*Table        of Contents*

----

----

| **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 September 30, 2008.**                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                              |
|   | **or**                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                         |
| o      | **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** |   | **(I.R.S.                Employer**    |
| **Incorporation                or Organization)**  |   | **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)**        |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Indicate                by check mark whether the registrant: (1) has filed all reports required                to be filed by Section 13 or 15(d) of the Securities Exchange Act                of 1934                during the preceding 12 months (or for such shorter period that the                registrant was required to file such reports), and (2) has been subject                to                such filing requirements for the past 90 days. Yes x                    No o |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Indicate                by check mark whether the registrant is a large accelerated filer,                an                accelerated filer, or a non-accelerated filer. See definition of                “accelerated filer and large accelerated filer” in Rule 12b-2 of the                Exchange. (Check one):                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Large                Accelerated Filer o                    Accelerated Filer o                    Non-Accelerated Filer x                    Smaller Reporting Company o                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Indicate                by check mark whether the registrant is a shell company (as defined                in                Rule 12b-2 of the Exchange Act). Yes x                    No o                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| There                were 18,750,000 shares of the Registrant's common stock issued and                outstanding as of October 31, 2008.                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

----

----

*Table        of Contents*

| **Polaris                  Acquisition Corp.**                  |
|-----------------------------------------------------------------|
| **(                  a corporation in the development stage )** |
| **TABLE                  OF CONTENTS**                          |
| **As                  of September 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 | 13     |
|                                                                      |                                                                                                                     |   |
| Item                  3.                                                  | Quantitative                  and Qualitative Disclosures About Market                  Risk                             | 16     |
|                                                                      |                                                                                                                     |   |
| Item                  4.                                                  | Controls                  and Procedures                                                                                 | 16     |
|                                                                      |                                                                                                                     |   |
| **Part                  II. Other Information**                           |                                                                                                                     |
|                                                                      |                                                                                                                     |   |
| Item                  1.                                                  | Legal                  Proceedings                                                                                       | 16     |
|                                                                      |                                                                                                                     |   |
| Item                  1A.                                                 | Risk                  Factors                                                                                            | 16     |
|                                                                      |                                                                                                                     |   |
| Item                  2.                                                  | Unregistered                  Sales of Equity Securities and Use of                  Proceeds                            | 16     |
|                                                                      |                                                                                                                     |   |
| Item                  3.                                                  | Defaults                  Upon Senior Securities                                                                         | 17     |
|                                                                      |                                                                                                                     |   |
| Item                  4.                                                  | Submission                  of Matters to a Vote of Security                  Holders                                    | 17     |
|                                                                      |                                                                                                                     |   |
| Item                  5.                                                  | Other                  Information                                                                                       | 17     |
|                                                                      |                                                                                                                     |   |
| Item                  6.                                                  | Exhibits                                                                                                                 | 17     |
|                                                                      |                                                                                                                     |   |
| SIGNATURES                                                                | 17                                                                                                                       |
|                                                                      |                                                                                                                     |   |
| Exhibits                                                                  |                                                                                                                     |

----

*Table          of Contents*

**PART      I.  FINANCIAL INFORMATION**

**ITEM      1.  CONDENSED FINANCIAL      STATEMENTS**

| **Polaris                  Acquisition Corp.**                  |
|-----------------------------------------------------------------|
| **(                  a corporation in the development stage )** |
| **CONDENSED                  BALANCE                  SHEET**   |

