Document:

THE
      REGISTERED HOLDER OF THIS PURCHASE OPTION, BY ITS ACCEPTANCE HEREOF, AGREES
      THAT
      IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION, EXCEPT AS HEREIN
      PROVIDED, AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT
      WILL
      NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR
      A
      PERIOD OF SIX MONTHS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW)
IN
      ACCORDANCE WITH NASD RULE 2710(g)(1) TO
      ANYONE OTHER THAN (I) MAXIM GROUP LLC (“MAXIM”) OR ITS AFFILIATES OR AN
      UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING (DEFINED
      HEREIN), OR (II) A BONA FIDE OFFICER, PARTNER OR EMPLOYEE OF MAXIM OR OF ANY
      SUCH UNDERWRITER OR SELECTED DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF: (I) OCTOBER 16, 2007
      AND (II) THE CONSUMMATION BY PINPOINT ADVANCE CORP. (THE “COMPANY”) OF A MERGER,
      CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION
      (A “BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S
      REGISTRATION STATEMENT (AS DEFINED HEREIN). THIS PURCHASE OPTION SHALL BE VOID
      AFTER 5:00 P.M, NEW YORK CITY LOCAL TIME, ON APRIL 19, 2012.

     

    

    UNIT
      PURCHASE OPTION

    

    FOR
      THE PURCHASE OF

    

    125,000
      UNITS

    

    OF

    

    PINPOINT
      ADVANCE CORP.

    

    1. Purchase
      Option.

    

    THIS
      CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
Maxim
      Partners, LLC (collectively, with its successors and permitted assigns and/or
      transferees, the “Holder”),
      as
      registered owner of this Purchase Option, to Pinpoint Advance Corp. (the
“Company”),
      Holder is entitled, at any time or from time to time after the closing of the
      Offering (as defined below) and during the period commencing (the “Commencement
      Date”)
      on the
      later of: (i) the consummation of a Business Combination and (ii) October 16,
      2007, and expiring (the “Expiration
      Date”)
      at or
      before 5:00 p.m., New York City local time, April 19, 2012, but not thereafter,
      to subscribe for, purchase and receive, in whole or in part, up to One Hundred
      Twenty-Five Thousand (125,000) units (the “Units”)
      of the
      Company, each Unit consisting of one share of common stock of the Company,
      par
      value $.0001 per share (the “Common
      Stock”),
      and
      one warrant (the “Warrant”)
      to
      purchase one share of Common Stock expiring five years from the effective date
      (the “Effective
      Date”)
      of the
      registration statement (the “Registration
      Statement”)
      pursuant to which Units are offered for sale to the public (the “Offering”).
      Each
      Warrant is on the same terms and conditions as the warrants underlying the
      Units
      being registered for sale to the public by way of the Registration
      Statement.
      If the
      Expiration Date is a day on which banking institutions are authorized by law
      to
      close, then this Purchase Option shall expire on the next succeeding day that
      is
      not such a day in accordance with the terms herein. During the period ending
      on
      the Expiration Date, the Company agrees not to take any action that would
      terminate the Purchase Option. This Purchase Option is initially exercisable
      at
      $11.00 per Unit (the “Exercise
      Price”).
      The
      number of Units purchasable hereunder and the Exercise Price are subject to
      adjustment as provided in this Purchase Option.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2. Exercise.

    

    2.1 Exercise.
      This
      Purchase Option may be exercised by the Holder in whole or in part at any time
      or in part from time to time on or after the Commencement Date and before the
      Expiration Date by: (x) surrendering this Purchase Option to the Company, (y)
      delivering a subscription form in the attached hereto as Annex I (duly executed
      by the Holder) and (z) making payment of the Exercise Price in cash, certified
      or official bank check payable to the order of the Company or wire transfer
      of
      immediately available funds (to an account designated by the Company), in any
      case in an amount obtained by multiplying (a) the number of Units designated
      by
      the Holder in the subscription form by (b) the Exercise Price then in effect.
      In
      the event of a partial exercise or assignment hereof, the Company shall issue
      and deliver to or upon the order of the Holder a new Purchase Option of like
      tenor, in the name of the Holder or as the Holder (upon payment by the Holder
      of
      applicable transfer taxes) may request, evidencing the right to purchase the
      aggregate number of Units for which such Purchase Option may still be exercised.
      If the subscription rights represented hereby shall not be exercised at or
      before 5:00 p.m., New York City local time on the Expiration Date, this Purchase
      Option automatically shall become and be void, without further force or effect,
      and all rights represented hereby shall cease and expire.

    

    2.2 Legend.
      Each
      certificate for the Units issued upon exercise of this Purchase Option and
      each
      certificate representing the underlying Common Stock and Warrants and the Common
      Stock issuable upon exercise of the underlying Warrants (the “Warrant
      Shares”)
      shall
      bear a legend as follows, unless such Units, Common Stock, Warrants and/or
      Warrant Shares (collectively, the “Securities”)
      have
      been registered under the Securities Act of 1933, as amended (the “Act”):

    

    “THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
      NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
      OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

    

    
      
         

      

      
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    2.3 Cashless
      Exercise.
      In lieu
      of the payment of the Exercise Price multiplied by the number of Units for
      which
      this Purchase Option is exercisable (and in lieu of being entitled to receive
      Common Stock and Warrants) in the manner required by Section 2.1, the Holder
      shall have the right (but not the obligation) to convert any exercisable but
      unexercised portion of this Purchase Option into Units (the “Conversion
      Right”)
      as
      follows: upon exercise of the Conversion Right, the Company shall deliver to
      the
      Holder (without payment by the Holder of any of the Exercise Price in cash)
      that
      number of shares of Common Stock and Warrants comprising that number of Units
      equal to the quotient obtained by dividing (x) the Value (as defined below)
      of
      the portion of the Purchase Option being converted by (y) the Current Market
      Value (as defined below) of the portion of the Purchase Option being converted.
      The “Value”
of
      the
      portion of the Purchase Option being converted shall equal the remainder derived
      from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of
      Units underlying the portion of this Purchase Option being converted from (b)
      the Current Market Value (as defined below) of a Unit multiplied by the number
      of Units underlying the portion of the Purchase Option being converted. As
      used
      herein, the term “Current
      Market Value”
per
      Unit at any date means: (A) in the event that neither the Units nor Warrants
      are
      still trading, the remainder derived from subtracting (x) the exercise price
      of
      the Warrants multiplied by the number of shares of Common Stock issuable upon
      exercise of the Warrants underlying one Unit from (y) (i) the Current Market
      Price of the Common Stock multiplied by (ii) the number of shares of Common
      Stock underlying one Unit, which shall include the shares of Common Stock
      underlying the Warrants included in such Unit less the Exercise Price for the
      Unit plus the current Market Price of the Common Stock underlying the Unit;
      (B)
      in the event that the Units, Common Stock and Warrants are still trading, (i)
      if
      the Units are listed on a national securities exchange or quoted on the Nasdaq
      Global Market, Nasdaq Capital Market or NASD OTC Bulletin Board (or successor
      such as the Bulletin Board Exchange), the average of the last sale price of
      the
      Units in the principal trading market for the Units as reported by the exchange,
      Nasdaq or the NASD, as the case may be, for the ten trading days ending on
      the
      third business day prior to exercise; or (ii) if the Units are not listed on
      a
      national securities exchange or quoted on the Nasdaq Global Market, Nasdaq
      Capital Market or the NASD OTC Bulletin Board (or successor exchange), but
      is
      traded in the residual over-the-counter market, the average of the closing
      bid
      price for Units for the ten trading days ending on the third business day prior
      to exercise for which such quotations are reported by the Pink Sheets, LLC
      or
      similar publisher of such quotations; and (C) in the event that the Units are
      not still trading but the Common Stock and Warrants underlying the Units are
      still trading, the Current Market Price of the Common Stock plus the product
      of
      (x) the Current Market Price of the Warrants and (y) the number of shares of
      Common Stock underlying the Warrants included in one Unit. The “Current
      Market Price”
shall
      mean (i) if the Common Stock (or Warrants, as the case may be) is listed on
      a
      national securities exchange or quoted on the Nasdaq Global Market, Nasdaq
      Capital Market or NASD OTC Bulletin Board (or successor such as the Bulletin
      Board Exchange), the average of the sale price of the Common Stock (or Warrants)
      in the principal trading market for the Common Stock as reported by the
      exchange, Nasdaq or the NASD, as the case may be, for the ten trading days
      ending on the third business day prior to exercise; (ii) if the Common Stock
      (or
      Warrants, as the case may be) is not listed on a national securities exchange
      or
      quoted on the Nasdaq Global Market, Nasdaq Capital Market or the NASD OTC
      Bulletin Board (or successor exchange), but is traded in the residual
      over-the-counter market, the closing bid price for the Common Stock (or
      Warrants) on the last trading day preceding the date in question for which
      such
      quotations are reported by the Pink Sheets, LLC or similar publisher of such
      quotations; and (iii) if the fair market value of the Common Stock cannot be
      determined pursuant to clause (i) or (ii) above, such price as the Board of
      Directors of the Company shall determine, in good faith.

    

    
      
         

      

      
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    2.4
       Mechanics
      of Cashless Exercise.
      The
      Cashless Exercise Right may be exercised by the Holder on any business day
      on or
      after the Commencement Date and not later than the Expiration Date by delivering
      the Purchase Option with the duly executed exercise form attached hereto with
      the cashless exercise section completed to the Company, exercising the Cashless
      Exercise Right and specifying the total number of Units the Holder will purchase
      pursuant to such Cashless Exercise Right.

    

    2.5 No
      Cash Settlement. Notwithstanding
      anything to the contrary contained in this Purchase Option, under no
      circumstances will the Company be required to net cash settle the exercise
      of
      the Purchase Option or the Warrants underlying the Purchase Option.

    

    2.6 Effective
      Registration Statement.
      The
      Warrants underlying this Purchase Option are exercisable only during those
      periods of time in which the Company maintains the effectiveness of the
      Registration Statement. If the Company fails to maintain the effectiveness
      of
      the Registration Statement, the Warrants underlying this Purchase Option may
      expire worthless.

    

    3. Transfer.

    

    3.1 General
      Restrictions.
      Holder
      agrees that, pursuant to NASD Rule 2710(g)(1), it will not sell this Purchase
      Option during the Company’s Offering, nor shall such Holder sell, transfer,
      assign, pledge, hypothecate or otherwise dispose of this Purchase Option
      (including the Securities hereunder) or cause this Purchase Option or the
      Securities hereunder to be the subject of any hedging, short sale, derivative,
      put or call transaction that would result in the effective economic disposition
      of this Purchase Option or the Securities hereunder, except as provided for
      in
      NASD Rule 2710(g)(2). 

    

    3.2 Restrictions
      Imposed by the Act.
      The
      Securities evidenced by this Purchase Option shall not be transferred unless
      and
      until (i) the Company has received the opinion of counsel for the Holder that
      the Securities may be transferred pursuant to an exemption from registration
      under the Act and applicable state securities laws, the availability of which
      is
      established to the reasonable satisfaction of the Company (the Company hereby
      agreeing that the opinion of Richardson & Patel LLP shall be deemed
      satisfactory evidence of the availability of an exemption), or (ii) a
      registration statement or a post-effective amendment to the Registration
      Statement relating to such Securities has been filed by the Company and declared
      effective by the Securities and Exchange Commission (the “SEC”)
      and
      compliance with applicable state securities law has been
      established.

    

    4. New
      Purchase Options to be Issued.

    

    
      
         

      

      
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    4.1 Partial
      Exercise or Transfer.
      Subject
      to the restrictions in Section 3 hereof, this Purchase Option may be exercised
      or assigned in whole or in part. In order to make any permitted assignment
      or
      transfer, the Holder must deliver to the Company the assignment form attached
      hereto as Annex II duly executed and completed, together with the Purchase
      Option and payment of all transfer taxes, if any, payable in connection
      therewith. The Company shall within five (5) business days transfer this
      Purchase Option on the books of the Company and shall execute and deliver a
      new
      Purchase Option or Purchase Options of like tenor to the appropriate assignee(s)
      expressly evidencing the right to purchase the aggregate number of Units
      purchasable hereunder or such portion of such number as shall be contemplated
      by
      any such assignment or transfer.

    

    4.2 Lost
      Certificate.
      Upon
      receipt by the Company of evidence satisfactory to it of the loss, theft,
      destruction or mutilation of this Purchase Option and of reasonably satisfactory
      indemnification or the posting of a bond, the Company shall execute and deliver
      a new Purchase Option of like tenor and date. Any such new Purchase Option
      executed and delivered as a result of such loss, theft, mutilation or
      destruction shall constitute a substitute contractual obligation on the part
      of
      the Company.

    

    5. Registration
      Rights.

    

    5.1 Demand
      Registration.

    

    5.1.1 Grant
      of Right.
      The
      Company, upon written demand (an “Demand
      Notice”)
      of the
      Holder(s) of at least 51% (the “Majority
      Holders”)
      of the
      Purchase Options and/or the underlying Units and/or the underlying Securities,
      agrees to register all or any portion of the Purchase Option and the underlying
      Securities (collectively, the “Registrable
      Securities”)
      as
      requested by the Majority Holders. The Company will file a registration
      statement or a post-effective amendment to the Registration Statement covering
      the Registrable Securities within sixty (60) days after receipt of the Initial
      Demand Notice and use its best efforts to have such registration statement
      or
      post-effective amendment declared effective as soon as possible thereafter,
      subject to compliance with review by the SEC. The demand for registration may
      be
      made at any time during a period of five (5) years beginning on the Effective
      Date. The Company covenants and agrees to give written notice of its receipt
      of
      any Demand Notice by any Holder(s) to all other registered Holders of the
      Purchase Options and/or the Registrable Securities within ten (10) days from
      the
      date of the receipt of any such Demand Notice.

    

    5.1.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of one legal counsel selected
      by
      the Holders to represent them in connection with the registration of the
      Registrable Securities, but the Holders shall pay any and all underwriting
      commissions. The Company agrees to use its reasonable best efforts to qualify
      or
      register the Registrable Securities in such States as are reasonably requested
      by the Majority Holder(s); provided,
      however,
      that in
      no event shall the Company be required to register the Registrable Securities
      in
      a State in which such registration would cause (i) the Company to be obligated
      to qualify to do business in such State, or would subject the Company to
      taxation as a foreign corporation doing business in such jurisdiction or (ii)
      the principal stockholders of the Company to be obligated to escrow their shares
      of capital stock of the Company. The Company shall cause any registration
      statement or post-effective amendment filed pursuant to the demand rights
      granted under Section 5.1.1 to remain effective for a period of two (2) years
      from the effective date of such registration statement or post-effective
      amendment.

    

    
      
         

      

      
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    5.2 “Piggy-Back”
      Registration.

    

    5.2.1 Grant
      of Right.
      If at
      any time during a period of seven (7) years commencing on the Effective Date
      when there is not an effective registration statement covering all of the
      Registrable Securities, the Company shall determine to prepare and file with
      the
      SEC a registration statement relating to an offering under the Act of any of
      its
      securities, other than pursuant to SEC Form S-4 or S-8 or any equivalent form,
      the Company, upon the request of any Holder, as described below, shall cause
      the
      registration under the Act of the Registrable Securities as part of any such
      registration statement filed by the Company; provided,
      however,
      that
      if, in the written opinion of the Company’s managing underwriter or
      underwriters, if any, for such offering, the inclusion of the Registrable
      Securities, when added to the securities being registered by the Company or
      the
      selling stockholder(s), will exceed the maximum amount of the Company’s
      securities (the “Maximum
      Number of Shares”)
      which
      can be marketed (i) at a price reasonably related to their then current market
      value, and (ii) without materially and adversely affecting the entire offering,
      then the Company shall include in any such registration:

    

    (i) If
      the
      registration is undertaken for the Company’s account: (A) first, the shares of
      Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Number of Shares; (B) second, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clause (A), the shares of Common Stock, if any, including the Registrable
      Securities, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights of security holders (pro rata in
      accordance with the number of shares of Common Stock which each such person
      has
      actually requested to be included in such registration, regardless of the number
      of shares of Common Stock with respect to which such persons have the right
      to
      request such inclusion) that can be sold without exceeding the Maximum Number
      of
      Shares; and

    

    (ii) If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (A) first, the shares of Common Stock for the
      account of the demanding persons that can be sold without exceeding the Maximum
      Number of Shares; (B) second, to the extent that the Maximum Number of Shares
      has not been reached under the foregoing clause (A), the shares of Common Stock
      or other securities that the Company desires to sell that can be sold without
      exceeding the Maximum Number of Shares; and (C) third, to the extent that the
      Maximum Number of Shares has not been reached under the foregoing clauses (A)
      and (B), the Registrable Securities as to which registration has been requested
      under this Section 5.2 (pro rata in accordance with the number of shares of
      Registrable Securities held by each such holder); and (D) fourth, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clauses (A), (B) and (C), the shares of Common Stock, if any, as to which
      registration has been requested pursuant to written contractual piggy-back
      registration rights which other shareholders desire to sell that can be sold
      without exceeding the Maximum Number of Shares.

