |                        |   | -                           |   |   | 82,519 |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| **Cash                  at Beginning of Period**                                                               |   |                            | 12,801       |                        |   | -                           |   |   | - |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| **Cash                  at End of Period**                                                                     |   | $                               | 82,519       |                        | $      | -                           |   | $ | 82,519 |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| **Supplemental                  Disclosure of Noncash Financing Activities**                                   |   |                            |         |                        |   |                        |   |   |   |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| Accrual                  of deferred offering costs                                                            |   | $                               | -            |                        | $      | -                           |   | $ | - |   |
|                                                                                                           |   |                            |         |                        |   |                        |   |   |   |   |
| Accrual                  of deferred underwriting fee                                                          |   | $                               | 6,750,000    |                        | $      | -                           |   | $ | 6,750,000 |   |

----

**POLARIS      ACQUISITION CORP.**

**(A      CORPORATION IN THE DEVELOPMENT STAGE)**

**NOTES      TO UNAUDITED FINANCIAL STATEMENTS**

| **Note              1.**  | **BASIS              OF PRESENTATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                           | The                financial                statements of Polaris Acquisition Corp. (the “Company”) at June 30, 2008,                for the six months ended June 30, 2008, for the period June 18, 2007                (inception) to June 30, 2007 and for the period from June 18, 2007                (inception) to June 30, 2008 (cumulative), are unaudited. In the                opinion                of management, all adjustments (consisting of normal accruals) have                been                made that are necessary to present fairly the financial position                of the                Company as of June 30, 2008 and the results of its operations and                its cash                flows for the six months ended June 30, 2008, for the period June                18, 2007                (inception) to June 30, 2007 and for the period from June 18, 2007                (inception) to June 30, 2008. Operating results for the interim periods                are not necessarily indicative of the results to be expected for                a full                fiscal year. The December 31, 2007 balance sheet has been derived                from the audited financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                           | The                statements and related notes have been prepared pursuant to the rules                and                regulations of the U.S. Securities and Exchange Commission. Accordingly,                certain information and footnote disclosures normally included in                financial statements prepared in accordance with generally accepted                accounting principles may be omitted pursuant to such rules and                regulations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **Note                2.**     | **ORGANIZATION                AND BUSINESS OPERATIONS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                           | Polaris                Acquisition Corp. (the "Company") was incorporated in Delaware on                June 18,                2007 for the purpose of effecting a merger, stock exchange, asset                acquisition, stock purchase, reorganization or other similar business                combination with an operating business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                           | The                registration statement for the Company's Offering (as described in                Note 3)                was declared effective on January 14, 2008. The Company consummated                the                Offering on January 17, 2008, and received gross proceeds of approximately                $154,500,000, including $4,500,000 of proceeds from the private placement                ("the Private Placement") sale of 4,500,000 sponsors’ warrants to certain                affiliates of the Company. The net proceeds were approximately                $143,381,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                           | The                Company's management has broad discretion with respect to the specific                application of the net proceeds of this Offering, although substantially                all of the net proceeds of this Offering are intended to be generally                applied toward consummating a business combination with an operating                business ("Business Combination"). There is no assurance that the                Company                will be able to successfully effect a Business Combination. Upon                the                closing of the Offering and Private Placement, $150,000,000, including                $6,750,000 of the underwriters' discounts and commissions (as described                in                Note 3), is being held in a trust account ("Trust Account") and invested                in United States "government securities" within the meaning of Section                2(a)(16) of the Investment Company Act of 1940 having a maturity                of 180                days or less or in money market funds meeting certain conditions                under                Rule 2a-7 promulgated under the Investment Company Act of 1940 until                the                earlier of (i) the consummation of its first Business Combination                and (ii)                liquidation of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                           | The                Placing of funds in the Trust Account may not protect those funds                from                third party claims against the Company. Although the Company will                seek to                have all vendors, providers of financing, prospect target businesses                or                other entities it engages, execute agreements with the Company waiving                any                right, title, interest or claim of any kind in or to any monies held                in                the Trust Account, there is no guarantee that they will execute such                agreements or that such agreements, if executed, will insure that                no                claims are filed against the Trust. Two of the Company's affiliates                have                agreed that they will be liable under certain circumstances to ensure                that                the proceeds in the Trust Account are not reduced by the claims of                target                businesses or vendors, providers of financing, service providers                or other                entities that are owed money by the Company for services rendered                to or                contracted for or products sold to the Company. There can be no assurance                that they will be able to satisfy those obligations. The net proceeds                not                held in the Trust Account may be used to pay for business, legal                and                accounting due diligence on prospective acquisitions and continuing                general and administrative expenses. Additionally, up to an aggregate                of                1,800,000 of interest earned on the Trust Account balance may be                released                to the Company to fund working capital requirements and additional                funds                may be released to fund tax                obligations. |