|                                                                                                                                             |   | **September                  30,** |            |                              |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|-----------------|-----------------------------------|--------|
|                                                                                                                                             |   | **2008**                           |            | **December                  31,** |   |
|                                                                                                                                             |   | **(unaudited)**                    |            | **2007**                          |   |
| **ASSETS**                                                                                                                                       |   |                               |            |                              |   |
|                                                                                                                                             |   |                               |            |                              |   |
| **Current                  Assets:**                                                                                                             |   |                               |            |                              |   |
|                                                                                                                                             |   |                               |            |                              |   |
| Cash                                                                                                                                             |   | $                                  | 103,550         |                              | $      | 12,801 |   |
| Investments                  Held in Trust                                                                                                       |   |                               | 150,579,302     |                              |   | — |   |
| Prepaid                  Expenses                                                                                                                |   |                               | 76,257          |                              |   | — |   |
| Total                  Current Assets                                                                                                            |   |                               | 150,759,109     |                              |   | 12,801 |   |
|                                                                                                                                             |   |                               |            |                              |   |   |   |
| Deferred                  Tax Asset                                                                                                              |   |                               | 349,744         |                              |   | — |   |
| Deferred                  Offering Costs                                                                                                         |   |                               | —         |                              |   | 175,802 |   |
| **Total                  Assets**                                                                                                                |   | **$**                              | **151,108,853** |                              | **$**  | **188,603** |   |
|                                                                                                                                             |   |                               |            |                              |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                                                        |   |                               |            |                              |   |   |   |
|                                                                                                                                             |   |                               |            |                              |   |   |   |
| **Current                  Liabilities:**                                                                                                        |   |                               |            |                              |   |   |   |
|                                                                                                                                             |   |                               |            |                              |   |   |   |
| Accrued                  Operating Expenses                                                                                                      |   | $                                  | 238,812         |                              | $      | — |   |
| Income                  Taxes Payable                                                                                                            |   |                               | 253,757         |                              |   | — |   |
| Accrued                  Offering Costs                                                                                                          |   |                               | —         |                              |   | 51,365 |   |
| Due                  to Affiliate                                                                                                                |   |                               | —         |                              |   | 12,911 |   |
| Note                  Payable to Affiliate                                                                                                       |   |                               | —         |                              |   | 100,000 |   |
| Deferred                  Underwriting Fee                                                                                                       |   |                               | 6,750,000       |                              |   | — |   |
| **Total                  Liabilities**                                                                                                           |   |                               | 7,242,569       |                              |   | 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)                  and 5,175,000 shares                                                                                                |   |                               | 1,875           |                              |   | 518 |   |
|                                                                                                                                             |   |                               |            |                              |   |   |   |
| Additional                  Paid in Capital                                                                                                      |   |                               | 98,403,826      |                              |   | 24,482 |   |
|                                                                                                                                             |   |                               |            |                              |   |   |   |
| Income/(Deficit)                  Accumulated During the Development Stage                                                                       |   |                               | 460,593         |                              |   | (673 | ) |
| **Total                  Stockholders' Equity**                                                                                                  |   |                               | 98,866,294      |                              |   | 24,327 |   |
| **Total                  Liabilities and Stockholders' Equity**                                                                                  |   | **$**                              | **151,108,853** |                              | **$**  | **188,603** |   |
|                                                                                                                                             |   |                               |            |                              |   |   |   |
|                                                                                                                                                  |   |                               |            |                              |   |   |   |

----

*Table          of Contents*

| **Polaris                  Acquisition Corp.**                  |
|-----------------------------------------------------------------|
| **(                  a corporation in the development stage )** |
| **CONDENSED                  STATEMENT OF OPERATIONS**          |
| **(Unaudited)**                                                 |