    

    
      
         

      

      
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    5.2.2 Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the reasonable expenses of one legal counsel
      selected by the Holders to represent them in connection with the registration
      of
      the Registrable Securities but the Holders shall pay any and all underwriting
      commissions related to the Registrable Securities. In the event of such a
      proposed registration, the Company shall furnish the then Holders of outstanding
      Registrable Securities with not less than fifteen (15) days’ written notice
      prior to the proposed date of filing of such registration statement. Such notice
      to the Holders shall continue to be given for each applicable registration
      statement filed (during the period in which the Purchase Option is exercisable)
      by the Company until such time as all of the Registrable Securities have been
      registered and sold. The holders of the Registrable Securities shall exercise
      the “piggy-back” rights provided for herein by giving written notice, within ten
      days of the receipt of the Company’s notice of its intention to file a
      registration statement. The Company shall cause any registration statement
      filed
      pursuant to the above “piggyback” rights to remain effective for at least nine
      months from the date that the Holders of the Registrable Securities are first
      given the opportunity to sell all of such securities. The
      Company agrees, at its sole expense, to use its reasonable best efforts to
      qualify or register the Registrable Securities in such States as are reasonably
      requested by the Majority Holder(s); provided, however, that in no event shall
      the Company be required to register the Registrable Securities in a State in
      which such registration would cause (i) the Company to be obligated to qualify
      to do business in such State, or would subject the Company to taxation as a
      foreign corporation doing business in such jurisdiction or (ii) the principal
      stockholders of the Company to be obligated to escrow their shares of capital
      stock of the Company. 

    

    5.3 General
      Terms.

    

    5.3.1 Indemnification.
      The
      Company shall, notwithstanding any termination of this Purchase Option,
      indemnify and hold harmless each Holder, the officers, directors, agents,
      brokers, investment advisors and employees of each of them and each person,
      if
      any, who controls such Holders within the meaning of Section 15 of the Act
      or
      Section 20(a) of the Securities Exchange Act of 1934, as amended (the
“Exchange
      Act”),
      and the
      officers, directors, agents and employees of such controlling person, to the
      fullest extent permitted by applicable law, from and against
      all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against litigation, commenced or threatened, or any
      claim
      whatsoever whether arising out of any action between the underwriter and the
      Company or between the underwriter and any third party or otherwise) to which
      any of them may become subject under the Act, the Exchange Act or otherwise,
      arising out of or relating to such registration statement filed pursuant to
      this
      Section 5 and any prospectus contained in the registration statement or in
      any
      amendment or supplement thereto, except only to the same extent and with the
      same effect as the provisions pursuant to which the Company has agreed to
      indemnify the underwriters contained in Section 5.1 of the Underwriting
      Agreement between the Company, Maxim and the other underwriters named therein
      dated the Effective Date. Each Holder of the Registrable Securities to be sold
      pursuant to such registration statement, and their successors and assigns,
      shall
      severally, and not jointly, indemnify the Company, its officers and directors
      and each person, if any, who controls the Company within the meaning of Section
      15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim,
      damage, expense or liability (including all reasonable attorneys’ fees and other
      expenses reasonably incurred in investigating, preparing or defending against
      any claim whatsoever) to which they may become subject under the Act, the
      Exchange Act or otherwise, arising from information furnished by or on behalf
      of
      such Holders, or their successors or assigns, in writing, for specific inclusion
      in such registration statement to the same extent and with the same effect
      as
      the provisions contained in Section 5.2 of the Underwriting Agreement pursuant
      to which the underwriters have agreed to indemnify the Company.

    

    
      
         

      

      
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    5.3.2 Exercise
      of Purchase Options.
      Nothing
      contained in this Purchase Option shall be construed as requiring any Holder
      to
      exercise their Purchase Options or Warrants underlying such Purchase Options
      prior to or after the filing of any registration statement or the effectiveness
      thereof.

    

    5.3.3 Documents
      Delivered to Holders.
      The
      Company shall furnish Maxim, as representative of the Holders participating
      in
      any of the foregoing offerings, a signed counterpart, addressed to the
      participating Holders, of (i) an opinion of counsel to the Company, dated the
      effective date of such registration statement (and, if such registration
      includes an underwritten public offering, an opinion dated the date of the
      closing under any underwriting agreement related thereto), and (ii) a “cold
      comfort” letter dated the effective date of such registration statement (and, if
      such registration includes an underwritten public offering, a letter dated
      the
      date of the closing under the underwriting agreement) signed by the independent
      public accountants who have issued a report on the Company’s financial
      statements included in such registration statement, in each case covering
      substantially the same matters with respect to such registration statement
      (and
      the prospectus included therein) and, in the case of such accountants’ letter,
      with respect to events subsequent to the date of such financial statements,
      as
      are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of
      securities. The Company shall also deliver promptly to Maxim, as representative
      of the Holders participating in the offering, the correspondence and memoranda
      described below and copies of all correspondence between the Commission and
      the
      Company, its counsel or auditors and all memoranda relating to discussions
      with
      the Commission or its staff with respect to the registration statement and
      permit Maxim, as representative of the Holders, to do such investigation, upon
      reasonable advance notice, with respect to information contained in or omitted
      from the registration statement as it deems reasonably necessary to comply
      with
      applicable securities laws or rules of the National Association of Securities
      Dealers, Inc. (the “NASD”).
      Such
      investigation shall include access to books, records and properties and
      opportunities to discuss the business of the Company with its officers and
      independent auditors, all to such reasonable extent and at such reasonable
      times
      and as often as Maxim, as representative of the Holders, shall reasonably
      request. The Company shall not be required to disclose any confidential
      information or other records to Maxim, as representative of the Holders, or
      to
      any other person, until and unless such persons shall have entered into
      reasonable confidentiality agreements (in form and substance reasonably
      satisfactory to the Company), with the Company with respect
      thereto.

    

    
      
         

      

      
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    5.3.4 Documents
      to be Delivered by Holder(s).
      Each
      Holder participating in any of the foregoing offerings shall furnish to the
      Company a completed and executed questionnaire provided by the Company
      requesting information customarily sought of selling
      securityholders.

    

    5.3.5 Underwriting
      Agreement.
      The
      Company shall enter into an underwriting agreement with the managing
      underwriter(s), if any, selected by any Holders, whose Registrable Securities
      are being registered pursuant to this Section 5, which managing underwriter
      shall be reasonably acceptable to the Company. Such agreement shall be
      reasonably satisfactory in form and substance to the Company and its legal
      counsel, each Holder and such managing underwriters, and shall contain such
      representations, warranties and covenants by the Company and such other terms
      as
      are customarily contained in agreements of that type used by the managing
      underwriter. The Holders shall be parties to any underwriting agreement relating
      to an underwritten sale of their Registrable Securities and may, at their
      option, require that any or all the representations, warranties and covenants
      of
      the Company to or for the benefit of such underwriters shall also be made to
      and
      for the benefit of such Holders. Such Holders shall not be required to make
      any
      representations or warranties to or agreements with the Company or the
      underwriters except as they may relate to such Holders and their intended
      methods of distribution. Such Holders, however, shall agree to such covenants
      and indemnification and contribution obligations for selling stockholders as
      are
      customarily contained in agreements of that type used by the managing
      underwriter. Further, such Holders shall execute appropriate custody agreements
      and otherwise cooperate fully in the preparation of the registration statement
      and other documents relating to any offering in which they include securities
      pursuant to this Section 5. Each Holder shall also furnish to the Company such
      information regarding itself, the Registrable Securities held by it, and the
      intended method of disposition of such securities as shall be reasonably
      required to effect the registration of the Registrable Securities.

    

    5.3.6 Rule
      144 Sale.  Notwithstanding
      anything contained in this Section 5 to the contrary, the Company shall have
      no
      obligation pursuant to Sections 5.1 or 5.2 for the registration of Registrable
      Securities held by any Holder (i) where such Holder would then be entitled
      to
      sell under Rule 144 within any three month period (or such other period
      prescribed under Rule 144 as may be provided by amendment thereof) all of the
      Registrable Securities held by such Holder, and (ii) where the number of
      Registrable Securities held by such Holder is within the volume limitations
      under paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate
      within the meaning of Rule 144).

    

    5.3.7 Supplemental
      Prospectus.
      Each
      Holder agrees, that upon receipt of any notice from the Company of the happening
      of any event as a result of which the prospectus included in the Registration
      Statement, as then in effect, includes an untrue statement of a material fact
      or
      omits to state a material fact required to be stated therein or necessary to
      make the statements therein not misleading in light of the circumstances then
      existing, such Holder will immediately discontinue disposition of Registrable
      Securities pursuant to the Registration Statement covering such Registrable
      Securities until such Holder’s receipt of the copies of a supplemental or
      amended prospectus, and, if so desired by the Company, such Holder shall deliver
      to the Company (at the expense of the Company) or destroy (and deliver to the
      Company a certificate of such destruction) all copies, other than permanent
      file
      copies then in such Holder’s possession, of the prospectus covering such
      Registrable Securities current at the time of receipt of such
      notice.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    6. Adjustments.

    

    6.1 Adjustments
      to Exercise Price and Number of Securities.
      The
      Exercise Price and the number of Units underlying the Purchase Option shall
      be
      subject to adjustment from time to time as hereinafter set forth:

    

    6.1.1 Stock
      Dividends - Split-Ups.
      If
      after the date hereof, the number of outstanding shares of Common Stock is
      increased by a stock dividend payable in shares of Common Stock or by a split-up
      of shares of Common Stock or other similar event, then, on the effective date
      thereof, the number of shares of Common Stock underlying each of the Units
      purchasable hereunder shall be increased in proportion to such increase in
      outstanding shares. In such case, the number of shares of Common Stock, and
      the
      exercise price applicable thereto, underlying the Warrants underlying each
      of
      the Units purchasable hereunder shall be adjusted in accordance with the terms
      of the Warrants. For example, if the Company declares a two-for-one stock
      dividend and at the time of such dividend this Purchase Option is for the
      purchase of one Unit at $11.00 per whole Unit (each Warrant underlying the
      Units
      is exercisable for $7.50 per share), upon effectiveness of the dividend, this
      Purchase Option will be adjusted to allow for the purchase of one Unit at $11.00
      per Unit, each Unit entitling the holder to receive two shares of Common Stock
      and two Warrants (each Warrant exercisable for $3.75 per share).

    

    6.1.2 Aggregation
      of Shares.
      If
      after the date hereof, the number of outstanding shares of Common Stock is
      decreased by a consolidation, combination or reclassification of shares of
      Common Stock or other similar event, then, on the effective date thereof, the
      number of shares of Common Stock underlying each of the Units purchasable
      hereunder shall be decreased in proportion to such decrease in outstanding
      shares. In such case, the number of shares of Common Stock, and the exercise
      price applicable thereto, underlying the Warrants underlying each of the Units
      purchasable hereunder shall be adjusted in accordance with the terms of the
      Warrants.

    

    6.1.3 Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that
      solely affects the par value of such shares of Common Stock, or in the case
      of
      any merger or consolidation of the Company with or into another corporation
      (other than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the property of the Company
      as an
      entirety or substantially as an entirety in connection with which the Company
      is
      dissolved, the Holder of this Purchase Option shall have the right thereafter
      (until the expiration of the right of exercise of this Purchase Option) to
      receive upon the exercise hereof, for the same aggregate Exercise Price payable
      hereunder immediately prior to such event, the kind and amount of shares of
      stock or other securities or property (including cash) receivable upon such
      reclassification, reorganization, merger or consolidation, or upon a dissolution
      following any such sale or transfer, by a Holder of the number of shares of
      Common Stock of the Company obtainable upon exercise of this Purchase Option
      and
      the underlying Warrants immediately prior to such event; and if any
      reclassification also results in a change in shares of Common Stock covered
      by
      Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
      6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall
      similarly apply to successive reclassifications, reorganizations, mergers or
      consolidations, sales or other transfers.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    6.1.4 Changes
      in Form of Purchase Option.
      This
      form of Purchase Option need not be changed because of any change pursuant
      to
      this Section, and the Purchase Options issued after such change may state the
      same Exercise Price and the same number of Units as are stated in the Purchase
      Options initially issued pursuant to this Agreement. The acceptance by any
      Holder of the issuance of new Purchase Options reflecting a required or
      permissive change shall not be deemed to waive any rights to an adjustment
      occurring after the Commencement Date or the computation thereof.

    

    6.2 Substitute
      Purchase Option.
      In case
      of any consolidation of the Company with, or merger of the Company with, or
      merger of the Company into, another corporation (other than a consolidation
      or
      merger which does not result in any reclassification or change of the
      outstanding Common Stock), the corporation formed by such consolidation or
      merger shall execute and deliver to the Holder a supplemental Purchase Option
      providing that the holder of each Purchase Option then outstanding or to be
      outstanding shall have the right thereafter (until the stated expiration of
      such
      Purchase Option) to receive, upon exercise of such Purchase Option, the kind
      and
      amount of shares of stock and other securities and property receivable upon
      such
      consolidation or merger, by a holder of the number of shares of Common Stock
      of
      the Company for which such Purchase Option might have been exercised immediately
      prior to such consolidation, merger, sale or transfer. Such supplemental
      Purchase Option shall provide for adjustments which shall be identical to the
      adjustments provided in Section 6. The above provision of this Section shall
      similarly apply to successive consolidations or mergers.

    

    6.3 Elimination
      of Fractional Interests.
      The
      Company shall not be required to issue certificates representing fractions
      of
      shares of Common Stock or Warrants upon the exercise of the Purchase Option,
      nor
      shall it be required to issue scrip or pay cash in lieu of any fractional
      interests, it being the intent of the parties that all fractional interests
      shall be eliminated by rounding any fraction up or down to the nearest whole
      number of Warrants, shares of Common Stock or other securities, properties
      or
      rights.

    

    7. Reservation
      and Listing.
      The
      Company shall at all times reserve and keep available out of its authorized
      shares of Common Stock, solely for the purpose of issuance upon exercise of
      the
      Purchase Options or the Warrants underlying the Purchase Option, such number
      of
      shares of Common Stock or other securities, properties or rights as shall be
      issuable upon the exercise thereof. The Company covenants and agrees that,
      upon
      exercise of the Purchase Options and payment of the Exercise Price therefor,
      all
      shares of Common Stock and other securities issuable upon such exercise shall
      be
      duly and validly issued, fully paid and non-assessable and not subject to
      preemptive rights of any stockholder. The Company further covenants and agrees
      that upon exercise of the Warrants underlying the Purchase Options and payment
      of the respective Warrant exercise price therefor, all shares of Common Stock
      and other securities issuable upon such exercise shall be duly and validly
      issued, fully paid and non-assessable and not subject to preemptive rights
      of
      any stockholder. As long as the Purchase Options shall be outstanding, the
      Company shall use its best efforts to cause all (i) Units and shares of Common
      Stock issuable upon exercise of the Purchase Options, (ii) Warrants issuable
      upon exercise of the Purchase Options and (iii) shares of Common Stock issuable
      upon exercise of the Warrants included in the Units issuable upon exercise
      of
      the Purchase Option to be listed (subject to official notice of issuance) on
      all
      securities exchanges (or, if applicable on the Nasdaq Global Market, Nasdaq
      Capital Market, NASD OTC Bulletin Board or any successor trading market) on
      which the Units, the Common Stock or the Warrants may then be listed and/or
      quoted.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    8. Certain
      Notice Requirements.

    

    8.1 Holder’s
      Right to Receive Notice.
      Nothing
      herein shall be construed as conferring upon the Holders the right to vote
      or
      consent as a stockholder for the election of directors or any other matter,
      or
      as having any rights whatsoever as a stockholder of the Company. If, however,
      at
      any time prior to the expiration of the Purchase Options and their exercise,
      any
      of the events described in Section 8.2 shall occur, then, in one or more of
      said
      events, the Company shall give written notice of such event at least fifteen
      (15) days prior to the date fixed as a record date or the date of closing the
      transfer books for the determination of the stockholders entitled to such
      dividend, distribution, conversion or exchange of securities or subscription
      rights, or entitled to vote on such proposed dissolution, liquidation, winding
      up or sale. Such notice shall specify such record date or the date of the
      closing of the transfer books, as the case may be. Notwithstanding the
      foregoing, the Company shall deliver to each Holder a copy of each notice given
      to the other stockholders of the Company at the same time and in the same manner
      that such notice is given to the stockholders.

    

    8.2 Events
      Requiring Notice.
      The
      Company shall be required to give the notice described in this Section 8 upon
      one or more of the following events: (i) if the Company shall take a record
      of
      the holders of its shares of Common Stock for the purpose of entitling them
      to
      receive a dividend or distribution, or (ii) the Company shall offer to all
      the
      holders of its Common Stock any additional shares of capital stock of the
      Company or securities convertible into, exercisable for or exchangeable for
      shares of capital stock of the Company, or any option, right or warrant to
      subscribe therefor, or (iii) a dissolution, liquidation or winding up of the
      Company (other than in connection with a consolidation or merger) or a sale
      of
      all or substantially all of its property, assets and business or a merger of
      the
      Company wherein the separate existence of the Company shall cease shall be
      proposed.