----

| **Note                2.** | **ORGANIZATION                AND BUSINESS OPERATIONS-Continued**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | The                Company, after signing a definitive agreement for the acquisition                of a                target business, is required to submit such transaction for stockholder                approval. In the event that stockholders owning 30% or more of the                shares                sold in the Offering vote against the Business Combination and exercise                their conversion rights described below, the Business Combination                will not                be consummated. All of the Company's stockholders prior to the Offering                ("Founders"), have agreed to vote their founding shares of common                stock in                accordance with the vote of the majority of the shares voted by all                other                stockholders of the Company ("Public Stockholders") with respect                to any                Business Combination. After consummation of a Business Combination,                these                voting safeguards will no longer be applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | With                respect to a Business Combination which is approved and consummated,                any                Public Stockholder who voted against the Business Combination may                demand                that the Company convert his or her shares. The per share conversion                price                will equal the amount in the Trust Account, calculated as of two                business                days prior to the consummation of the proposed Business Combination,                divided by the number of shares of common stock held by Public                Stockholders at the consummation of the Offering. Accordingly, Public                Stockholders holding 4,499,999 shares sold in the Offering may seek                conversion of their shares in the event of a Business Combination.                Such                Public Stockholders are entitled to receive their per share interest                in                the Trust Account computed without regard to the shares of common                stock                held by the Founders prior to the consummation of the Offering.                Accordingly, a portion of the net proceeds from the Offering (29.99%                of                the amount held in Trust Fund, including the deferred portion of                the                underwriters' discount and commission) has been classified as common                stock                subject to possible conversion on the accompanying June 30, 2008                balance                sheet. |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | The                Company's Certificate of Incorporation provides that the Company                will                continue in existence only until 24 months from the Effective Date                of the                Offering. If the Company has not completed a Business Combination                by such                date, its corporate existence will cease and it will dissolve and                liquidate for the purposes of winding up its affairs. In the event                of                liquidation, it is likely that the per share value of the residual                assets                remaining available for distribution (including Trust Fund assets)                will be                less than the initial public offering price per share in the Offering                (assuming no value is attributed to the Warrants contained in the                Units to                be offered in the Offering discussed in Note 3).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | **CONCENTRATION                OF CREDIT RISK**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | The                Company maintains cash in a bank deposit account which, at times,                exceeds                federally insured (FDIC) limits. The Company has not experienced                any                losses on this account.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | **DEFERRED                INCOME TAXES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | Deferred                income taxes are provided for the differences between bases of assets                and                liabilities for financial reporting and income tax purposes. A valuation                allowance is established when necessary to reduce deferred tax assets                to                the amount expected to be realized.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | **INCOME                PER COMMON SHARE**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | Income                per share is computed by dividing net income by the weighted-average                number of shares of common stock outstanding during the period. The                effect                of the 15,000,000 outstanding warrants issued in connection with                the                Offering, the 4,500,000 outstanding warrants issued in connection                with the                Founders' initial unit purchase and the 4,500,000 outstanding warrants                issued in connection with the Private Placement has not been considered                in                diluted income per share calculations since the warrants cannot be                exercised until the later of the Company’s initial business combination or                January 11, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | **USE                OF ESTIMATES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       | The                preparation of financial statements in conformity with accounting                principles generally accepted in the United States of America requires                management to make estimates and assumptions that affect the reported                amounts of assets and liabilities at the date of the financial statements                and the reported amounts of expenses during the reporting period.                Actual                results could differ from those estimates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