|                                                                    |   |                                    |       |                                    |   |                                    |   | **Period                  From**        |      | **Period                  From**        |   |
|-------------------------------------------------------------------------|--------|-----------------------------------------|------------|-----------------------------------------|--------|-----------------------------------------|--------|-----------------------------------------|-----------|-----------------------------------------|--------|
|                                                                    |   | **For                  The Three**      |       | **For                  The Nine**       |   | **For                  The Three**      |   | **June                  18, 2007**      |      | **June                  18, 2007**      |   |
|                                                                    |   | **Months                  Ended**       |       | **Months                  Ended**       |   | **Months                  Ended**       |   | **(inception)                  to**     |      | **(inception)                  to**     |   |
|                                                                    |   | **September                  30, 2008** |       | **September                  30, 2008** |   | **September                  30, 2007** |   | **September                  30, 2007** |      | **September                  30, 2008** |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |
| Formation                  Costs                                        |   | $                                       | —    |                                    | $      | —                                 |   | $                                       | —   |                                    | $      | 1,062 |   | $ | 1,062 |   |
| Trustee                  Fees                                           |   |                                    | 4,275      |                                    |   | 12,044                                  |   |                                    | —   |                                    |   | — |   |   | 12,044 |   |
| Administrative                  Fees                                    |   |                                    | 22,500     |                                    |   | 67,500                                  |   |                                    | —   |                                    |   | — |   |   | 67,500 |   |
| Professional                  Fees                                      |   |                                    | 69,146     |                                    |   | 120,254                                 |   |                                    | —   |                                    |   | — |   |   | 120,254 |   |
| Operating                  Costs                                        |   |                                    | 83,827     |                                    |   | 230,187                                 |   |                                    | —   |                                    |   | — |   |   | 230,187 |   |
| Due                  Diligence Costs                                    |   |                                    | 188,364    |                                    |   | 599,564                                 |   |                                    | —   |                                    |   | — |   |   | 599,564 |   |
| Delaware                  Franchise Taxes                               |   |                                    | 26,387     |                                    |   | 85,742                                  |   |                                    | —   |                                    |   | — |   |   | 85,742 |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |
| Operating                  Expenses                                     |   |                                    | (394,499   | )                                       |   | (1,115,291                              | )      |                                    | —   |                                    |   | (1,062 | ) |   | (1,116,353 | ) |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |
| Interest                  Income                                        |   |                                    | 661,886    |                                    |   | 1,987,041                               |   |                                    | 320       |                                    |   | 320 |   |   | 1,987,430 |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |
| Income                  (Loss) Before Provision For Income Taxes        |   |                                    | 267,387    |                                    |   | 871,750                                 |   |                                    | 320       |                                    |   | (742 | ) |   | 871,077 |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |
| Provision                  For Income Taxes                             |   |                                    | 128,761    |                                    |   | 410,484                                 |   |                                    | —   |                                    |   | — |   |   | 410,484 |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |
| Net                  Income (Loss)                                      |   | $                                       | 138,626    |                                    | $      | 461,266                                 |   | $                                       | 320       |                                    | $      | (742 | ) | $ | 460,593 |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |
| Weighted                  average shares outstanding, basic and diluted |   |                                    | 18,750,000 |                                    |   | 18,092,381                              |   |                                    | 5,175,000 |                                    |   | 5,175,000 |   |   | 12,689,570 |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |
| Basic                  and diluted net income per share                 |   | $                                       | 0.01       |                                    | $      | 0.03                                    |   | $                                       | —   |                                    | $      | — |   | $ | 0.04 |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |
|                                                                    |   |                                    |       |                                    |   |                                    |   |                                    |      |                                    |   |   |   |   |   |   |

----

*Table          of Contents*

|                                                                                                      |
|-----------------------------------------------------------------------------------------------------------|
| **Polaris                  Acquisition Corp.**                                                            |
| **(                  a corporation in the development stage )**                                           |
| **CONDENSED                  STATEMENT OF STOCKHOLDERS'                  EQUITY**                         |
| **For                  the Period from June 18, 2007 (Inception) to September 30,                  2008** |

|                                                                            |   |                          |       |                       |   |                        |   | Income/(Deficit)                   |        |   |   |
|---------------------------------------------------------------------------------|--------|-------------------------------|------------|----------------------------|--------|-----------------------------|--------|------------------------------------|-------------|--------|--------|
|                                                                            |   |                               |       |                       |   | Additional                  |   | Accumulated                        |        | Total  |   |
|                                                                            |   | Common                  Stock |       | 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:                                                                      |   |                          |       |                       |   |                        |   |                               |        |   |   |   |   |   |   |   |
|                                                                            |   |                          |       |                       |   |                        |   |                               |        |   |   |   |   |   |   |   |
| Forfeited                  Founders shares on April 23, 2008                    |   |                          | (562,500   | )                          |   | (56                         | )      |                               | 56          |   |   | — |   |   |   |   |
| Net                  Income                                                     |   |                          | —    |                       |   | —                     |   |                               | —     |   |   | 461,266 |   |   | 461,266 |   |
|                                                                            |   |                          |       |                       |   |                        |   |                               |        |   |   |   |   |   |   |   |
| Balance                  at September 30, 2008                                  |   |                          | 18,750,000 |                       | $      | 1,875                       |   | $                                  | 98,403,826  |   | $      | 460,593 |   | $ | 98,866,294 |   |
|                                                                            |   |                          |       |                       |   |                        |   |                               |        |   |   |   |   |   |   |   |
|                                                                            |   |                          |       |                       |   |                        |   |                               |        |   |   |   |   |   |   |   |