    

    8.3 Notice
      of Change in Exercise Price.
      The
      Company shall, promptly after an event requiring a change in the Exercise Price
      pursuant to Section 6 hereof, send notice to the Holders of such event and
      change (a “Price
      Notice”).
      The
      Price Notice shall describe the event causing the change and the method of
      calculating same and shall be certified as being true and accurate by the
      Company’s President and Chief Financial Officer.

    

    8.4 Transmittal
      of Notices.
      All
      notices, requests, consents and other communications under this Purchase Option
      shall be in writing and shall be deemed to have been duly made when hand
      delivered, mailed by express mail or private courier service, or sent by
      facsimile transmission, with confirmation of receipt: (i) If to the registered
      Holder of the Purchase Option, to the address and/or fax number of such Holder
      as shown on the books of the Company, or (ii) if to the Company, to the
      following address or fax number or to such other address or and fax number
      as
      the Company may designate by notice to the Holders:

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya,
      Israel 46700

    Attn:
      Adiv Baruch, Chief Executive Officer

    Fax
      No.:
972-957-0894

    

    9. Miscellaneous.

    

    9.1 Amendments.
      The
      Company and Maxim may from time to time supplement or amend this Purchase Option
      without the approval of any of the Holders in order to cure any ambiguity,
      to
      correct or supplement any provision contained herein that may be defective
      or
      inconsistent with any other provisions herein, or to make any other provisions
      in regard to matters or questions arising hereunder that the Company and Maxim
      may deem necessary or desirable and that the Company and Maxim deem shall not
      adversely affect the interest of the Holders. All other modifications or
      amendments shall require the written consent of and be signed by the party
      against whom enforcement of the modification or amendment is
      sought.

    

    9.2 Headings.
      The
      headings contained herein are for the sole purpose of convenience of reference,
      and shall not in any way limit or affect the meaning or interpretation of any
      of
      the terms or provisions of this Purchase Option.

    

    9.3. Entire
      Agreement.
      This
      Purchase Option (together with the other agreements and documents being
      delivered pursuant to or in connection with this Purchase Option) constitutes
      the entire agreement of the parties hereto with respect to the subject matter
      hereof, and supersedes all prior agreements and understandings of the parties,
      oral and written, with respect to the subject matter hereof.

    

    9.4 Binding
      Effect.
      This
      Purchase Option shall inure solely to the benefit of and shall be binding upon,
      the Holder and the Company and their permitted assignees, respective successors,
      legal representative and assigns, and no other person shall have or be construed
      to have any legal or equitable right, remedy or claim under or in respect of
      or
      by virtue of this Purchase Option or any provisions herein
      contained.

    

    9.5 Governing
      Law; Submission to Jurisdiction.
      This
      Purchase Option shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflict of
      laws. Each of the Company and Maxim agree that any action, proceeding or claim
      against it arising out of, or relating in any way to this Purchase Option shall
      be brought and enforced in the courts of the State of New York located in New
      York County or of the United States of America for the Southern District of
      New
      York, and irrevocably submits to such jurisdiction, which jurisdiction shall
      be
      exclusive. Each of the Company and Maxim hereby waives any objection to such
      exclusive jurisdiction and that such courts represent an inconvenient forum.
      Any
      process or summons to be served upon the Company may be served by transmitting
      a
      copy thereof by registered or certified mail, return receipt requested, postage
      prepaid, addressed to it at the address set forth in Section 8 hereof. Such
      mailing shall be deemed personal service and shall be legal and binding upon
      the
      Company in any action, proceeding or claim. The Company and the Holder agree
      that the prevailing party(ies) in any such action shall be entitled to recover
      from the other party(ies) all of its reasonable attorneys’ fees and expenses
      relating to such action or proceeding and/or incurred in connection with the
      preparation therefor.

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    9.6 Waiver,
      Etc.
      The
      failure of the Company or the Holder to at any time enforce any of the
      provisions of this Purchase Option shall not be deemed or construed to be a
      waiver of any such provision, nor to in any way affect the validity of this
      Purchase Option or any provision hereof or the right of the Company or any
      Holder to thereafter enforce each and every provision of this Purchase Option.
      No waiver of any breach, non-compliance or non-fulfillment of any of the
      provisions of this Purchase Option shall be effective unless set forth in a
      written instrument executed by the party or parties against whom or which
      enforcement of such waiver is sought; and no waiver of any such breach,
      non-compliance or non-fulfillment shall be construed or deemed to be a waiver
      of
      any other or subsequent breach, non-compliance or non-fulfillment.

    

    9.7 Execution.
      It is
      agreed that deliver of the Company’s signature hereon by facsimile or other
      electronic method of delivery shall constitute a valid signature and
      delivery.

    

    9.8
       Exchange
      Agreement.
      As a
      condition of the Holder’s receipt and acceptance of this Purchase Option, Holder
      agrees that, at any time prior to the complete exercise of this Purchase Option
      by Holder, if the Company and Maxim enter into an agreement (an “Exchange
      Agreement”)
      pursuant to which they agree that all outstanding Purchase Options will be
      exchanged for securities or cash or a combination of both, then Holder shall
      agree to such exchange and become a party to the Exchange
      Agreement.

     

    9.9 Underlying
      Warrants.
      At any
      time after exercise by the Holder of this Purchase Option, the Holder may
      exchange his Warrants for Public Warrants upon payment to the Company of the
      difference between the exercise price of his Warrant and the exercise price
      of
      the Public Warrants, if any.

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the 19th
      day of
      April, 2007.

    

    

    PINPOINT
      ADVANCE CORP.

    

    

    By: 
      /s/
      Adiv
      Baruch                                               

           
      Name: Adiv Baruch  

           
      Title: Chief
      Executive Officer and President

     

     

    

 

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    Annex
      I

    

    Form
      to
      be used to exercise Purchase Option

    

    PINPOINT
      ADVANCE CORP.

    _________________________

    _________________________

    

    Date:_________________,
      200_

    

    The
      undersigned hereby elects irrevocably to exercise all or a portion of the within
      Purchase Option and to purchase ____ Units of Pinpoint Advance Corp. and hereby
      makes payment of $____________ (at the rate of $_________ per Unit) in payment
      of the Exercise Price pursuant thereto. Please issue the Common Stock and
      Warrants as to which this Purchase Option is exercised in accordance with the
      instructions given below.

    

    or

    

    The
      undersigned hereby elects irrevocably to convert its right to purchase _________
      Units purchasable under the within Purchase Option by surrender of the
      unexercised portion of the attached Purchase Option (with a “Value” based of
      $_______ based on a “Market Price” of $_______). Please issue the securities
      comprising the Units as to which this Purchase Option is exercised in accordance
      with the instructions given below.

    

    ________________________

    Signature

    

    ________________________

    Signature
      Guaranteed

    

    

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    

    

    Name____________________________________________________________

    (Print
      in
      Block Letters)

    

    Address__________________________________________________________

    

    

    NOTICE:
      THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
      FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
      ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER
      THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON
      A
      REGISTERED NATIONAL SECURITIES EXCHANGE.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Annex
      II

    

    Form
      to
      be used to assign Purchase Option

    

    

    ASSIGNMENT

    

    

    (To
      be
      executed by the registered Holder to effect a transfer of the within Purchase
      Option):

    

    FOR
      VALUE
      RECEIVED,___________________________________________ does hereby sell, assign
      and transfer unto______________________________________ the right to purchase
      __________ Units of Pinpoint Advance Corp. (the “Company”)
      evidenced by the within Purchase Option and does hereby authorize the Company
      to
      transfer such right on the books of the Company.

    

    Dated:___________________,
      200_

    

    

    ______________________

    Signature

    

    

    ______________________

    Signature
      Guaranteed

    

    

    

    NOTICE:
      THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
      FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
      ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER
      THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON
      A
      REGISTERED NATIONAL SECURITIES EXCHANGE.2,500,000
      Units

    

    PINPOINT
      ADVANCE CORP.

    

    UNDERWRITING
      AGREEMENT

    

    New
      York,
      New York

    April
      19,
      2007

    

    

    Maxim
      Group LLC

    405
      Lexington Avenue

    New
      York,
      NY 10174

    As
      Representative of the Underwriters

    named
      on Schedule
      A
      hereto

    

    Ladies
      and Gentlemen:

     

    The
      undersigned, Pinpoint Advance Corp., a Delaware corporation (“Company”),
      hereby confirms its agreement with Maxim Group LLC (hereinafter referred to
      as
“you,”
      “Maxim”
or
      the
“Representative”)
      and
      with the other underwriters named on Schedule A
      hereto
      for which Maxim is acting as Representative (the Representative and the other
      Underwriters being collectively referred to herein as the “Underwriters”
or,
      individually, an “Underwriter”)
      as
      follows:

     

    1.  Purchase
      and Sale of Securities.

     

    1.1  Firm
      Securities.

     

    1.1.1 Purchase
      of Firm Units. 
      On the basis of the representations and warranties herein contained, but subject
      to the terms and conditions herein set forth, the Company agrees to issue and
      sell, severally and not jointly, to the several Underwriters, an aggregate
      of
      2,500,000 units (the “Firm
      Units”)
      of the
      Company at a purchase price (net of discounts and commissions, $.30 of which
      shall be deposited into the Trust Fund (as defined herein)) of $9.30 per Firm
      Unit.  The Underwriters, severally and not jointly, agree to purchase from
      the Company the number of Firm Units set forth opposite their respective names
      on Schedule A
      attached
      hereto and made a part hereof at a purchase price (net of discounts and
      commissions, $.30 of which shall be deposited into the Trust Fund) of $9.30
      per
      Firm Unit.  The Firm Units are to be offered initially to the public (the
“Offering”)
      at the
      offering price of $10.00 per Firm Unit.  Each Firm Unit consists of one
      share of the Company’s common stock, par value $.0001 per share (the
“Common
      Stock”),
      and
      one warrant to purchase one share of Common Stock (the “Warrant(s)”). 
      The shares of Common Stock and the Warrants included in the Firm Units will
      not
      be separately transferable until 90 days after the effective date (the
“Effective
      Date”)
      of the
      Registration Statement (as defined in Section 2.1.1 hereof) unless Maxim
      informs the Company in writing of its decision to allow earlier separate trading
      based on its assessment of the relative strengths of the securities markets
      and
      small capitalization companies in general, and the trading 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    pattern
      of, and demand for, the Company’s securities in particular. Maxim may decide to
      allow continued trading of the Units following such separation. In no event
      will
      Maxim allow separate trading until (i) the preparation of an audited balance
      sheet of the Company reflecting receipt by the Company of the proceeds of the
      Offering and the filing of such audited balance sheet with the Commission (as
      herein defined) on a Form 8-K or similar form by the Company which includes
      such
      balance sheet; (ii) the Company files a Form 8-K and issues a press release
      announcing when such separate trading will begin; and (iii) the Business Day
      (defined below) following the earliest to occur of the expiration of the
      Over-allotment Option (defined below) or the exercise of the Over-allotment
      Option in full.  Each Warrant entitles its holder to purchase one share of
      Common Stock for $7.50 per share during the period commencing on the later
      of
      (a) the consummation by the Company of its “Business Combination” or (b) one
      year from the Effective Date of the Registration Statement and terminating
      on
      the four-year anniversary of the Effective Date.  As used herein, the term
“Business
      Combination”
shall
      mean any acquisition by merger, capital stock exchange, asset or stock
      acquisition or other similar business combination consummated by the Company
      with a business
      that has operations or facilities located in Israel but will not be limited
      to
      pursuing acquisition opportunities only within this region and may pursue a
      company operating in Europe which management
      believes would benefit from establishing operations or facilities in Israel
      (as
      described more fully in the Registration Statement). The Company may enter
      into
      a Business Combination with a company in any industry, although the Company’s
      initial focus will be in the technology industry. The Company has the right
      to
      redeem the Warrants (including the Representative’s Warrants) upon not less than
      thirty (30) days written notice at a price of $0.01 per Warrant at any time
      after the Warrants become exercisable; so long as the last sales price of the
      Common Stock has been at least $14.25 for any twenty (20) trading days within
      a
      thirty (30) trading day period ending on the third Business Day prior to the
      day
      on which notice is given. As
      used
      herein, the term “Business
      Day”
shall
      mean any day other than a Saturday, Sunday or any day on which national banks
      in
      New York, New York are not open for business. 

     

    1.1.2  Payment
      and Delivery. 
      Delivery and payment for the Firm Units shall be made at 10:00 A.M., New York
      time, on the third Business Day following the Effective Date of the Registration
      Statement (or the fourth Business Day following the Effective Date, if the
      Registration Statement is declared effective after 4:30 p.m.) or at such earlier
      time as shall be agreed upon by the Representative and the Company at the
      offices of the Representative or at such other place as shall be agreed upon
      by
      the Representative and the Company.  The closing of the public offering
      contemplated by this Agreement is referred to herein as the “Closing”
      and the
      hour and date of delivery and payment for the Firm Units is referred to herein
      as the “Closing
      Date.” 
      Payment for the Firm Units shall be made on the Closing Date at the
      Representative’s election by wire transfer in Federal (same day) funds or by
      certified or bank cashier’s check(s) in New York Clearing House funds.
      $24,766,000 ($28,366,000 if the Over-allotment Option (as defined in Section
      1.2) is exercised in full), or approximately $9.91 per unit, of the proceeds
      received by the Company for the Firm Units and from the Private Placement (as
      defined in Section 1.4) shall be deposited in the trust fund established by
      the
      Company for the benefit of the public stockholders as described in the
      Registration Statement (the “Trust
      Fund”)
      pursuant to the terms of an Investment Management Trust Agreement (the
“Trust
      Agreement”)
      which
      amount includes up to $750,000 ($0.30 per Firm Unit; $862,500 if the
      Over-allotment Option is exercised in full) payable to the Representative as
      contingent compensation upon consummation 

     

    
      
         

      

      
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    of
      a
      Business Combination. However, in the event the Over-allotment Option (as
      defined below) is exercised in full, to the extent the funds held in Trust
      Fund
      are less than $9.91 per share, the first $114,900 in interest earned on the
      amount held in the Trust Fund (net of taxes payable) will be used to cover
      such
      shortfall to bring the amount held in the Trust Fund for the benefit of the
      public stockholders to an aggregate of $28,480,900 ($9.91 per share). Any
      remaining proceeds (less commissions, expense allowance and actual expense
      payments or other fees payable pursuant to this Agreement) shall be paid to
      the
      order of the Company upon delivery to the Representative of certificates (in
      form and substance satisfactory to the Underwriters) representing the Firm
      Units
      (or through the facilities of the Depository Trust Company (the “DTC”))
      for
      the account of the Underwriters.  The Firm Units shall be registered in
      such name or names and in such authorized denominations as the Representative
      may request in writing at least two Business Days prior to the Closing
      Date.  The Company will permit the Representative to examine and package
      the Firm Units for delivery, at least one full Business Day prior to the Closing
      Date.  The Company shall not be obligated to sell or deliver the Firm Units
      except upon tender of payment by the Representative for all the Firm Units.
      

    

    1.2 Over-Allotment
      Option.

     

    1.2.1 Option
      Units. 
      For the purpose of covering any over-allotments in connection with the
      distribution and sale of the Firm Units, the Underwriters are hereby granted,
      severally and not jointly, an option to purchase up to an additional 375,000
      units from the Company (the “Over-allotment
      Option”). 
      Such additional 375,000 units shall be identical in all respects to the Firm
      Units and are hereinafter referred to as “Option
      Units.” 
      The Firm Units and the Option Units are hereinafter collectively referred to
      as
      the “Units,”
and
      the Units, the shares of Common Stock and the Warrants included in the Units
      and
      the shares of Common Stock issuable upon exercise of the Warrants are
      hereinafter referred to collectively as the “Public
      Securities.” 
      The purchase price to be paid for the Option Units (net of discounts and
      commissions) will be $9.30 per Option Unit (of which $.30 of such discounts
      and
      commissions shall be deposited in the Trust Fund pursuant to Section 1.5).
      The
      Option Units are to be offered initially to the public at the offering price
      of
      $10.00 per Option Unit. 

     

    1.2.2 Exercise
      of Option. 
      The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be
      exercised by the Representative as to all (at any time) or any part (from time
      to time) of the Option Units within 45 days after the Effective Date.  The
      Underwriters will not be under any obligation to purchase any Option Units
      prior
      to the exercise of the Over-allotment Option.  The Over-allotment Option
      granted hereby may be exercised by the giving of oral notice to the Company
      from
      the Representative, which must be confirmed in writing by overnight mail or
      facsimile transmission setting forth the number of Option Units to be purchased
      and the date and time for delivery of and payment for the Option Units, which
      will not be later than five Business
      Days after the date of the notice or such other time as shall be agreed upon
      by
      the Company and the Representative, at the offices of the Representative or
      at
      such other place or in such other manner as shall be agreed upon by the Company
      and the Representative.  If such delivery and payment for the Option Units
      does not occur on the Closing Date, the date and time of the closing for such
      Option Units will be as set forth in the notice (hereinafter the “Option
      Closing Date”). 
      Upon exercise of the Over-allotment Option, the Company will become obligated
      to
      convey to the Underwriters, and, subject to the terms and conditions set forth
      herein, the Underwriters will become obligated to purchase, the number of Option
      Units specified in such notice.