----

| **Note                2.**       | **ORGANIZATION                AND BUSINESS OPERATIONS-Continued**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                             | **FAIR                VALUE OF FINANCIAL INSTRUMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                             | The                fair values of the Company's assets and liabilities that qualify                as                financial instruments under SFAS No. 107 "Disclosures about Fair                Value of                Financial Instrument," approximate their carrying amounts presented                in the                balance sheet at June 30, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                             | The                Company accounts for derivative instruments, if any, in accordance                with                SFAS No. 133 "Accounting for Derivative Instruments and Hedging                Activities" as amended ("SFAS 133"), which establishes accounting                and                reporting standards of derivative instruments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                             | **NEW                ACCOUNTING PRONOUNCEMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                             | In                July 2006, the Financial Accounting Standards Board ("FASB") issued                FASB                Interpretation No. 48, "Accounting for Uncertainty in Income Taxes,"                an                interpretation of FASB Statement No. 109 ("FIN 48"), which provides                criteria for the recognition, measurement, presentation and disclosure                of                uncertain tax position. A tax benefit from an uncertain position                may be                recognized only if it is "more likely than not" that the position                is                sustainable based on its technical merits. The provisions of FIN                48 are                effective for fiscal years beginning after December 15, 2006. The                adoption                of FIN 48 did not have a material effect on the Company's financial                condition or results of operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                             |  The                Company does not believe that any recently issued, but not yet effective,                accounting standards if currently adopted would have a material effect                on                the accompanying financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  **Note                3.** |  **INITIAL                PUBLIC OFFERING**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                             | On                January 17, 2008 the Company sold 15,000,000 units ("Units") in the                Offering at a price of $10 per Unit. Each Unit consists of one share                of                the Company's common stock and one Redeemable Common Stock Purchase                Warrant ("Warrants"). Each Warrant will entitle the holder to purchase                from the Company one share of common stock at an exercise price of                $7.00                commencing at the later of the completion of a Business Combination                and                January 11, 2009, and expiring on January 10, 2012, four years from                the                effective date of the Offering. The Company may redeem all of the                Warrants, at a price of $.01 per Warrant upon 30 days' notice while                the                Warrants are exercisable, only in the event that the last sale price                of                the Company’s common stock is equals or exceeds $14.25 per share for any                20 trading days within a 30 trading day period ending three business                days                prior to the date on which notice of redemption is given. In accordance                with the warrant agreement relating to the Warrants to be sold and                issued                in the Offering, the Company is required to use its best efforts                to                maintain the effectiveness of the registration statement covering                the                Warrants. The Company will not be obligated to deliver securities,                and                there are no contractual penalties for failure to deliver securities,                if a                registration statement is not effective at the time of exercise.                Additionally, in the event that a registration statement is not effective                at the time of exercise, the Warrant holders shall not be entitled                to                exercise their Warrants and in no event (whether in the case of a                registration statement not being effective or otherwise) will the                Company                be required to net cash settle the warrant exercise. Consequently,                the                Warrants may expire unexercised and                unredeemed. |

----

|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Note                3.** | **INITIAL                PUBLIC OFFERING-Continued**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       | The                Company entered into an agreement with the underwriters of the Offering                (the "Underwriting Agreement"). The Underwriting Agreement requires                the                Company to pay 2.5% of the gross proceeds of the Offering as an                underwriting discount plus an additional 4.5% of the gross proceeds                of the                Offering only upon consummation of a Business Combination. The Company                paid an underwriting discount of 2.5% of the gross proceeds of the                Offering ($3,750,000) in connection with the consummation of the                Offering                and has placed 4.5% of the gross proceeds of the Offering ($6,750,000)                in                the Trust Account. The Company did not have to pay any discount related                to                the Sponsors' Warrants sold on a private basis. The underwriters                have                waived their right to receive payment of the 4.5% of the gross proceeds                for the Offering upon the Company's liquidation if the Company is                unable                to complete a Business Combination.                                                                                                                             |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       | Pursuant                to purchase agreements, certain of the Initial Stockholders have                purchased                from the Company, in the aggregate, 4,500,000 warrants for $4,500,000                (the                Sponsors' Warrants). The purchase and issuance of the Sponsors' Warrants                occurred simultaneously with the consummation of the Offering on                a private                placement basis. All of the proceeds the Company received from these                purchases were placed in the Trust Account. The Sponsors' Warrants                are                identical to the Warrants included in the Units being offered in                the                Offering except that if the Company calls the warrants for redemption,                the                Sponsors' Warrants will be exercisable on a cashless basis so long                as such                warrants are held by the initial purchasers or their affiliates.                The                Sponsors' Warrants may not be sold or transferred until 45 days after                the                consummation of a Business Combinations. The purchase price of the                Sponsors' Warrants has been determined to be the fair value of such                warrants as of the purchase date. |