----

*Table          of Contents*

|                                                            |
|-----------------------------------------------------------------|
| **Polaris                  Acquisition Corp.**                  |
| **(                  a corporation in the development stage )** |
| **CONDENSED                  STATEMENT OF CASH FLOWS**          |
| **(Unaudited)**                                                 |

|                                                                                                                                                 |   |                                     |         |                                    |   |                                    |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|--------------|-----------------------------------------|--------|-----------------------------------------|--------|
|                                                                                                                                                 |   |                                     |         | **Period                  From**        |   | **Period                  From**        |   |
|                                                                                                                                                 |   |  **For                  The Nine**       |         | **June                  18, 2007**      |   | **June                  18, 2007**      |   |
|                                                                                                                                                 |   |  **Months                  Ended**       |         | **(inception)                  to**     |   | **(inception)                  to**     |   |
|                                                                                                                                                 |   |  **September                  30, 2008** |         | **September                  30, 2007** |   | **September                  30, 2008** |   |
| **Cash                  Flows from Operating Activities**                                                                                            |   |                                     |         |                                    |   |                                    |   |
|                                                                                                                                                 |   |                                     |         |                                    |   |                                    |   |
| Net                  Income (Loss)                                                                                                                   |   | $                                             | 461,266      |                                    | $      | (742                                    | )      | $ | 460,593 |   |
| Adjustments                  to reconcile net income (loss) to net cash (used in) provided by                  operating                  activities |   |                                          |         |                                    |   |                                    |   |   |   |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| Increase                  in accrued operating expenses                                                                                              |   |                                          | 238,812      |                                    |   | 1,000                                   |   |   | 238,812 |   |
| Increase                  in income taxes payables                                                                                                   |   |                                          | 253,757      |                                    |   | —                                 |   |   | 253,757 |   |
| Increase                  in prepaid expenses                                                                                                        |   |                                          | (76,257      | )                                       |   | —                                 |   |   | (76,257 | ) |
| Interest                  earned on trust                                                                                                            |   |                                          | (1,984,902   | )                                       |   | —                                 |   |   | (1,984,902 | ) |
| Increase                  in deferred tax asset                                                                                                      |   |                                          | (349,744     | )                                       |   | —                                 |   |   | (349,744 | ) |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| Net                  Cash (Used in) provided by Operating Activities                                                                                 |   |                                          | (1,457,068   | )                                       |   | 258                                     |   |   | (1,457,741 | ) |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| **Cash                  Flows from Investing Activities**                                                                                            |   |                                          |         |                                    |   |                                    |   |   |   |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| Investments                  placed in trust                                                                                                         |   |                                          | (150,000,000 | )                                       |   | —                                 |   |   | (150,000,000 | ) |
| Disbursements                  from trust                                                                                                            |   |                                          | 1,405,600    |                                    |   | —                                 |   |   | 1,405,600 |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| Net                  Cash Used in Investing Activities                                                                                               |   |                                          | (148,594,400 | )                                       |   | —                                 |   |   | (148,594,400 | ) |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| **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                                 |   |   | 100,000 |   |
| Payment                  of notes payable Founders                                                                                                   |   |                                          | (100,000     | )                                       |   | —                                 |   |   | (100,000 | ) |
| Proceeds                  from due to affiliates                                                                                                     |   |                                          | —      |                                    |   | 12,911                                  |   |   | 12,911 |   |
| Payment                  of due to affiliates                                                                                                        |   |                                          | (12,911      | )                                       |   | —                                 |   |   | (12,911 | ) |
| Payment                  of offering costs                                                                                                           |   |                                          | (4,244,872   | )                                       |   | (107,455                                | )      |   | (4,369,309 | ) |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| **Net                  Cash Provided by Financing Activities**                                                                                       |   |                                          | 150,142,217  |                                    |   | 30,456                                  |   |   | 150,155,691 |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| **Net                  Increase in Cash**                                                                                                            |   |                                          | 90,749       |                                    |   | 30,714                                  |   |   | 103,550 |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| **Cash                  at Beginning of Period**                                                                                                     |   |                                          | 12,801       |                                    |   | —                                 |   |   |   |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| **Cash                  at End of Period**                                                                                                           |   | $                                             | 103,550      |                                    | $      | 30,714                                  |   | $ | 103,550 |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| **Supplemental                  Disclosure of Noncash Financing Activities**                                                                         |   |                                          |         |                                    |   |                                    |   |   |   |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| Accrual                  of deferred offering costs                                                                                                  |   | $                                             | —      |                                    | $      | 9,479                                   |   | $ | — |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
| Accrual                  of deferred underwriting fee                                                                                                |   | $                                             | 6,750,000    |                                    | $      | —                                 |   | $ | 6,750,000 |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |
|                                                                                                                                                 |   |                                          |         |                                    |   |                                    |   |   |   |   |