     

    
      
         

      

      
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    1.2.3 Payment
      and Delivery. 
      Payment for the Option Units shall be made on the Option Closing Date at the
      Representative’s election by wire transfer in Federal (same day) funds or by
      certified or bank cashier’s check(s) in New York Clearing House funds, by
      deposit of the sum of $9.30 per Option Unit (of which $.30 of the Underwriters
      discounts and commission shall be deposited in the Trust Fund pursuant to
      Section 1.5) in the Trust Fund pursuant to the Trust Agreement upon delivery
      to
      the Representative of certificates (in form and substance satisfactory to the
      Underwriters) representing the Option Units (or through the facilities of DTC)
      for the account of the Underwriters.   The certificates representing
      the Option Units to be delivered will be in such denominations and registered
      in such
      names as the Representative requests not less than two Business Days prior
      to
      the Closing Date or the Option Closing Date, as the case may be, and will be
      made available to the Representative for inspection, checking and packaging
      at
      the aforesaid office of the Company’s transfer agent or correspondent not less
      than one full Business Day prior to such Closing Date or Option Closing
      Date.

     

    1.3 Representative’s
      Purchase Option.

     

    1.3.1 Purchase
      Option. 
      As additional consideration, the Company hereby agrees to issue and sell to
      the
      Representative (and/or its designees) on the Effective Date an option
      (“Representative’s
      Purchase Option”)
      for
      the purchase of an aggregate of 125,000 units (the “Representative’s
      Units”)
      for an
      aggregate purchase price of $100.00.  The Representative’s Purchase
      Option shall be exercisable, in whole or in part, commencing on the later of
      the
      consummation of a Business Combination or six months from the Effective Date
      and
      expiring on the five-year anniversary of the Effective Date at an initial
      exercise price per Representative’s Unit of $11.00, which is equal to one
      hundred and ten percent (110%) of the initial public offering price of a
      Unit.  The Representative’s Purchase Option, the Representative’s Units,
      the shares of Common Stock and the Warrants included in the Representative’s
      Units (the “Representative’s
      Warrants”)
      and
      the shares of Common Stock issuable upon exercise of the Representative’s
      Warrants are hereinafter referred to collectively as the “Representative’s
      Securities.” 
      The Public Securities and the Representative’s Securities are hereinafter
      referred to collectively as the “Securities.”
      Representative understands and agrees there are significant restrictions against
      transferring the Representative’s Purchase Option during the first six months
      after the Effective Date, as set forth in Section 3 of the Representative’s
      Purchase Option. 

     

    1.3.2 Delivery
      and Payment. 
      Delivery and payment for the Representative’s Purchase Option shall be made on
      the Closing Date.  The Company shall deliver to the Representative and its
      designees upon payment therefor, certificates for the Representative’s Purchase
      Option in the name or names and in such authorized denominations as the
      Representative may request.

    

    
      
         

      

      
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    1.4 Private
      Placement to Officers and Directors and Designees.
      Prior
      to the Effective Date, certain officers and directors of the Company and their
      designees, or entities wholly owned by them, purchased from the Company pursuant
      to the Subscription Agreement (as defined in Section 2.23.2 hereof) an aggregate
      of 1,500,000 warrants identical to the Warrants (the “Placement
      Warrants”)
      at a
      purchase price of $1.00 per Placement Warrant in a private placement that
      occurred immediately prior to the entering into of this Agreement (the
“Private
      Placement”).
      The
      Placement Warrants and the shares of Common Stock issuable upon exercise of
      the
      Placement Warrants are hereinafter referred to collectively as the “Placement
      Securities.”
There
      was no placement agent in the Private Placement and no party shall be entitled
      to a placement fee or expense allowance from the sale of the Placement
      Securities.

    

    1.5 Contingent
      Portion of Underwriters’ Discount.
      Representative, on behalf of itself and the other Underwriters, agrees that
      3.0%
      of the gross proceeds from the sale of the Firm Units ($750,000) and the Option
      Units (an aggregate of $862,500 if the Over-allotment Option is exercised in
      full) (the “Contingent
      Discount”)
      will
      be deposited in and held in the Trust Fund and payable to the Representative,
      on
      a pro rata basis in respect of any IPO Shares (defined in Section 7.6 hereof)
      which are not redeemed pursuant to Section 7.6 hereof upon the consummation
      of a
      Business Combination. Representative, on behalf of itself and the other
      Underwriters, agrees the several Underwriters shall forfeit any rights or claims
      to the Contingent Discount in respect of any IPO Shares redeemed pursuant to
      Section 7.6 hereof. In addition, in the event the Company is unable to
      consummate a Business Combination and American Stock Transfer & Trust
      Company (“AST”
or
      “Escrow
      Agent”),
      the
      trustee of the Trust Fund, commences liquidation of the Trust Fund as provided
      in the Trust Agreement, the Representative, on behalf of itself and the other
      Underwriters, agrees that (i) the several Underwriters shall forfeit any rights
      or claims to the Contingent Discount; and (ii) the Contingent Discount, together
      with all other amounts on deposit in the Trust Fund, and any accrued interest
      thereon (net of taxes payable), shall be distributed on a pro-rata basis among
      the holders of the shares of Common Stock included in the Units sold in the
      Offering.

    

    2. Representations
      and Warranties of the Company. 
      The Company represents and warrants to the Underwriters as follows:

     

    2.1 Filing
      of Registration Statement.

     

    2.1.1 Pursuant
      to the Act. 
      The Company has filed with the Securities and Exchange Commission (the
“Commission”)
      a
      registration statement and an amendment or amendments thereto, on Form S-1
      (File No. 333-138110), including any related preliminary prospectus (the
“Preliminary
      Prospectus”,
      including any prospectus that is included in the Registration Statement
      immediately prior to the effectiveness of the Registration Statement), for
      the
      registration of the Public Securities under the Act, which registration
      statement and amendment or amendments have been prepared by the Company in
      conformity with the requirements of the Act, and the rules and regulations
      (the
“Regulations”)
      of the
      Commission under the Act.  The conditions for use of Form S-1 to register
      the Offering under the Act, as set forth in the General Instructions to such
      Form, have been satisfied in all material respects. Except as the context may
      otherwise require, such registration statement, as amended, on file with the
      Commission at the time the registration statement becomes effective (including
      the prospectus, financial statements, schedules, exhibits and all other
      documents filed as a part thereof or incorporated therein and all information
      deemed to be a part thereof as of such time 

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    pursuant
      to Rule 430A of the Regulations), is hereinafter called the “Registration
      Statement,”
and
      the form of the final prospectus dated the Effective Date included in the
      Registration Statement (or, if applicable, the form of final prospectus
      containing information permitted to be omitted at the time of effectiveness
      by
      Rule 430A of the Regulations filed with the Commission pursuant to Rule 424
      of
      the Regulations), is hereinafter called the “Prospectus.”
      For
      purposes of this Agreement, “Time
      of Sale”,
      as
      used in the Act, means 5:00 p.m., New York City time, on the date of this
      Agreement. If
      the
      Company has filed, or is required pursuant to the terms hereof to file, a
      registration statement pursuant to Rule 462(b) under the Securities Act
      registering the Securities (a “Rule
      462(b) Registration Statement”),
      then,
      unless otherwise specified, any reference herein to the term “Registration
      Statement”
shall
      be deemed to include such Rule 462(b) Registration Statement. Other than a
      Rule
      462(b) Registration Statement, which, if filed, becomes effective upon filing,
      no other document with respect to the Registration Statement has heretofore
      been
      filed with the Commission. All of the Public Securities have been registered
      under the Securities Act pursuant to the Registration Statement or, if any
      Rule
      462(b) Registration Statement is filed, will be duly registered under the
      Securities Act with the filing of such Rule 462(b) Registration Statement.
      The
      Registration Statement has been declared effective by the Commission on the
      date
      hereof.
      If,
      subsequent to the date of this Agreement, the Company or the Representative
      has
      determined that at the Time of Sale the Prospectus included an untrue statement
      of a material fact or omitted a statement of material fact necessary to make
      the
      statements therein, in light of the circumstances under which they were made,
      not misleading, and have agreed to provide an opportunity to purchasers of
      the
      Firm Units to terminate their old purchase contracts and enter into new purchase
      contracts, the Prospectus will be deemed to include any additional information
      available to purchasers at the time of entry into the first such new purchase
      contract.

    

    2.1.2 Pursuant
      to the Exchange Act. 
      The Company has filed with the Commission a Form 8-A (File
      Number 000-1377490) providing for the registration under the Securities
      Exchange Act of 1934, as amended (the “Exchange
      Act”),
      of
      the Units, the Common Stock and the Warrants.  The registration of the
      Units, Common Stock and Warrants under the Exchange Act will be declared
      effective by the Commission on or prior to the Effective Date.

     

    2.2  No
      Stop Orders, Etc. 
      Neither the Commission nor, to the best of the Company’s knowledge, any state
      regulatory authority has issued any order or threatened to issue any order
      preventing or suspending the use of any Preliminary Prospectus or has instituted
      or, to the best of the Company’s knowledge, threatened to institute any
      proceedings with respect to such an order.

     

    
      
         

      

      
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    2.3 Disclosures
      in Registration Statement.

     

    2.3.1  10b-5
      Representation. 
      At the time the Registration Statement became effective, upon the filing or
      first use (within the meaning of the Regulations) of the Prospectus and at
      the
      Closing Date and the Option Closing Date, if any, the Registration Statement
      and
      the Prospectus contained or will contain all material statements that are
      required to be stated therein in accordance with the Act and the Regulations,
      and did or will in all material respects conform to the requirements of the
      Act
      and the Regulations. Neither the Registration Statement nor any Preliminary
      Prospectus or the Prospectus, nor any amendment or supplement thereto, on their
      respective dates, did or will contain any untrue statement of a material fact
      or
      omit to state any material fact required to be stated therein or necessary
      to
      make the statements therein (in the case of the Preliminary Prospectus and
      the
      Prospectus, in light of the circumstances under which they were made), not
      misleading.  When any Preliminary Prospectus was first filed with the
      Commission (whether filed as part of the Registration Statement for the
      registration of the Securities or any amendment thereto or pursuant to Rule
      424(a) of the Regulations) or first used (within the meaning of the Regulations)
      and when any amendment thereof or supplement thereto was first filed with the
      Commission or first used (within the meaning of the Regulations), such
      Preliminary Prospectus and any amendments thereof and supplements thereto
      complied or will have been corrected in the Prospectus to comply in all material
      respects with the applicable provisions of the Act and the Regulations and
      did
      not and will not contain an untrue statement of a material fact or omit to
      state
      any material fact required to be stated therein or necessary in order to make
      the statements therein, in light of the circumstances under which they were
      made, not misleading.  The representation and warranty made in this
      Section 2.3.1 does not apply to statements made or statements omitted in
      reliance upon and in conformity with written information furnished to the
      Company with respect to the Underwriters by the Representative expressly for
      use
      in the Registration Statement or Prospectus or any amendment therof or
      supplement thereto. It is understood the statements set forth in the Prospectus
      under the heading “Underwriting” constitute, for the purposes of this Agreement,
      information furnished by the Representative with respect to the
      Underwriters.

     

    2.3.2  Disclosure
      of Agreements. 
      The agreements and documents described in the Registration Statement, the
      Preliminary Prospectus and the Prospectus conform to the descriptions thereof
      contained therein and there are no agreements or other documents required to
      be
      described in the Registration Statement, the Preliminary Prospectus or the
      Prospectus or to be filed with the Commission as exhibits to the Registration
      Statement, that have not been so described or filed.  Each agreement or
      other instrument (however characterized or described) to which the Company
      is a
      party or by which its property or business is or may be bound or affected and
      (i) that is referred to in the Registration Statement, Preliminary Prospectus
      or
      the Prospectus or attached as an exhibit thereto, or (ii) is material to the
      Company’s business, has been duly and validly executed by the Company, is in
      full force and effect in all material respects and is enforceable against the
      Company and, to the Company’s knowledge, the other parties thereto, in
      accordance with its terms, except (x) as such enforceability may be limited
      by
      bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally, (y) as enforceability of any indemnification or contribution
      provision may be limited under the federal and state securities laws, and (z)
      that the remedy of specific performance and injunctive and other forms of
      equitable relief may be subject to the equitable defenses and to the discretion
      of the court before which any proceeding therefor may be brought, and none
      of
      such agreements or instruments has been assigned by the Company, and neither
      the
      Company nor, to the Company’s knowledge, any other party is in breach or default
      thereunder and, to the Company’s knowledge, no event has occurred that, with the
      lapse of time or the giving of notice, or both, would constitute a breach or
      default thereunder.  To the Company’s knowledge, performance by the Company
      of the material provisions of such agreements or instruments will not result
      in
      a material violation of any existing applicable law, rule, regulation, judgment,
      order or decree of any governmental agency or court, domestic or foreign, having
      jurisdiction over the Company or any of its assets or businesses, including,
      without limitation, those relating to environmental laws and
      regulations.

     

    
      
         

      

      
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    2.3.3  Prior
      Securities Transactions. 
      No securities of the Company have been sold by the Company or by or on behalf
      of, or for the benefit of, any person or persons controlling, controlled by,
      or
      under common control with the Company since the date of the Company’s formation,
      except as disclosed in the Registration Statement.

     

    2.3.4 Regulations. 
      The disclosures in the Registration Statement, the Preliminary Prospectus and
      the Prospectus concerning the effects of Federal, State and local regulation
      on
      the Company’s business as currently contemplated fairly summarize, to the best
      of the Company’s knowledge, such effects and do not omit to state a material
      fact necessary to make the statements therein, in light of the circumstances
      in
      which they were made, not misleading.

     

    2.4 Changes
      After Dates in Registration Statement.

     

    2.4.1 No
      Material Adverse Change. 
      Except as contemplated in the Prospectus, since
      the
      respective dates as of which information is given in the Registration Statement,
      any Preliminary Prospectus and/or the Prospectus, except as otherwise
      specifically stated therein: (i) there has been no material adverse change
      in
      the condition, financial or otherwise, or business prospects of the Company;
      (ii) there have been no material transactions entered into by the Company,
      other
      than as contemplated pursuant to this Agreement; (iii) no member of the
      Company’s board of directors or management has resigned from any position with
      the Company and (iv) no event or occurrence has taken place which materially
      impairs, or would likely materially impair, with the passage of time, the
      ability of the members of the Company’s board of directors or management to act
      in their capacities with the Company as described in the Registration Statement
      and the Prospectus.

     

    2.4.2 Recent
      Securities Transactions, Etc. 
      Except as contemplated in the Prospectus, subsequent to the respective dates
      as
      of which information is given in the Registration
      Statement and the Prospectus, and except as may otherwise be indicated or
      contemplated herein or therein,
      the
      Company has not: (i) issued any securities or incurred any liability or
      obligation, direct or contingent, for borrowed money; or (ii) declared or
      paid any dividend or made any other distribution on or in respect to its capital
      stock.

     

    
      
         

      

      
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    2.5 Independent
      Accountants. 
      To the best of the Company’s knowledge, Ziv Haft (“Ziv
      Haft”),
      a BDO
      member firm, whose report is filed with the Commission as part of the
      Registration Statement and included in the Registration Statement, the
      Preliminary Prospectus and the Prospectus, are independent accountants as
      required by the Act and the Regulations and the Public Company Accounting
      Oversight Board (including
      the rules and regulations promulgated by such entity, the “PCAOB”).
      To
      the best of the Company’s knowledge, Ziv Haft is duly registered and in good
      standing with the PCAOB. Ziv Haft has
      not,
      during the periods covered by the financial statements included in the
      Registration Statement and the Prospectus, provided to the Company any non-audit
      services, as such term is used in Section 10A(g) of the Exchange
      Act.

     

    2.6 Financial
      Statements; Statistical Data. 
      

    

    2.6.1 Financial
      Statements.
      The
      financial statements, including the notes thereto and supporting schedules
      included in the Registration Statement, the Preliminary Prospectus and the
      Prospectus fairly present the financial position and the results of operations
      of the Company at the dates and for the periods to which they apply; and such
      financial statements have been prepared in conformity with generally accepted
      accounting principles, consistently applied throughout the periods involved;
      and
      the supporting schedules included in the Registration Statement present fairly
      the information required to be stated therein.  To the best of the
      Company’s knowledge,
      no
      other financial statements or supporting schedules are required to be included
      or incorporated by reference in the Registration Statement,
      the
      Preliminary Prospectus or the Prospectus.
      The
      Registration Statement, the Preliminary Prospectus and the Prospectus disclose
      all material off-balance sheet transactions, arrangements, obligations
      (including contingent obligations), and other relationships of the Company
      with
      unconsolidated entities or other persons that may have a material current or
      future effect on the Company’s financial condition, changes in financial
      condition, results of operations, liquidity, capital expenditures, capital
      resources, or significant components of revenues or expenses. To the best of
      the
      Company’s knowledge,
      there
      are no pro forma or as adjusted financial statements which are required to
      be
      included in
      the
      Registration Statement and the
      Prospectus
      in
      accordance with Regulation
      S-X which have not been included as so required.