 

| **Note                4.** | **NOTE                PAYABLE TO AFFILIATE AND RELATED PARTY                TRANSACTIONS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | The                Company issued an aggregate $100,000 unsecured promissory note to                an                affiliated company on July 12, 2007. The note was non-interest bearing                and                was payable on the earlier of the consummation of the Offering by                the                Company or July 12, 2008. The note was repaid from the net proceeds                of the                Offering.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | An                affiliated company advanced $12,911. No formal repayment arrangement                was                in place and no interest was due on the advance. The advance was                repaid.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | The                Company has entered into an administrative service agreement with                an                affiliated company as more fully described in Note 5                below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **Note                5.** | **COMMITMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | **PLAN                OF MERGER**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | On                June 13, 2008, Polaris Acquisition Corp. (“Polaris”) entered into an                Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which it                has agreed to merge (the “Merger”) with Hughes Telematics, Inc.                (“HTI”).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | At                the closing of the Merger, all the outstanding shares of HTI common                stock                shall be converted into the right to receive, in the aggregate,                approximately 45 million shares of Polaris common stock. In addition,                holders of Polaris common stock shall be entitled to receive an aggregate                of approximately 29 million “earnout” shares of Polaris common stock, in                three tranches, which will be issued into escrow at the closing of                the                Merger and released to HTI shareholders upon the achievement of certain                share price targets over the five-year period following closing.                Outstanding options exercisable for shares of HTI common stock will                roll                over in the Merger to become options exercisable for shares of Polaris                common stock. |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | The                number of shares of Polaris common stock received by HTI shareholders                at                the closing will be subject to possible adjustments, including the                issuance of additional shares of Polaris common stock for the value                of                equity raised by HTI prior to closing, if any, and for a cash shortfall                in                the trust account of Polaris below an agreed upon                amount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | The                obligations of HTI and Polaris to complete the Merger are subject                to the                satisfaction or waiver by the other party at or prior to the closing                date                of various customary conditions, including (i) the receipt of all                required                regulatory approvals and consents, (ii) the approval of the Merger                by                Polaris’ stockholders, (iii) subject to certain exceptions and materiality                thresholds, the accuracy of the representations and warranties of                the                other party and (iv) compliance of the other party with its covenants,                subject to specified materiality thresholds.                                                                                                                                                                                             |

----

|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       | **OTHER                COMMITMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       | The                Company has agreed to pay up to $7,500 a month in total for office                space                and general and administrative services to an affiliated company.                Services                will commence on the effective date of the offering and will terminate                upon the earlier of (i) the completion of the Business Combination,                or                (ii) the Company's liquidation. ** **The                Company has incurred $45,000 related to this agreement which is included                in Administrative and General Expenses. |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       | Pursuant                to letter agreements which the Founders have entered into with the                Company                and the underwriters, the Founders have waived their right to receive                distributions with respect to their founding shares upon the Company's                liquidation.                                                                                                                                                                                                                                                                                              |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Note                6.** | **PREFERRED                STOCK**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       | The                Company is authorized to issue 1,000,000 shares of preferred stock                with                such designations, voting and other rights and preferences as may                be                determined from time to time by the Board of Directors.                                                                                                                                                                                                                                                                                                                                        |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       | The                agreement with the underwriters prohibits the Company, prior to a                Business                Combination, from issuing preferred stock which participates in the                proceeds of the Trust Account or which votes as a class with the                Common                Stock on a Business Combination.                                                                                                                                                                                                                                                                      |

| **Note                7.**     | **COMMON                STOCK**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                           | On                June 18, 2007, 4,312,500 shares of common stock were issued to nine                (9)                stockholders (initial stockholders). Such shares were purchased at                an                average purchase price of approximately $0.006 per share. Effective                November 8, 2007, the Company's Board of Directors authorized a stock                dividend of 0.2 share of common stock for each outstanding share                of common                stock. All references in the accompanying financial statements to                the                number of shares of stock have been retroactively restated to reflect                this                transaction. In January, 2008, the initial stockholders contributed                an                aggregate of 862,500 shares back to capital. The over-allotment option                was                not exercised and the initial stockholders forfeited 562,500 shares                on                April 23, 2008 to maintain a 20% ownership of the common shares after                the                offering. |
|                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **Note              8**.  | **INCOME              TAXES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