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*Table          of Contents*

| **POLARIS                  ACQUISITION CORP.**                                |
|-------------------------------------------------------------------------------|
| **(A                  CORPORATION IN THE DEVELOPMENT STAGE)**                 |
| **NOTES                  TO UNAUDITED FINANCIAL                  STATEMENTS** |

|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| **Note                  1.**  | **BASIS                  OF PRESENTATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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|                               | The                  financial statements of Polaris Acquisition Corp. (the “Company”) at                  September 30, 2008, for the three and nine months ended September                  30,                  2008, for the three months ended September 30, 2007, for the period                  June                  18, 2007 (inception) to September 30, 2007 and for the period from                  June                  18, 2007 (inception) to September 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 September 30, 2008 and the results of its                  operations                  and its cash flows for the period ended September 30, 2008, for                  the period                  June 18, 2007 (inception) to September 30, 2007 and for the period                  from                  June 18, 2007 (inception) to September 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| **Note                  2.**       | **ORGANIZATION                  AND SIGNIFICANT ACCOUNTING POLICIES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                               | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

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*Table            of Contents*

| **Note                  2.** | **ORGANIZATION                  AND SIGNIFICANT ACCOUNTING POLICIES-Continued**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                         | 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 September 30,                  2008                  balance sheet. |
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|                         | 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).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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|                         | **CONCENTRATION                  OF CREDIT RISK**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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|                         | **DEFERRED                  INCOME TAXES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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|                         | **INCOME                  PER COMMON SHARE**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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|                         | **USE                  OF ESTIMATES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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*Table            of Contents*

| **Note                  2.** | **ORGANIZATION                  AND SIGNIFICANT ACCOUNTING POLICIES-Continued**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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|                         | **FAIR                  VALUE OF FINANCIAL INSTRUMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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|                         | 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 September 30, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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|                         | **NEW                  ACCOUNTING PRONOUNCEMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
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|                         | In                  December 2007, the FASB issued SFAS No. 141(R), Business Combinations                  (FAS                  141(R)). This Statement provides greater consistency in the accounting                  and                  financial reporting of business combinations. It requires the acquiring                  entity in a business combination to recognize all assets acquired                  and                  liabilities assumed in the transaction, establishes the acquisition-date                  fair value as the measurement objective for all assets acquired                  and                  liabilities assumed, and requires the acquirer to disclose the                  nature and                  financial effect of the business combination. FAS 141(R) is effective                  for                  fiscal years beginning after December 15, 2008. We will adopt FAS                  141(R)                  no later than the first quarter of fiscal 2009 and are currently                  assessing                  the impact the adoption will have on our financial position and                  results of                  operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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|                         | In                  December 2007, the FASB issued SFAS No. 160. Noncontrolling Interests                  in                  Consolidated Financial Statements (FAS 160). This Statement amends                  Accounting Research Bulletin No. 51, Consolidated Financial Statements,                  to                  establish accounting and reporting standards for the noncontrolling                  interest in a subsidiary and for the deconsolidation of a subsidiary.                  FAS                  160 is effective for fiscal years beginning after December 15,                  2008. We                  will adopt FAS 160 no later than the first quarter of fiscal 2009                  and are                  currently assessing the impact the adoption will have on our financial                  position and results of operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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|                         | The                  Company does not believe that any other recently issued, but not                  yet                  effective, accounting standards if currently adopted would have                  a material                  effect on the accompanying financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| **Note                  3.** | **INITIAL                  PUBLIC OFFERING**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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|                         | 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. |
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|                         | 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. Additionally, in the event that a registration                  statement is not effective, 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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| **Note                  3.**   | **INITIAL                  PUBLIC OFFERING-Continued**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
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|                           | 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.                                                                                                                                   |
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|                           | 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. |
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| **Note                  4.**   | **NOTE                  PAYABLE TO AFFILIATE AND RELATED PARTY                  TRANSACTIONS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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|                           | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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|                           | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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|                           | The                  Company has entered into an administrative service agreement with                  an                  affiliated company as more fully described in Note 5                  below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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|                           | Trivergance                  Business Resources (“TBR”), an affiliate of our Founders, entered into a                  Services Agreement & Statement of Work with HUGHES Telematics, Inc.                  (“HTI”) on September 26, 2008. Pursuant to this agreement, TBR began                  providing a marketing assessment and other research for HTI to                  aid in                  creating a world-class marketing and retention platform. HTI agreed                  to pay                  TBR a fee of $150,000 (toward which HTI has paid a $75,000 deposit                  to                  date), reasonable and customary travel expenses and certain other                  expenses                  incurred in connection with the engagement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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| **Note                  5.**   | **COMMITMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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|                           | **PLAN                  OF MERGER**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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|                           | On                  June 13, 2008, the Company entered into an Agreement and Plan of                  Merger                  pursuant to which it has agreed to merge (the “Merger”) with Hughes                  Telematics, Inc. (“HTI”). The Company and HTI amended and restated that                  agreement on November 10, 2008 (such agreement, as amended and                  restated,                  the “Merger Agreement”). In                  conjunction with this agreement, the Company will increase the                  number of                  authorized shares of common stock to 155,000,000 and the number                  of                  authorized shares of preferred stock to                  10,000,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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|                           | The                  Merger Agreement specifies that. 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 15 million shares of                  Polaris                  common stock. In addition, holders of Polaris common stock shall                  be                  entitled to receive an aggregate of approximately 59 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. In connection with                  the                  Merger Agreement the company will amend and restate its certificate                  of                  incorporation to increase the number of shares of both common and                  preferred stock.                                                                                                                  |
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|                           | The                  Merger Agreement also requires that the Founders deposit 1.25 million                  shares of their Polaris common stock into an escrow, to be released                  upon                  the achievement of the first stock price target between the first                  and                  fifth anniversaries of closing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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|                           | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                           |
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|                         | **OTHER                  COMMITMENTS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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|                         | 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 $67,500 related to this agreement which                  is                  included in Administrative and General Expenses.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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|                         | The                  Company currently expects to pay legal fees in the range of $1,250,000                  upon the successful completion of the Merger. In the event the                  Merger is                  not consummated, the Company expects to pay a substantially lower                  amount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| **Note                  6.** | **PREFERRED                  STOCK**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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|                         | The                  Company is authorized to issue 1,000,000 shares of preferred stock                  with                  such designations, voting and other rights and preferences as may                  be                  determined from time to time by the Board of Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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|                         | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| **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. |
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| **Note                  8.** | **INCOME                  TAXES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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|                         | The                provision for income taxes for the nine months ended September 30,                2008                consists of the following:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