    

    2.6.2 Statistical
      Data.
      The
      statistical, industry-related and market-related data included in the
      Registration Statement, the Preliminary Prospectus and the Prospectus are based
      on or derived from sources which the Company reasonably and in good faith
      believes are reliable and accurate, and such data agree with the sources from
      which they are derived. 

     

    2.7  Authorized
      Capital; Options, Etc. 
      The Company had at the date or dates indicated in the Registration Statement,
      the Preliminary Prospectus and the Prospectus, as the case may be, duly
      authorized, issued and outstanding capitalization as set forth in the
      Registration Statement, the Preliminary Prospectus and the Prospectus. 
Based on the assumptions stated in the Registration Statement, the Preliminary
      Prospectus and the Prospectus, the Company will have on the Closing Date the
      adjusted stock capitalization set forth therein.  Except as set forth in,
      or contemplated by, the Registration Statement, the Preliminary Prospectus
      and
      the Prospectus, on the Effective Date of the Prospectus and on the Closing
      Date
      and the Option Closing Date, if any, there will be no options, warrants, or
      other rights to purchase or otherwise acquire any authorized, but unissued
      shares of Common Stock of the Company or any security convertible into shares
      of
      Common Stock of the Company, or any contracts or commitments to issue or sell
      shares of Common Stock or any such options, warrants, rights or convertible
      securities.

     

    
      
         

      

      
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    2.8 Valid
      Issuance of Securities, Etc.

     

    2.8.1 Outstanding
      Securities. 
      All issued and outstanding securities of the Company (including, without
      limitation, the Placement Securities) have been duly authorized and validly
      issued and are fully paid and non-assessable; the holders thereof have no rights
      of rescission with respect thereto, and are not subject to personal liability
      by
      reason of being such holders; and none of such securities were issued in
      violation of the preemptive rights of any holders of any security of the Company
      or similar contractual rights granted by the Company.  The Public
      Securities conform to all statements relating thereto contained in the
      Registration Statement, the Preliminary Prospectus and the Prospectus. Subject
      to the disclosure contained in the Registration Statement, the Preliminary
      Prospectus and the Prospectus with respect to the Placement Securities, the
      offers and sales of the outstanding Common Stock were at all relevant times
      either registered under the Act and the applicable state securities or Blue
      Sky
      laws or, based in part on the representations and warranties of the purchasers
      of such shares of Common Stock, exempt from such registration
      requirements.

     

    2.8.2  Securities
      Sold Pursuant to this Agreement. 
      The Securities have been duly authorized and reserved for issuance and when
      issued and paid for, will be validly issued, fully paid and non-assessable;
      the
      holders thereof are not and will not be subject to personal liability by reason
      of being such holders; the Securities are not and will not be subject to the
      preemptive rights of any holders of any security of the Company or similar
      contractual rights granted by the Company; and all corporate action required
      to
      be taken for the authorization, issuance and sale of the Securities has been
      duly and validly taken.  The Securities conform in all material respects to
      all statements with respect thereto contained in the Registration Statement,
      the
      Preliminary Prospectus and the Prospectus, as the case may be.  When
      issued, the Representative’s Purchase Option, the Representative’s Warrants and
      the Warrants will constitute valid and binding obligations of the Company to
      issue and sell, upon exercise thereof and payment of the respective exercise
      prices therefor, the number and type of securities of the Company called for
      thereby in accordance with the terms thereof and such Representative’s Purchase
      Option, the Representative’s Warrants and the Warrants are enforceable against
      the Company in accordance with their respective terms, except: (i) as such
      enforceability may be limited by bankruptcy, insolvency, reorganization or
      similar laws affecting creditors’ rights generally; (ii) as enforceability of
      any indemnification or contribution provision may be limited under federal
      and
      state securities laws; and (iii) that the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to the equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought. The shares of Common Stock issuable upon exercise of the
      Representative’s Purchase Option, the Representative’s Warrants and the Warrants
      have been reserved for issuance upon the exercise of the Representative’s
      Purchase Option, the Representative’s Warrants and the Warrants, respectively,
      and, when issued in accordance with the terms of such securities, will be duly
      and validly authorized, validly issued, fully paid and non-assessable; the
      holders thereof are not and will not be subject to personal liability by reason
      of being such holders.

    

    
      
         

      

      
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    2.8.3 Placement
      Warrants.
      The
      Placement Warrants constitute valid and binding obligations of the Company
      to
      issue and sell, upon exercise thereof and payment of the respective exercise
      prices therefor, the number and type of securities of the Company called for
      thereby in accordance with the terms thereof, and such Placement Warrants are
      enforceable against the Company in accordance with their respective terms,
      except: (i) as such enforceability may be limited by bankruptcy, insolvency,
      reorganization or similar laws affecting creditors’ rights generally; (ii) as
      enforceability of any indemnification or contribution provision may be limited
      under federal and state securities laws; and (iii) that the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject
      to
      the equitable defenses and to the discretion of the court before which any
      proceeding therefor may be brought. The shares of Common Stock issuable upon
      exercise of the Placement Warrants have been reserved for issuance upon the
      exercise of the Placement Warrants and, when issued in accordance with the
      terms
      of the Placement Warrants, will be duly and validly authorized, validly issued,
      fully paid and non-assessable, and the holders thereof are not and will not
      be
      subject to personal liability by reason of being such holders.

    

    2.8.4 No
      Integration.
      Subject
      to the disclosure contained in the Registration Statement, the Preliminary
      Prospectus and/or the Prospectus with respect to the Placement Securities,
      neither the Company nor any of its affiliates has, prior to the date hereof,
      made any offer or sale of any securities which are required to be “integrated”
pursuant to the Act or the Regulations with the offer and sale of the Public
      Securities pursuant to the Registration Statement.

    

      2.9 Registration
      Rights of Third Parties. 
      Except as set forth in the Registration Statement, the Preliminary Prospectus
      or
      the Prospectus, no holders of any securities of the Company or any rights
      exercisable for or convertible or exchangeable into securities of the Company
      have the right to require the Company to register any such securities of the
      Company under the Act or to include any such securities in a registration
      statement to be filed by the Company.

     

    2.10  Validity
      and Binding Effect of Agreements. 
      This Agreement, the Warrant Agreement (as defined in Section 2.22 hereof),
      the Trust Agreement, the Service Agreement (as defined in Section 3.7.2
      hereof), the Subscription Agreement (as defined in Section 2.23.2 hereof) and
      the Escrow Agreement (as defined in Section 2.23.3 hereof) have been duly
      and validly authorized by the Company and constitute valid and binding
      agreements of the Company, enforceable against the Company in accordance with
      their respective terms, except: (i) as such enforceability may be limited by
      bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally; (ii) as enforceability of any indemnification or contribution
      provision may be limited under the federal and state securities laws; and (iii)
      that the remedy of specific performance and injunctive and other forms of
      equitable relief may be subject to the equitable defenses and to the discretion
      of the court before which any proceeding therefor may be brought.

     

    2.11  No
      Conflicts, Etc. 
      The execution, delivery, and performance by the Company of this Agreement,
      the
      Warrant Agreement, Representative’s Purchase Option, the Trust Agreement, the
      Service Agreement, the Subscription Agreement and the Escrow Agreement, the
      consummation by the Company of the transactions herein and therein contemplated
      and the compliance by the Company with the terms hereof and thereof do not
      and
      will not, with or without the giving of notice or the lapse of time or both:
      (i)
      result in a breach of, or conflict with any of the terms and provisions of,
      or
      constitute a default under, or result in the creation, modification, termination
      or imposition of any lien, charge or encumbrance upon any property or assets
      of
      the Company pursuant to the terms of any agreement or instrument to which the
      Company is a party except pursuant to the Trust Agreement; (ii) result in any
      violation of the provisions of the Amended and Restated Certificate of
      Incorporation or the By-Laws of the Company; or (iii) to the best of the
      Company’s knowledge, violate any existing applicable law, rule, regulation,
      judgment, order or decree of any governmental agency or court, domestic or
      foreign, having jurisdiction over the Company or any of its properties or
      business.

     

    
      
         

      

      
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    2.12  No
      Defaults; Violations. 
      No material default exists in the due performance and observance of any term,
      covenant or condition of any material license, contract, indenture, mortgage,
      deed of trust, note, loan or credit agreement, or any other agreement or
      instrument evidencing an obligation for borrowed money, or any other material
      agreement or instrument to which the Company is a party or by which the Company
      may be bound or to which any of the properties or assets of the Company is
      subject. The Company is not in violation of any term or provision of its Amended
      and Restated Certificate of Incorporation or Bylaws or in violation of any
      material franchise, license, permit, or, to the best of the Company’s knowledge,
      applicable law, rule, regulation, judgment or decree of any governmental agency
      or court, domestic or foreign, having jurisdiction over the Company or any
      of
      its properties or businesses.

     

    2.13 Corporate
      Power; Licenses; Consents.

     

    2.13.1  Conduct
      of Business. 
      The Company has all requisite corporate power and authority, and has all
      necessary authorizations, approvals, orders, licenses, certificates and permits
      of and from all governmental regulatory officials and bodies that it needs
      as of
      the date hereof to conduct its business for the purposes described in the
      Registration Statement, the Preliminary Prospectus and the Prospectus.  The
      disclosures in the Registration Statement and the Prospectus concerning the
      effects of federal, state and local regulation on this Offering and the
      Company’s business purpose as currently contemplated are correct in all material
      respects and do not omit to state a material fact required to be stated therein
      or necessary in order to make the statements therein, in light of the
      circumstances under which they were made, not misleading. Since its formation,
      the Company has conducted no business and has incurred no liabilities other
      than
      in connection with and in furtherance of the Offering.  

     

    2.13.2 Transactions
      Contemplated Herein. 
      The Company has all corporate power and authority to enter into this Agreement
      and to carry out the provisions and conditions hereof, and all consents,
      authorizations, approvals and orders required in connection therewith have
      been
      obtained.  No consent, authorization or order of, and no filing with, any
      court, government agency or other body is required for the valid issuance,
      sale
      and delivery, of the Securities and the consummation of the transactions and
      agreements contemplated by this Agreement, the Warrant Agreement,
      Representative’s Purchase Option, the Trust Agreement, the Service Agreement,
      the Subscription Agreement and the Escrow Agreement and as contemplated by
      the
      Prospectus, except with respect to applicable federal and state securities
      laws
      and the rules and regulations promulgated by the National Association of
      Securities Dealers, Inc. (the “NASD”).

     

    
      
         

      

      
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    2.14 D&O
      Questionnaires. 
      All information contained in the questionnaires (the “Questionnaires”)
      completed by each of the Company’s stockholders immediately prior to the
      Offering (the “Initial
      Stockholders”)
      and
      each of the Company’s officers and directors and provided to the Underwriters as
      an exhibit to his or her Insider Letter (as defined in Section 2.23.1) is
      true and correct and the Company has not become aware of any information which
      would cause the information disclosed in the questionnaires completed by each
      Initial Stockholder, officer or director, to become inaccurate and
      incorrect.

     

    2.15  Litigation;
      Governmental Proceedings. 
      There is no action, suit, proceeding, inquiry, arbitration, investigation,
      litigation or governmental proceeding pending or, to the best of the Company’s
      knowledge, threatened against, or involving the Company or, to the best of
      the
      Company’s knowledge, any Initial Stockholder which has not been disclosed in the
      Registration Statement, the Questionnaires, the Preliminary Prospectus and
      the
      Prospectus.

     

    2.16 Good
      Standing. 
      The Company has been duly organized and is validly existing as a corporation
      and
      is in good standing under the laws of its state of incorporation and is duly
      qualified to do business and is in good standing as a foreign corporation in
      each jurisdiction in which its ownership or lease of property or the conduct
      of
      business requires such qualification, except where the failure to qualify would
      not have a material adverse effect on the Company.

     

    2.17  No
      Contemplation of a Business Combination.
      Prior
      to the date hereof, neither the Company, its officers and directors nor the
      Initial Stockholders had, and as of the Closing, the Company and such officers
      and directors and Initial Stockholders will not have had: (a) any specific
      Business Combination under consideration or contemplation or (b) any substantive
      interactions or discussions with any target business regarding a possible
      Business Combination. 

    

      2.18 Transactions
      Affecting Disclosure to NASD.
      

     

    2.18.1 Except
      as
      described in the Preliminary Prospectus and/or the Prospectus, there are no
      claims, payments, arrangements, agreements or understandings relating to the
      payment of a finder’s, consulting or origination fee by the Company or any
      Initial Stockholder with respect to the sale of the Securities hereunder or
      any
      other arrangements, agreements or understandings of the Company or, to the
      Company’s knowledge, any Initial Stockholder that may affect the Underwriters’
compensation, as determined by the National Association of Securities Dealers,
      Inc. (the “NASD”).

     

    2.18.2 The
      Company has not made any direct or indirect payments (in cash, securities or
      otherwise) to: (i) any person, as a finder’s fee, consulting fee or otherwise,
      in consideration of such person raising capital for the Company or introducing
      to the Company persons who raised or provided capital to the Company; (ii)
      to
      any NASD member; or (iii) to any person or entity that has any direct or
      indirect affiliation or association with any NASD member, within the twelve
      months prior to the Effective Date, other than payments to Maxim.

     

    
      
         

      

      
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    2.18.3 No
      officer, director, or beneficial owner of any class of the Company’s securities
      (whether debt or equity, registered or unregistered, regardless of the time
      acquired or the source from which derived) (any such individual or entity,
      a
“Company
      Affiliate”)
      is a
      member, a person associated, or affiliated with a member of the NASD.

    

    2.18.4 No
      Company Affiliate is an owner of stock or other securities of any member of
      the
      NASD (other than securities purchased on the open market).

    

    2.18.5 No
      Company Affiliate has made a subordinated loan to any member of the
      NASD.

    

    2.18.6 No
      proceeds from the sale of the Public Securities (excluding underwriting
      compensation) or the Placement Securities will be paid to any NASD member,
      or
      any persons associated or affiliated with a member of the NASD, except as
      specifically authorized herein and in the Subscription Agreement.

    

    2.18.7 Except
      with respect to Maxim, the Company has not issued any warrants or other
      securities, or granted any options, directly or indirectly to anyone who is
      a
      potential underwriter in the Offering or a related person (as defined by NASD
      rules) of such an underwriter within the 180-day period prior to the initial
      filing date of the Registration Statement. 

    

    2.18.8 No
      person
      to whom securities of the Company have been privately issued within the 180-day
      period prior to the initial filing date of the Registration Statement has any
      relationship or affiliation or association with any member of the NASD.

    

    2.18.9 No
      NASD
      member intending to participate in the Offering has a conflict of interest
      with
      the Company. For this purpose, a “conflict of interest” exists when a member of
      the NASD and its associated persons, parent or affiliates in the aggregate
      beneficially own 10% or more of the Company’s outstanding subordinated debt or
      common equity, or 10% or more of the Company’s preferred equity. “Members
      participating in the Offering” include managing agents, syndicate group members
      and all dealers which are members of the NASD. 

    

    2.18.10
      Except with respect to Maxim in connection with the Offering, the Company has
      not entered into any agreement or arrangement (including, without limitation,
      any consulting agreement or any other type of agreement) during the 180-day
      period prior to the initial filing date of the Registration Statement, which
      arrangement or agreement provides for the receipt of any item of value and/or
      the transfer of any warrants, options, or other securities from the Company
      to
      an NASD member, any person associated with a member (as defined by NASD rules),
      any potential underwriters in the Offering and any related persons.

     

    2.19 Foreign
      Corrupt Practices Act. 
      Neither the Company nor any of the Initial Stockholders or any other person
      acting on behalf of the Company has, directly or indirectly, given or agreed
      to
      give any money, gift or similar benefit (other than legal price concessions
      to
      customers in the ordinary course of business) to any customer, supplier,
      employee or agent of a customer or supplier, or official or employee of any
      governmental agency or instrumentality of any government (domestic or foreign)
      or any political party or candidate for office (domestic or foreign) or any
      political party or candidate for office (domestic or foreign) or other person
      who was, is, or may be in a position to help or hinder the business of the
      Company (or assist it in connection with any actual or proposed transaction)
      that (i) might subject the Company to any damage or penalty in any civil,
      criminal or governmental litigation or proceeding, (ii) if not given in the
      past, might have had a material adverse effect on the assets, business or
      operations of the Company as reflected in any of the financial statements
      contained in the Registration Statement, the Preliminary Prospectus and/or
      the
      Prospectus or (iii) if not continued in the future, might adversely affect
      the
      assets, business, operations or prospects of the Company.  The Company’s
      internal accounting controls and procedures are sufficient to cause the Company
      to comply with the Foreign Corrupt Practices Act of 1977, as
      amended.