| Current:                      |   |   |     |   |
|-------------------------------|--------|--------|----------|--------|
| Federal                       |   | $      | 392,487  |   |
| State                         |   |   | 113,922  |   |
| Total                Current  |   |   | 506,409  |   |
| Deferred:                     |   |   |     |   |
| Federal                       |   |   | (224,686 | )      |
| State                         |   |   | -        |   |
| Total                Deferred |   |   | (224,686 | )      |
|                          |   |   |     |   |
|                          |   | $      | 281,723  |   |

| Expense                deferred for income tax purposes |   | $      | 264,057 |   |
|---------------------------------------------------------|--------|--------|---------|--------|
| Valuation                allowance                      |   |   | (39,371 | )      |
|                                                    |   | $      | 224,686 |   |

----

| Statutory                U.S. federal rate               |   |   | 34.00 | % |
|----------------------------------------------------------|--------|--------|-------|---|
| State                income taxes, net of federal effect |   |   | 5.96  | % |
| Non-deductible                expenses                   |   |   | -     | % |
| Valuation                allowance                       |   |   | 6.64  | % |
| Effective                Tax Rate                        |   |   | 46.60 | % |

| **ITEM 2.** | **MANAGEME****NT’S                DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF                OPERATIONS** |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------|

**Forward      Looking Statements**

**Critical      Accounting Policies**

**Overview**

----

| Net                proceeds from our initial public offering and private placement of                warrants placed in trust |   | $      | 143,250,000 |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|
| Deferred                underwriters' discounts and commissions                                                               |   |   | 6,750,000   |   |
| Total                interest received through June 30, 2008                                                                  |   |   | 1,323,762   |   |
| Withdrawals                for operating expense through June 30, 2008                                                        |   |   | (550,000    | )      |
| Withdrawals                for tax obligations through June 30, 2008                                                          |   |   | (307,000    | )      |
|                                                                                                                          |   |   |        |   |
| Total                funds held in trust account as of June 30, 2008                                                          |   | $      | 150,466,762 |   |
|                                                                                                                          |   |   |        |   |

**Merger      with Hughes Telematics, Inc.**

----

**Results      of Operations **

**For      The Three Month Period Ended June 30, 2008**

**For      The Six Month Period Ended June 30, 2008**

**Liquidity      and Capital Resources**

----

**Liquidity      and Capital Resources-Continued**

**Off-Balance      Sheet Arrangements**

| **ITEM 3.** | **QUANTITATIVE                AND QUALITATIVE DISCLOSURES ABOUT MARKET                RISK** |
|------------------|----------------------------------------------------------------------------------------------|

| **ITEM 4.** | **CONTROLS                AND PROCEDURES** |
|------------------|--------------------------------------------|

**PART      II – OTHER INFORMATION**

| **ITEM 1.** | **LEGAL                PROCEEDINGS** |
|------------------|--------------------------------------|

| **ITEM 1A.** | **RISK                FACTORS** |
|-------------------|---------------------------------|

| **ITEM 2.** | **UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF                PROCEEDS** |
|------------------|-----------------------------------------------------------------------------------------------|

----

| **ITEM 3.** | **DEFAULTS                UPON SENIOR SECURITIES** |
|------------------|----------------------------------------------------|

| **ITEM 4.** | **SUBMISSION                OF MATTERS TO A VOTE OF SECURITY                HOLDERS** |
|------------------|---------------------------------------------------------------------------------------|

| **ITEM 5.** | **OTHER                INFORMATION** |
|------------------|--------------------------------------|

| **ITEM 6.** | **EXHIBITS** |
|------------------|--------------|

| **Exhibit No.** |   | **Description**                                                                                                |
|----------------------|--------|----------------------------------------------------------------------------------------------------------------|
| 31.1                 |   | Section 302                Certification of Chief Executive Officer                                       |
|                 |   |
| 32.1                 |   | Section                906 Certification of Chief Executive Officer and Chief Financial                Officer |

**SIGNATURES**

|                           | POLARIS                ACQUISITION CORP. |
|--------------------------------|------------------------------------------|
|                           |                                     |
| August                11, 2008 | By:                                      | /s/                Marc Byron |
|                           |                                     | Marc                Byron |
|                           |                                     | Chairman                and Chief Executive Officer(Principal                  Executive Officer and Principal Accounting                  and Financial Officer) |

----