| Current:                        |   |   |     |
|---------------------------------|--------|--------|----------|
| Federal                         |   | $      | 589,111  |   |
| State                           |   |   | 171,117  |   |
| Total                  Current  |   |   | 760,228  |   |
|                                 |   |   |     |   |
| Deferred:                       |   |   |     |   |
| Federal                         |   |   | (349,744 | ) |
| State                           |   |   | —  |   |
| Total                  Deferred |   |   | (349,744 | ) |
|                            |   |   |     |   |
|                            |   | $      | 410,484  |   |
|                            |   |   |     |   |

| Expense                  deferred for income tax purposes |   | $      | 411,028 |   |
|-----------------------------------------------------------|--------|--------|---------|--------|
| Valuation                  allowance                      |   |   | (61,284 | )      |
|                                                      |   | $      | 349,744 |   |

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|                                                       |   |   |   |
|------------------------------------------------------------|--------|--------|--------|
| Statutory                  U.S. federal rate               |   |   | 34.00  | % |
| State                  income taxes, net of federal effect |   |   | 5.96   | % |
| Non-deductible                  expenses                   |   |   | 0.00   | % |
| Valuation                  allowance                       |   |   | 7.13   | % |
| Effective                  Tax Rate                        |   |   | 47.09  | % |
|                                                       |   |   |   |   |

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*Table            of Contents*

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

**Forward          Looking Statements**

**Critical          Accounting Policies**

**Overview**

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|                                                                                                                                                    |   |   |        |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| 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 September 30, 2008                                                                                |   |   | 1,984,902   |   |
| Withdrawals                  for operating expense through September 30, 2008                                                                      |   |   | (900,000    | ) |
| Withdrawals                  for tax obligations through September 30, 2008                                                                        |   |   | (505,600    | ) |
| Total                  funds held in trust account as of September 30, 2008                                                                        |   | $      | 150,579,302 |   |

**Merger        with Hughes Telematics, Inc.**

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*Table              of Contents*

**Results          of Operations**

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

**For          The Nine Month Period Ended September 30, 2008**

**Liquidity          and Capital Resources**

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*Table              of Contents*

**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** |
|------------------------------|-------------------------------------------------------------------------------------------------------|

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*Table              of Contents*

| **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**

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