    

    
      
         

      

      
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    2.20 Patriot
      Act.
      Neither
      the Company
      nor, to the Company’s knowledge, any officer, director or Initial Stockholder
      has violated: (i) the Bank Secrecy Act, as amended, (ii) the Money Laundering
      Control Act of 1986, as amended, or (iii) the Uniting and Strengthening of
      America by Providing Appropriate Tools Required to Intercept and Obstruct
      Terrorism (USA PATRIOT ACT) Act of 2001, and/or the rules and regulations
      promulgated under any such law, or any successor law.

     

    2.21 Officers’
      Certificate. 
      Any certificate signed by any duly authorized officer of the Company and
      delivered to Representative or to Representative’s counsel shall be deemed a
      representation and warranty by the Company to the Underwriters as to the matters
      covered thereby.

     

    2.22 Warrant
      Agreement. 
      The Company has entered into a warrant agreement with respect to the Warrants,
      the Representative’s Warrants and the Placement Warrants with AST substantially
      in the form filed as an exhibit to the Registration Statement (the “Warrant
      Agreement”),
      providing for, among other things, the payment of a warrant solicitation fee
      as
      contemplated by Section 3.9 hereof.

     

    2.23  Agreements
      With Initial Stockholders.

     

    2.23.1 Insider
      Letters. 
      The Company has caused to be duly executed legally binding and enforceable
      agreements (except (i) as such enforceability may be limited by bankruptcy,
      insolvency, reorganization or similar laws affecting creditors’ rights
      generally, (ii) as enforceability of any indemnification, contribution or
      noncompete provision may be limited under the federal and state securities
      laws,
      and (iii) that the remedy of specific performance and injunctive and other
      forms
      of equitable relief may be subject to the equitable defenses and to the
      discretion of the court before which any proceeding therefor may be brought)
      annexed as exhibits to the Registration Statement (the “Insider
      Letter”),
      pursuant to which each of the Initial Stockholders of the Company agree to
      certain matters, including but not limited to, certain matters described as
      being agreed to by them under the “Proposed Business” Section of the
      Prospectus.

     

    2.23.2 Subscription
      Agreement.
      Certain
      of the Company’s officers and directors and their designees have executed and
      delivered an agreement, annexed as an exhibit to the Registration Statement
      (the
“Subscription
      Agreement”),
      pursuant to which such persons, among other things, have purchased an aggregate
      of 1,500,000 Placement Warrants in the Private Placement. Pursuant to the
      Subscription Agreement all of the proceeds from the sale of the Placement
      Warrants will be deposited by the Company in the Trust Fund in accordance with
      the terms of the Trust Agreement prior to the Closing.

    

    
      
         

      

      
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    2.23.3 Escrow
      Agreement. 
      The Company has caused the Initial Stockholders to enter into an escrow
      agreement (the “Escrow
      Agreement”)
      with
      the Escrow Agent substantially in the form filed as an exhibit to the
      Registration Statement whereby the Common Stock owned by the Initial
      Stockholders (not including any shares of Common Stock underlying the Placement
      Warrants which any of them may have purchased) will be held in escrow by the
      Escrow Agent, until the third anniversary of the Effective Date.  During
      such escrow period, the Initial Stockholders shall be prohibited from selling
      or
      otherwise transferring such shares (except (a) to spouses and children of
      Initial Stockholders and trusts established for their benefit, (b) after a
      Business Combination in a transaction whereby all the outstanding shares of
      the
      Company are exchanged or converted into cash or another entity’s securities and
      (c) as otherwise set forth in the Escrow Agreement) unless approved by the
      Company’s public stockholders, but will retain the right to vote such
      shares.  The Escrow Agreement shall not be amended, modified or otherwise
      changed without the prior written consent of Maxim, such consent not to be
      unreasonably withheld.

     

    2.24  Investment
      Management Trust Agreement. 
      The Company has entered into the Trust Agreement with respect to certain
      proceeds of the Offering and the Private Placement substantially in the form
      filed as an exhibit to the Registration Statement.

     

    2.25  Covenants
      Not to Compete. 
      No Initial Stockholder of the Company is subject to any noncompetition agreement
      or non-solicitation agreement with any employer or prior employer which could
      materially affect his ability to be an Initial Stockholder, employee, officer
      or
      director of the Company.

     

    2.26 Investments. 
      No more than 45% of the “value” (as defined in Section 2(a)(41) of the
      Investment Company Act of 1940 (“Investment Company Act”)) of the Company’s
      total assets consist of, and no more than 45% of the Company’s net income after
      taxes is derived from, securities other than “Government Securities” (as defined
      in Section 2(a)(16) of the Investment Company Act).

     

    2.27 Subsidiaries. 
      The Company does not own an interest in any corporation, partnership, limited
      liability company, joint venture, trust or other business entity.

     

    2.28 Related
      Party Transactions. 
      No relationship, direct or indirect, exists between or among any of the Company
      or any Company Affiliate, on the one hand, and any director, officer,
      shareholder, customer or supplier of the Company or any Company Affiliate,
      on
      the other hand, which is required by the Act, the Exchange Act or the
      Regulations to be described in the Registration Statement, the Preliminary
      Prospectus and/or the Prospectus which is not so described and described as
      required. There are no outstanding loans, advances (except normal advances
      for
      business expenses in the ordinary course of business) or guarantees of
      indebtedness by the Company to or for the benefit of any of the officers or
      directors of the Company or any of their respective family members, except
      as
      disclosed in the Registration Statement, the Preliminary Prospectus and/or
      the
      Prospectus. The Company has not extended or maintained credit, arranged for
      the
      extension of credit, or renewed an extension of credit, in the form of a
      personal loan to or for any director or officer of the Company.

    

    
      
         

      

      
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    2.29 No
      Influence.
      The
      Company has not offered, or caused the Underwriters to offer, the Firm Units
      to
      any person or entity with the intention of unlawfully influencing: (a) a
      customer or supplier of the Company or any Company Affiliate to alter the
      customer’s or supplier’s level or type of business with the Company or such
      affiliate or (b) a journalist or publication to write or publish favorable
      information about the Company or any such affiliate.

    

    2.30 Definition
      of “Knowledge”.
      As
      used
      in herein, the term “knowledge
      of the Company”
(or
      similar language) shall mean the knowledge of the officers and directors of
      the
      Company who are named in the Prospectus, with the assumption that such officers
      and directors shall have made reasonable and diligent inquiry of the matters
      presented.

    

    3. Covenants
      of the Company. 
      The Company covenants and agrees as follows:

     

    3.1 Amendments
      to Registration Statement. 
      The Company will deliver to the Representative, prior to filing, any amendment
      or supplement to the Registration Statement or Prospectus proposed to be filed
      after the Effective Date and not file any such amendment or supplement to which
      the Representative shall reasonably object in writing.

     

    3.2  Federal
      Securities Laws.

     

    3.2.1  Compliance. 
      During the time when a Prospectus is required to be delivered under the Act,
      the
      Company will use all reasonable efforts to comply with all requirements imposed
      upon it by the Act, the Regulations and the Exchange Act and by the regulations
      under the Exchange Act, as from time to time in force, so far as necessary
      to
      permit the continuance of sales of or dealings in the Public Securities in
      accordance with the provisions hereof and the Prospectus.  If at any time
      when a Prospectus relating to the Public Securities is required to be delivered
      under the Act, any event shall have occurred as a result of which, in the
      opinion of counsel for the Company or counsel for the Underwriters, the
      Prospectus, as then amended or supplemented,
      includes
      an untrue statement of a material fact or omits to state any material fact
      required to be stated therein or necessary to make the statements therein,
      in
      light of the circumstances under which they were made, not misleading, or if
      it
      is necessary during such period to amend the Registration Statement or amend
      or
      supplement the Prospectus to
      comply
      with the Act, the Company will notify the Representative promptly and prepare
      and file with the Commission, subject to Section 3.1 hereof, an appropriate
      amendment to the Registration Statement or amendment or supplement to the
      Prospectus (at the expense of the Company) so as to correct such statement
      or
      omission or effect such compliance.

     

    3.2.2  Filing
      of Final Prospectus. 
      The Company will file the Prospectus (in form and substance satisfactory to
      the
      Representative) with the Commission pursuant to the requirements of Rule 424
      of
      the Regulations.

     

    
      
         

      

      
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    3.2.3 Exchange
      Act Registration. 
      For a period of five years from the Effective Date, or until such earlier time
      upon which the Company is required to be liquidated, the Company will use its
      best efforts to maintain the registration of the Units, Common Stock and
      Warrants under the provisions of the Exchange Act.  The Company will not
      deregister the Units under the Exchange Act without the prior written consent
      of
      Maxim.

    

    3.2.4 Sarbanes-Oxley
      Compliance.
      As soon
      as it is legally required to do so, the
      Company shall take all actions necessary to obtain and thereafter maintain
      material compliance with each applicable provision of the Sarbanes-Oxley Act
      of
      2002 and the rules and regulations promulgated thereunder and related or similar
      rules and regulations promulgated by any other governmental or self regulatory
      entity or agency with jurisdiction over the Company.

     

    3.3 Blue
      Sky Filing. 
      The Company will endeavor in good faith, in cooperation with the Representative,
      at or prior to the time the Registration Statement becomes effective, to qualify
      the Public Securities for offering and sale under the securities laws of such
      jurisdictions as the Representative may reasonably designate, provided that
      no
      such qualification shall be required in any jurisdiction where, as a result
      thereof, the Company would be subject to service of general process or to
      taxation as a foreign corporation doing business in such jurisdiction.  In
      each jurisdiction where such qualification shall be effected, the Company will,
      unless the Representative agrees that such action is not at the time necessary
      or advisable, use all reasonable efforts to file and make such statements or
      reports at such times as are or may be required by the laws of such
      jurisdiction.

     

    3.4 Delivery
      to Underwriters of Prospectuses. 
      The Company will deliver to each of the several Underwriters, without charge,
      from time to time during the period when the Prospectus is required to be
      delivered under the Act or the Exchange Act such number of copies of each
      Preliminary Prospectus and Prospectus and all amendments and supplements to
      such
      documents as such Underwriters may reasonably request and, as soon as the
      Registration Statement or any amendment or supplement thereto becomes effective,
      deliver to Representative two original executed Registration Statements,
      including exhibits, and all post-effective amendments thereto and copies of
      all
      exhibits filed therewith or incorporated therein by reference and all original
      executed consents of certified experts.

     

    3.5  Effectiveness
      and Events Requiring Notice to the Representative. 
      The Company will use its best efforts to cause the Registration Statement to
      remain effective and will notify the Representative immediately and confirm
      the
      notice in writing: (i) of the effectiveness of the Registration Statement
      and any amendment thereto; (ii) of the issuance by the Commission of any stop
      order suspending the effectiveness of the Registration Statement, or any
      post-effective amendment thereto or preventing or suspending the use of any
      Preliminary Prospectus or the Prospectus or of the initiation, or the
      threatening, of any proceeding for that purpose; (iii) of the issuance by any
      state securities commission of any proceedings for the suspension of the
      qualification of the Public Securities for offering or sale in any jurisdiction
      or of the initiation, or the threatening, of any proceeding for that purpose;
      (iv) of the mailing and delivery to the Commission for filing of any amendment
      or supplement to the Registration Statement or Prospectus; (v) of the receipt
      of
      any comments or request for any additional information from the Commission;
      and
      (vi) of the happening of any event during the period described in
      Section 3.4 hereof that, in the judgment of the Company, makes any
      statement of a material fact made in the Registration Statement, the Preliminary
      Prospectus and/or the Prospectus untrue or that requires the making of any
      changes in the Registration Statement, the Preliminary Prospectus and/or the
      Prospectus in order to make the statements therein, (with respect to the
      Prospectus in light of the circumstances under which they were made), not
      misleading.  If the Commission or any state securities commission shall
      enter a stop order or suspend such qualification at any time, the Company will
      make every reasonable effort to obtain promptly the lifting of such
      order.

     

    
      
         

      

      
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    3.6  Review
      of Financial Statements. 
      Until the earlier of five years from the Effective Date, or until such earlier
      date upon which the Company is required to be liquidated, the Company, at its
      expense, shall cause its regularly engaged independent certified public
      accountants to review (but not audit) the Company’s financial statements for
      each of the first three fiscal quarters prior to the announcement of quarterly
      financial information, the filing of the Company’s Form 10-Q quarterly report
      and the mailing of quarterly financial information to stockholders.

     

    3.7  Affiliated
      Transactions.

     

    3.7.1  Business
      Combinations. 
      The Company will not consummate a Business Combination with any entity which
      is
      affiliated with any Initial Stockholder unless the Company obtains an opinion
      from an independent investment banking firm stating the Business Combination
      is
      fair to the Company’s stockholders from a financial perspective.

     

    3.7.2  Administrative
      Services. 
      The Company has entered into an agreement (the “Service
      Agreement”)
      with
      New Pole Ltd., (the “Affiliate”)
      in the
      form filed as an exhibit to the Registration Statement pursuant to which the
      Affiliate will make available to the Company general and administrative services
      including office space, utilities, receptionist and secretarial support for
      the
      Company’s use for $7,500 per month.

     

    3.7.3 Compensation. 
      Except as set forth in this Section 3.7, the Company shall not pay any
      Initial Stockholder or any of their affiliates any fees or compensation from
      the
      Company, for services rendered to the Company prior to, or in connection with,
      this Offering or the consummation of a Business Combination; provided
      that
      the
      Initial Stockholders shall be entitled to reimbursement from the Company for
      their out-of-pocket expenses incurred on the Company’s behalf, which includes an
      aggregate of $118,000 in loans which were made to the Company prior to the
      effective date of the Registration Statement and expenses incurred by them
      in
      connection with seeking and consummating a Business Combination as described
      in
      the Registration Statement.

     

    3.8 Secondary
      Market Trading. 
      The Company will apply to be included in Standard & Poor’s Service Manuals
      for a period of five years from the consummation of a Business
      Combination.  Promptly after the consummation of the Offering, the Company
      shall take such steps as may be necessary to obtain a secondary market trading
      exemption for the Company’s securities in the State of California.  The
      Company shall also take such other action as may be reasonably requested by
      the
      Representative to obtain a secondary market trading exemption in such other
      states as may be requested by the Representative.

     

    
      
         

      

      
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    3.9 Warrant
      Solicitation Fees. 
      The Company hereby engages Maxim, on a non-exclusive basis, as its agent for
      the
      solicitation of the exercise of the Warrants.  The Company will
      (i) assist Maxim with respect to such solicitation, if requested by Maxim,
      and (ii) at Maxim’s request, provide Maxim, and direct the Company’s
      transfer and warrant agent to provide to Maxim, at the Company’s cost, lists of
      the record and, to the extent known, beneficial owners of, the Warrants. 
Commencing one year from the Effective Date, the Company will pay Maxim five
      percent (5%) of the exercise price of the Warrants, payable on the date of
      such
      exercise, on the terms provided for in the Warrant Agreement, only if permitted
      under the rules and regulations of the NASD and only to the extent that an
      investor who exercises his Warrants specifically designates, in writing, that
      Maxim solicited his exercise.  Maxim may engage sub-agents in its
      solicitation efforts.  The Company agrees to disclose the arrangement to
      pay such solicitation fees to Maxim in any prospectus used by the Company in
      connection with the registration of the shares of Common Stock underlying the
      Warrants.

     

    3.10  Financial
      Public Relations Firm. 
      Promptly after the execution of a definitive agreement for a Business
      Combination, the Company shall retain a financial public relations firm
      reasonably acceptable to the Representative for a term to be agreed upon by
      the
      Company and the Representative.

     

    3.11  Reports
      to the Representative.

     

    3.11.1 Periodic
      Reports, Etc. 
      For a period of five years from the Effective Date or until such earlier time
      upon which the Company is required to be liquidated, the Company will furnish
      to
      the Representative (Attn:  Clifford Teller, Managing Director) and its
      counsel copies of such financial statements and other periodic and special
      reports as the Company from time to time furnishes generally to holders of
      any
      class of its securities, and promptly furnish to the Representative: (i) a
      copy
      of each periodic report the Company shall be required to file with the
      Commission; (ii) a copy of every press release and every news item and
      article with respect to the Company or its affairs which was released by
      the Company; (iii)  a copy of each Form 8-K or Schedules 13D, 13G, 14D-1 or
      13E-4 received or prepared by the Company; (iv) five copies of each Registration
      Statement; and (v) such additional documents and information with respect
      to the Company and the affairs of any future subsidiaries of the Company as
      the
      Representative may from time to time reasonably request; provided that the
      Representative shall sign, if requested by the Company, a Regulation FD
      compliant confidentiality agreement which is reasonably acceptable to the
      Representative and its counsel in connection with the Representative’s receipt
      of such information. Documents filed with the Commission pursuant to its
      Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”)
      shall
      be deemed to have been delivered to the Representative pursuant to this
      section.

     

    3.11.2  Transfer
      Sheets. 
      For a period of five years following the Effective Date or until such earlier
      time upon which the Company is required to be liquidated, the Company shall
      retain a transfer and warrant agent acceptable to the Representative (the
“Transfer
      Agent”)
      and
      during the two (2) year period following the Closing Date, will furnish to
      the
      Underwriters at the Company’s sole cost and expense such transfer sheets of the
      Company’s securities as the Representative may request, including the daily and
      monthly consolidated transfer sheets of the Transfer Agent and DTC. 
American Stock Transfer & Trust Company is an acceptable Transfer Agent to
      the Underwriters.

     

    
      
         

      

      
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    3.11.3 Secondary
      Market Trading Survey. 
      Until such time as the Public Securities are listed or quoted, as the case
      may
      be, on the New York Stock Exchange, the American Stock Exchange or quoted on
      the
      Nasdaq Global Select Market or Nasdaq Global Market, or until such earlier
      time
      upon which the Company is required to be liquidated, the Company shall engage
      Richardson & Patel LLP (“R&P”),
      for a
      one-time fee of $5,000 payable on the Closing Date, to deliver and update to
      the
      Underwriters on a timely basis, but in any event on the Effective Date and
      at
      the beginning of each fiscal quarter, a written report detailing those states
      in
      which the Public Securities may be traded in non-issuer transactions under
      the
      Blue Sky laws of the fifty States (the “Secondary
      Market Trading Survey”),
      a
      copy of which will be provided to the Company and EGS.

     

    3.11.4 Trading
      Reports. 
      During such time as the Public Securities are quoted on the NASD OTC Bulletin
      Board (or any successor trading market such as the Bulletin Board Exchange)
      or
      the Pink Sheets, LLC (or similar publisher of quotations) and no other automated
      quotation system, the Company shall provide to the Representative, at its
      expense, such reports published by the NASD or the Pink Sheets, LLC relating
      to
      price trading of the Public Securities, as the Representative shall reasonably
      request. In addition to the requirements of the preceding sentence, for a period
      of two (2) years from the Closing Date, the Company, at its expense, shall
      provide the Representative a subscription to the Company’s weekly Depository
      Transfer Company Security Position Reports.

     

    3.12  Disqualification
      of Form S-1. 
      For a period equal to seven
      years from the date hereof, the Company will not take any action or actions
      which may prevent or disqualify the Company’s use of Form S-1 (or other
      appropriate form) for the registration of the Warrants and the Representative’s
      Warrants under the Act.

     

    3.13 Payment
      of Expenses.

     

    3.13.1 General
      Expenses Related to the Offering. 
      The Company hereby agrees to pay on each of the Closing Date and the Option
      Closing Date, if any, to the extent not paid at Closing Date, all expenses
      incident to the performance of the obligations of the Company under this
      Agreement, including, but not limited to: (i) the preparation, printing, filing
      and mailing (including the payment of postage with respect to such mailing)
      of
      the Registration Statement, the Preliminary Prospectus and/or the final
      Prospectus and the printing and mailing of this Agreement and related documents,
      including the cost of all copies thereof and any amendments thereof or
      supplements thereto supplied to the Underwriters in quantities as may be
      required by the Underwriters; (ii) the printing, engraving, issuance and
      delivery of the Units, the shares of Common Stock and the Warrants included
      in
      the Units and the Representative’s Purchase Option, including any transfer or
      other taxes payable thereon; (iii) the qualification of the Public Securities
      under state or foreign securities or Blue Sky laws, including the costs of
      printing and mailing the “Preliminary Blue Sky Memorandum,” and all amendments
      and supplements thereto, fees and disbursements for the Representative’s counsel
      retained for such purpose (such fees shall be $35,000 in the aggregate (of
      which
      $15,000 has previously been paid)), and a one-time 

     

    
      
         

      

      
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    fee
      of
      $5,000 payable to the Representative’s counsel for the preparation of the
      Secondary Market Trading Survey; (iv) filing fees incurred in registering
      the Offering with the NASD (including all COBRADesk fees); (v) costs of placing
      “tombstone” advertisements in The
      Wall Street Journal,
      The
      New York Times
      and a
      third publication to be selected by the Representative not to exceed $10,000
      in
      the aggregate; (vi) fees and disbursements of the transfer and warrant agent;
      (vii) the Company’s expenses associated with “due diligence” meetings arranged
      by the Representative (none of which will be received or paid on behalf of
      an
      underwriter and related person); (viii) the preparation, binding and delivery
      of
      leather bound volumes in form and style reasonably satisfactory to the
      Representative and transaction lucite cubes or similar commemorative items
      in a
      style and quantity as reasonably requested by the Representative; (ix) all
      costs
      and expenses associated with “road show” marketing and “due diligence” trips for
      the Company’s management to meet with prospective investors, including without
      limitation, all travel, food and lodging expenses associated with such trips;
      (x) all costs associated with an independent third-party background
      investigation of each of the Company’s officers, directors and Initial
      Stockholders (in an amount not to exceed $9,000); and (xi) all other reasonable
      costs and expenses incident to the performance of its obligations hereunder
      which are not otherwise specifically provided for in this Section 3.13.1.
      The Representative may deduct from the net proceeds of the Offering payable
      to
      the Company on the Closing Date, or the Option Closing Date, if any, the
      expenses set forth above to be paid by the Company to the Representative and
      others, as agreed to by the Company in writing. If the Offering is not
      consummated for any reason whatsoever, except as a result of the
      Representative’s or any Underwriter's breach or default with respect to any of
      its obligations described in this Agreement, then the Company shall reimburse
      the Representative in full for their out of pocket accountable expenses actually
      incurred by the Representative, including, without limitation, its legal fees
      (less any amounts previously paid). Additionally, upon any such termination,
      the
      Representative shall return to the Company any portion of the Advance (as
      defined below) in excess of its out of pocket accountable expenses actually
      incurred by the Representative, including, without limitation, its legal
      fees.

     

    3.13.2  Non-accountable
      Expense Allowance. 
      The Company further agrees that in addition to the expenses payable pursuant
      to
      Section 3.13.1, on the Closing Date, it will pay to the Representative a
      non-accountable expense allowance equal to one percent (1%) of the gross
      proceeds received by the Company from the sale of the Firm Units (of which
      $50,000 has previously been paid (“Advance”))
      by
      deduction from the proceeds of the Offering contemplated herein. 

    

    3.13.3  Fee on Business Combination. 
      Upon consummation of a Business Combination, the Company and the Underwriters
      agree that in addition to the expenses payable pursuant to Sections 3.13.1
      and
      3.13.2, the Company will pay to the Representative the Contingent Discount
      as
      set forth in Section 1.5 above.

    

    3.13.4
      Fee
      on
      Termination of Offering.
      Notwithstanding anything contained herein to the contrary, upon termination
      of
      the Offering, except as a result of the Representatives’ or any underwriter’s
      breach or default with respect to any of its material obligations pursuant
      to
      this Agreement, the Company shall: (A) reimburse Maxim for, or otherwise pay
      and
      bear, the expenses and fees to be paid and borne by the Company as provided
      for
      in Paragraph 3.13.1 above, as applicable, and (B) reimburse Maxim for the full
      amount of its accountable out-of pocket expenses actually incurred to such
      date
      (which shall include, but shall not be limited to, all fees and disbursements
      of
      Maxim’s counsel, travel, lodging and other “road show” expenses, mailing,
      printing and reproduction expenses, and any expenses incurred by Maxim in
      conducting its due diligence), less the amounts previously paid and any amounts
      previously paid to Maxim in reimbursement for such expenses. If applicable,
      and
      solely in the event of a termination of this Offering, Maxim shall refund to
      the
      Company any portion of the Advance previously received by Maxim which is in
      excess of the accountable out-of-pocket expenses actually incurred to such
      date
      by Maxim.

     

    
      
         

      

      
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    3.14 Application
      of Net Proceeds. 
      The Company will apply the net proceeds from the Offering received by it in
      a
      manner consistent with the application described under the caption “Use of
      Proceeds” in the Prospectus.

     

    3.15 Delivery
      of Earnings Statements to Security Holders. 
      The Company will make generally available to its security holders as soon as
      practicable, but not later than the first day of the fifteenth full calendar
      month following the Effective Date, an earnings statement (which need not be
      certified by independent public or independent certified public accountants
      unless required by the Act or the Regulations, but which shall satisfy the
      provisions of Rule 158(a) under Section 11(a) of the Act) covering a period
      of at least twelve consecutive months beginning after the Effective
      Date.

     

    3.16 Notice
      to NASD. 
      

    

    3.16.1 Business
      Combination.
      In the
      event any person or entity (regardless of any NASD affiliation or association)
      is engaged to assist the Company in its search for a merger candidate or to
      provide any other merger and acquisition services, the Company will provide
      the
      following to the NASD and Representative prior to the consummation of the
      Business Combination:  (i) complete details of all services and copies
      of agreements governing such services; and (ii) justification as to why the
      person or entity providing the merger and acquisition services should not be
      considered an “underwriter and related person” with respect to the Company’s
      initial public offering, as such term is defined in Rule 2710 of the NASD’s
      Conduct Rules.  The Company also agrees that proper disclosure of such
      arrangement or potential arrangement will be made in the proxy statement which
      the Company will file for purposes of soliciting stockholder approval for the
      Business Combination. 

    

    3.16.2 Broker/Dealer.
      In the
      event the Company intends to register as a broker/dealer, merge with or acquire
      a registered broker/dealer, or otherwise become a member of NASD, it shall
      promptly notify the NASD.

     

    3.17  Stabilization. Neither
      the Company, nor, to its knowledge, any of its employees, directors or
      stockholders (without the consent of Maxim) has taken or will take, directly
      or
      indirectly, any action designed to or that has constituted or that might
      reasonably be expected to cause or result in, under the Exchange Act, or
      otherwise, stabilization or manipulation of the price of any security of the
      Company to facilitate the sale or resale of the Units.

     

    
      
         

      

      
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    3.18 Internal
      Controls. 
      The Company will maintain a system of internal accounting controls sufficient
      to
      provide reasonable assurances that: (i) transactions are executed in accordance
      with management’s general or specific authorization; (ii) transactions are
      recorded as necessary in order to permit preparation of financial statements
      in
      accordance with generally accepted accounting principles and to maintain
      accountability for assets; (iii) access to assets is permitted only in
      accordance with management’s general or specific authorization; and (iv) the
      recorded accountability for assets is compared with existing assets at
      reasonable intervals and appropriate action is taken with respect to any
      differences.

     

    3.19 Accountants. 
      For a period of five years from the Effective Date or until such earlier time
      upon which the Company is required to be liquidated, the Company shall retain
      Ziv Haft or other independent public accountants reasonably acceptable to
      Maxim.

     

    3.20 Form
      8-K. 
      The Company shall, on the date hereof, retain its independent public accountants
      to audit the financial statements of the Company as of the Closing Date (the
      “Audited
      Financial Statements”)
      reflecting the receipt by the Company of the proceeds of the initial public
      offering and the Private Placement, as well as the proceeds from the exercise
      of
      the Over-Allotment if such exercise has occurred on the date of the
      Prospectus.  Within three (3) trading days of the Effective Date, the
      Company will file a Current Report on Form 8-K with the Commission, which
      Report shall contain the Company’s Audited Financial Statements.

     

    3.21 NASD. 
      The Company shall advise the NASD if it is aware that any 5% or greater
      stockholder of the Company becomes an affiliate or associated person of an
      NASD
      member participating in the distribution of the Company’s Public
      Securities.

     

    3.22  Corporate
      Proceedings.
      All
      corporate proceedings and other legal matters necessary to carry out the
      provisions of this Agreement and the transactions contemplated hereby shall
      have
      been done to the reasonable satisfaction to counsel for the
      Underwriters.

     

    3.23 Investment
      Company.
      The
      Company shall cause the proceeds of the Offering to be held in the Trust Fund
      to
      be invested only in “government securities” with specific maturity dates or in
      money market funds meeting certain conditions under Rule 2a-7 promulgated under
      the Investment Company Act as set forth in the Trust Agreement and disclosed
      in
      the Prospectus. The Company will otherwise conduct its business in a manner
      so
      that it will not become subject to the Investment Company Act. Furthermore,
      once
      the Company consummates a Business Combination, it will be engaged in a business
      other than that of investing, reinvesting, owning, holding or trading
      securities.

    

    3.24 Business
      Combination Announcement.
      Within
      five (5) Business Days following the consummation by the Company of a Business
      Combination, the Company shall
      cause an announcement (“Business
      Combination
      Announcement”)
      to be
      placed, at its cost, in The Wall Street Journal, The New York Times and a third
      publication to be selected by Maxim announcing the consummation of the
Business
      Combination
      and
      indicating that Maxim was the managing underwriter in the Offering (subject
      to
      an aggregate maximum amount of $10,000). The Company shall supply Maxim with
      a
      draft of the Business
      Combination
      Announcement and provide Maxim with a reasonable advance opportunity to comment
      thereon. The Company will not place the Business
      Combination
      Announcement without the final approval of Maxim, which approval will not be
      unreasonably withheld.

    

    
      
         

      

      
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    3.25 Colorado
      Trust Filing.
      In the
      event the Securities are registered in the State of Colorado, the Company will
      cause a Colorado Form ES to be filed with the Commissioner of the State of
      Colorado no less than 10 days prior to the distribution of the Trust Fund in
      connection with a Business Combination and will do all things necessary to
      comply with Section 11-51-302 and Rule 51-3.4 of the Colorado
      Securities Act.

    

    3.26 Press
      Releases.
      The
      Company agrees it will not issue press releases or engage in any other
      publicity, without Maxim’s prior written consent (not to be unreasonably
      withheld), for a period of forty (40) days after the Closing Date.

    

    3.27 Key-Man
      Insurance. Prior
      to
      the consummation of the Business Combination, the Company will obtain key person
      life insurance with an insurer rated at least AA or better in the most recent
      addition of “Best’s Life Reports” in the aggregate amount of $2,000,000 on the
      lives of Mr. Adiv Baruch and Mr. Ronen Zadok. Such insurance shall be maintained
      in full force and effect for a period of three years from the consummation
      of
      the Business Combination. The Company shall be the sole beneficiary of such
      policy.

    

     

    3.28 Electronic
      Prospectus. The
      Company shall cause to be prepared and delivered to the Representative, at
      its
      expense, within one (1) Business Day from the effective date of this Agreement,
      an Electronic Prospectus
      to be used by the Underwriters in connection with the Offering. As used herein,
      the term “Electronic
      Prospectus”
means
      a
      form of prospectus, and any amendment or supplement thereto, that meets each
      of
      the following conditions: (i) it shall be encoded in an electronic format,
      satisfactory to the Representative, that may be transmitted electronically
      by
      the other Underwriters to offerees and purchasers of the Units for at least
      the
      period during which a Prospectus relating to the Units is required to be
      delivered under the Securities Act; (ii) it shall disclose the same information
      as the paper prospectus and prospectus filed pursuant to EDGAR, except to the
      extent that graphic and image material cannot be disseminated electronically,
      in
      which case such graphic and image material shall be replaced in the electronic
      prospectus with a fair and accurate narrative description or tabular
      representation of such material, as appropriate; and (iii) it shall be in or
      convertible into a paper format or an electronic format, satisfactory to the
      Representative, that will allow recipients thereof to store and have
      continuously ready access to the prospectus at any future time, without charge
      to such recipients (other than any fee charged for subscription to the Internet
      as a whole and for on-line time). The Company hereby confirms that it has
      included or will include in the Prospectus filed pursuant to EDGAR or otherwise
      with the Commission and in the Registration Statement at the time it was
      declared effective an undertaking that, upon receipt
      of a request by an investor or his or her representative within the period
      when
      a prospectus relating to the Units is required to be delivered under the
      Securities Act, the Company shall transmit or cause to be transmitted promptly,
      without charge, a paper copy of the Prospectus.

     

    3.29 Reservation
      of Shares.
      The
      Company will reserve and keep available that maximum number of its authorized
      but unissued securities which are issuable upon exercise of the Warrants and
      the
      Representative’s Purchase Option, Representative’s Warrants and the Placement
      Warrants outstanding from time to time. 

    

    
      
         

      

      
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    3.30 Board
      Advisor.
      The
      Company agrees that it will, upon completion of the proposed public offering
      contemplated herein, for a period of no less than two (2) years, engage a
      designee of the Representative as an advisor (“Advisor”)
      to its
      Board of Directors where such Advisor shall attend meetings of the Board,
      receive all notices and other correspondence and communications sent by the
      Company to members of its Board of Directors provided, that such Advisor shall
      not be entitled to any compensation, other than reimbursement for all costs
      incurred in attending such meetings including, food, lodging, and
      transportation. The Company further agrees that, during said two (2) year
      period, it shall schedule no less than four (4) formal and "in person" meetings
      of its Board of Directors in each such year at which meetings such Advisor
      shall
      be permitted to attend as set forth herein; said meetings shall be held
      quarterly each year and ten (10) days advance notice of such meetings shall
      be
      given to the Advisor. Further, during such two (2) year period, the Company
      shall give notice to the Representative with respect to any proposed
      acquisitions, mergers, reorganizations or other similar transactions. The
      Company shall indemnify and hold such Advisor harmless against any and all
      claims, actions, damages, costs and expenses, and judgments arising solely
      out
      of the attendance and participation of such Advisor at any such meeting
      described herein, and, if the Company maintains a liability insurance policy
      affording coverage for the acts of its officers and directors, it shall, if
      possible, include such Advisor as an insured under such policy.

    

    3.31 Right
      of First Refusal. 
      For a
      period of eighteen (18) months from the closing of a Business Combination,
      but
      in any event no later than 36 months from the date hereof, the Company grants
      the Representative the right of first refusal to act as lead underwriter or
      minimally as a co-manager with at least 50% of the economics; or, in the case
      of
      a three-handed deal 33% of the economics, for any and all future public and
      private equity and debt offerings, excluding ordinary course of business
      financings such as bank lines of credit, accounts receivable, factoring and
      financing generated by the Company or any successor to or any subsidiary of
      the
      Company.

    

    3.32 Private
      Placement Proceeds.
      Immediately upon establishment of the Trust Fund and prior to the Closing,
      the
      Company shall deposit $1,500,000 of the proceeds from the Private Placement
      in
      the Trust Fund and shall provide Maxim with evidence of the same.

    

    3.33 No
      Amendment to Charter.

    

    (i) The
      Company covenants and agrees it will not seek to amend or modify provisions
      (A)
      - (E) of Article Sixth of its Amended and Restated Certificate of
      Incorporation.

    

    (ii) The
      Company acknowledges that the purchasers of the Firm Units and Option Units
      in
      this Offering shall be deemed to be third party beneficiaries of Section 3.33
      of
      this Agreement.

    

    (iii) The
      Underwriters specifically acknowledge that they may not waive this Section
      3.33
      under any circumstances.

    

    3.34 Financial
      Printer.
      The
      Company shall retain a financial printer, reasonably acceptable to the
      Representative, for the purpose of facilitating the Company’s EDGAR filings and
      the printing of the Preliminary Prospectus and Prospectus.

    

    
      
         

      

      
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    4. Conditions
      of Underwriters’ Obligations. 
      The obligations of the several Underwriters to purchase and pay for the Units,
      as provided herein, shall be subject to the continuing accuracy of the
      representations and warranties of the Company as of the date hereof and as
      of
      each of the Closing Date and the Option Closing Date, if any, to the accuracy
      of
      the statements of officers of the Company made pursuant to the provisions hereof
      and to the performance by the Company of its obligations hereunder and to the
      following conditions:

     

    4.1  Regulatory
      Matters.

     

    4.1.1 Effectiveness
      of Registration Statement. 
      The Registration Statement shall have become effective not later than 5:00
      P.M.,
      New York time, on the date of this Agreement or such later date and time as
      shall be consented to in writing by Representative, and, at each of the Closing
      Date and the Option Closing Date, no stop order suspending the effectiveness
      of
      the Registration Statement shall have been issued and no proceedings for the
      purpose shall have been instituted or shall be pending or contemplated by the
      Commission and any request on the part of the Commission for additional
      information shall have been complied with to the reasonable satisfaction of
      R&P.

     

    4.1.2  NASD
      Clearance. 
      By the Effective Date, the Representative shall have received clearance from
      the
      NASD as to the amount of compensation allowable or payable to the Underwriters
      as described in the Registration Statement.

    

    4.1.3 No
      Commission Stop Order.
      At each
      of the Closing Date and the Option Closing Date, the Commission has not issued
      any order or threatened to issue any order preventing or suspending the use
      of
      any Preliminary Prospectus or the Prospectus or any part thereof, and has not
      instituted or threatened to institute any proceedings with respect to such
      an
      order.

     

    4.1.4 No
      Blue Sky Stop Orders. 
      No order suspending the sale of the Units in any jurisdiction designated by
      Representative pursuant to Section 3.3 hereof shall have been issued on
      either the Closing Date or the Option Closing Date, and no proceedings for
      that
      purpose shall have been instituted or shall be contemplated.

     

    4.2  Company
      Counsel Matters.

     

    4.2.1 Closing
      Date Opinion of Counsel. 
      On the Closing Date, the Representative shall have received the favorable
      opinion of Ellenoff Grossman & Schole LLP (“EGS”),
      counsel to the Company, dated the Closing Date, addressed to the Representative
      and in form and substance satisfactory to the Representative to the effect
      that:

     

    (i) The
      Company has been duly organized and is validly existing as a corporation and
      is
      in good standing under the laws of its state of incorporation, with full power
      and authority to own its properties and conduct its business as described in
      the
      Registration Statement, the Preliminary Prospectus and the
      Prospectus.

     

    
      
         

      

      
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    (ii) All
      issued and outstanding securities of the Company (including, without limitation,
      the Placement Securities) have been duly authorized and validly issued and
      are
      fully paid and non-assessable; the holders thereof are not subject to personal
      liability by reason of being such holders; and none of such securities were
      issued in violation of the preemptive rights of any stockholder of the Company
      arising by operation of law or under the Amended and Restated Certificate of
      Incorporation or Bylaws of the Company. Except with respect to the Placement
      Securities which are not covered by this opinion, the offers and sales of the
      outstanding Common Stock were at all relevant times either registered under
      the
      Act and, to our knowledge, the applicable state securities or Blue Sky Laws
      or
      exempt from such registration requirements.  The authorized capital stock
      of the Company is as set forth in the Preliminary Prospectus and the Prospectus.
      The Units, the Common Stock and the Warrants conform to the descriptions thereof
      contained in the Registration Statement, the Preliminary Prospectus and the
      Prospectus.

     

    (iii) The
      Securities have been duly authorized and, when issued and paid for, will be
      validly issued, fully paid and non-assessable; the holders thereof are not
      and
      will not be subject to personal liability by reason of being such holders. 
The Securities are not and will not be subject to the preemptive rights of
      any
      holders of any security of the Company arising by operation of law or under
      the
      Amended and Restated Certificate of Incorporation or Bylaws of the Company
      or,
      to such counsel’s knowledge, similar rights that entitle or will entitle any
      person to acquire any security from the Company upon issuance or sale
      thereof.  When issued, the Representative’s Purchase Option, the
      Representative’s Warrants and the Warrants will constitute valid and binding
      obligations of the Company to issue and sell, upon exercise thereof and payment
      therefor, the number and type of securities of the Company called for thereby
      and such Warrants, the Representative’s Purchase Option and the Representative’s
      Warrants, when issued, in each case, will be enforceable against the Company
      in
      accordance with their respective terms, except: (a) as such enforceability
      may
      be limited by bankruptcy, insolvency, reorganization or similar laws affecting
      creditors’ rights generally; (b) as enforceability of any indemnification or
      contribution provision may be limited under the United States and state
      securities laws; and (c) that the remedy of specific performance and injunctive
      and other forms of equitable relief may be subject to the equitable defenses
      and
      to the discretion of the court before which any proceeding therefor may be
      brought.  The certificates representing the Securities are in due and
      proper form. A sufficient number of shares of Common Stock have been reserved
      for issuance upon exercise of the Representative’s Purchase Option, the Warrants
      and the Representative’s Warrants. The shares of Common Stock underlying the
      Representative’s Purchase Option, the Warrants and Representative’s Warrants
      will, upon exercise of the Representative’s Purchase Option, the Warrants and
      the Representative’s Warrants and payment of the exercise price thereof, be duly
      and validly issued, fully paid and non-assessable and will not have been issued
      in violation of or subject to, to such counsel’s knowledge, preemptive or
      similar rights that entitle or will entitle any person to acquire, to such
      counsel’s knowledge, any securities from the Company upon issuance
      thereof.

    

    
      
         

      

      
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    (iv) The
      Placement Warrants constitute valid and binding obligations of the Company
      to
      issue and sell, upon exercise thereof and payment therefor, the number and
      type
      of securities of the Company called for thereby, and such Placement Warrants
      are
      enforceable against the Company in accordance with their respective terms,
      except: (i) as such enforceability may be limited by bankruptcy, insolvency,
      reorganization or similar laws affecting creditors’ rights generally; (ii) as
      enforceability of any indemnification or contribution provision may be limited
      under federal and state securities laws; and (iii) that the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject
      to
      the equitable defenses and to the discretion of the court before which any
      proceeding therefor may be brought. A sufficient number of shares of Common
      Stock have been reserved for issuance upon exercise of the Placement Warrants.
      The shares of Common Stock underlying the Placement Warrants will, upon exercise
      thereof and payment of the exercise price therefor, be duly and validly issued,
      fully paid and non-assessable and will not have been issued in violation of
      or
      subject to, to such counsel’s knowledge, preemptive or similar rights that
      entitle or will entitle any person to acquire any securities from the Company
      upon issuance thereof.

    

    (v) The
      Company has full corporate right, power and authority to execute and deliver
      this Agreement, the Warrant Agreement, the Service Agreement, the Trust
      Agreement, the Subscription Agreement, the Escrow Agreement and the
      Representative’s Purchase Option and to perform its obligations thereunder, and
      all corporate action required to be taken for the due and proper authorization,
      execution and delivery of this Agreement, the Warrant Agreement, the Service
      Agreement, the Trust Agreement, the Subscription Agreement, the Escrow Agreement
      and the Representative’s Purchase Option has been duly and validly taken.

    

    (vi) This
      Agreement, the Warrant Agreement, the Service Agreement, the Trust Agreement,
      the Subscription Agreement, the Escrow Agreement and the Representative’s
      Purchase Option have each been duly and validly authorized and, when executed
      and delivered by the Company, will constitute the valid and binding obligations
      of the Company, enforceable against the Company in accordance with their
      respective terms, except: (a) as such enforceability may be limited by
      bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally; (b) as enforceability of any indemnification or contribution
      provisions may be limited under the United States and state securities laws;
      and
      (c) that the remedy of specific performance and injunctive and other forms
      of
      equitable relief may be subject to the equitable defenses and to the discretion
      of the court before which any proceeding therefor may be brought.

     

    (vii)  The
      execution, delivery and performance of this Agreement, the Warrant Agreement,
      the Representative’s Purchase Option, the Escrow Agreement, the Trust Agreement,
      the Subscription Agreement and the Service Agreement, the issuance and sale
      of
      the Securities, the consummation of the transactions contemplated hereby and
      thereby, and compliance by the Company with the terms and provisions hereof
      and
      thereof, do not and will not, with or without the giving of notice or the lapse
      of time, or both, (a) to such counsel’s knowledge, conflict with, or result in a
      breach of, any of the terms or provisions of, or constitute a default under,
      or
      result in the creation or modification of any lien, security interest, charge
      or
      encumbrance upon any of the properties or assets of the Company pursuant to
      the
      terms of, any mortgage, deed of trust, note, indenture, loan, contract,
      commitment or other agreement or instrument filed as an exhibit to the
      Registration Statement, (b) result in any violation of the provisions of the
      Amended and Restated Certificate of Incorporation or the By-Laws of the Company,
      or (c) to such counsel’s knowledge, violate any statute or any judgment, order
      or decree, rule or regulation applicable to the Company of any court, domestic
      or foreign, or of any federal, state or other regulatory authority or other
      governmental body having jurisdiction over the Company, its properties or
      assets.

     

    
      
         

      

      
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    (viii) The
      Registration Statement, each Preliminary Prospectus and the Prospectus and
      any
      post-effective amendments or supplements thereto (other than the financial
      statements included therein, as to which no opinion need be rendered) each
      as of
      their respective dates complied as to form in all material respects with the
      requirements of the Act and Regulations.  The Securities and each agreement
      filed as an exhibit to the Registration Statement conform in all material
      respects to the description thereof contained in the Registration Statement,
      the
      Preliminary Prospectus and the Prospectus.

     

    (ix) The
      Registration Statement is effective under the Act.  To such counsel’s
      knowledge, no stop order suspending the effectiveness of the Registration
      Statement has been issued and no proceedings for that purpose have been
      instituted or are pending or threatened under the Act or applicable state
      securities laws.

     

    (x) To
      such
      counsel’s knowledge, there is no action, suit or other proceeding before or by
      any court of governmental agency or body, domestic or foreign, now pending,
      or
      threatened against the Company that is required to be described in the
      Registration Statement that is not so described.

     

    (xi) No
      consent, approval, authorization, order, registration, filing, qualification,
      license or permit of or with any court or any judicial, regulatory or other
      legal or governmental agency or body is required for the execution, delivery
      and
      performance by the Company of the Underwriting Agreement or consummation by
      the
      Company of the transactions contemplated by the Underwriting Agreement, the
      Registration Statement, Preliminary Prospectus and the Prospectus, except for
      (1) such as may be required under state securities or blue sky laws in
      connection with the purchase and distribution of the Units by the Underwriters
      (as to which such counsel need express no opinion), (2) such as have been made
      or obtained under the Securities Act and (3) such as are required by the NASD.
      

     

    (xii) The
      statements under the captions “Description of Securities” and Item 14 of Part II
      of the Registration Statement, insofar as such statements constitute a summary
      of the legal matters, documents or proceedings referred to therein, fairly
      present the information called for with respect to such legal matters, documents
      and proceedings. 

     

    The
      opinion of counsel shall further include a statement to the effect that counsel
      has participated in conferences with officers and other representatives of
      the
      Company, representatives of the independent public accountants for the Company
      and representatives of the Underwriters at which the contents of the
      Registration Statement, Preliminary Prospectus, the Prospectus and related
      matters were discussed and although such counsel is not passing upon and does
      not assume any responsibility for the accuracy, completeness or fairness of
      the
      statements 

     

    
      
         

      

      
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    contained
      in the Registration Statement, Preliminary Prospectus and the Prospectus (except
      as otherwise set forth in this opinion), no facts have come to the attention
      of
      such counsel which lead them to believe that either the Registration Statement,
      Preliminary Prospectus or the Prospectus or any amendment or supplement thereto,
      as of the date of such opinion contained any untrue statement of a material
      fact
      or omitted to state a material fact required to be stated therein or necessary
      to make the statements therein, in light of the circumstances under which they
      were made, not misleading (it being understood that such counsel need express
      no
      opinion with respect to the financial statements and schedules and other
      financial and statistical data included in the Registration Statement,
      Preliminary Prospectus or the Prospectus). The opinion of counsel shall state
      that such counsel is not opining as to the Placement Securities with respect
      to
      any rights to rescind or the effect any exercise of such rights will have on
      any
      other securities of the Company or on the Offering. 

     

     

    4.2.2 Option
      Closing Date Opinion of Counsel. 
      On each Option Closing Date, if any, the Representative shall have received
      the
      favorable opinion of EGS, dated each Option Closing Date, addressed to the
      Representative and in form and substance reasonably satisfactory to counsel
      to
      the Representative, confirming as of each Option Closing Date, the statements
      made by EGS in its opinion delivered on the Closing Date.

    

    4.2.3 Reliance. 
      In rendering such opinion, such counsel may rely: (i) as to matters involving
      the application of laws other than the laws of the United States and
      jurisdictions in which they are admitted, to the extent such counsel deems
      proper and to the extent specified in such opinion, if at all, upon an opinion
      or opinions (in form and substance reasonably satisfactory to the
      Representative) of other counsel reasonably acceptable to the Representative,
      familiar with the applicable laws; and (ii) as to matters of fact, to the
      extent they deem proper, on certificates or other written statements of officers
      of the Company and officers of departments of various jurisdiction having
      custody of documents respecting the corporate existence or good standing of
      the
      Company, provided that copies of any such statements or certificates shall
      be
      delivered to the Underwriters’ counsel if requested.  The opinion of
      counsel for the Company and any opinion relied upon by such counsel for the
      Company shall include a statement to the effect that it may be relied upon
      by
      counsel for the Underwriters in its opinion delivered to the
      Underwriters.

     

    4.3  Cold
      Comfort Letter. 
      At the time this Agreement is executed, and at each of the Closing Date and
      the
      Option Closing Date, if any, Representative shall have received a letter,
      addressed to the Representative and in form and substance satisfactory in all
      respects (including the non-material nature of the changes or decreases, if
      any,
      referred to in clause (iii) below) to Representative and to R&P from Ziv
      Haft dated, respectively, as of the date of this Agreement and as of the Closing
      Date and the Option Closing Date, if any:

     

    (i) Confirming
      that they are independent accountants with respect to the Company within the
      meaning of the Act and the applicable Regulations and that they have not, during
      the periods covered by the financial statements included in the Registration
      Statement, the Preliminary Prospectus and the Prospectus, provided to the
      Company any non-audit services, as such term is used in Section 10A(g) of
      the Exchange Act;

     

    
      
         

      

      
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    (ii) 
      Stating
      that in their opinion the financial statements of the Company included in the
      Registration Statement, the Preliminary Prospectus and the Prospectus comply
      as
      to form in all material respects with the applicable accounting requirements
      of
      the Act and the published Regulations thereunder;

     

    (iii) Stating
      that, on the basis of a limited review which included a reading of the latest
      available minutes of the stockholders and board of directors and the various
      committees of the board of directors, consultations with officers and other
      employees of the Company responsible for financial and accounting matters and
      other specified procedures and inquiries, nothing has come to their attention
      which would lead them to believe that: (a) the unaudited financial statements
      of
      the Company included in the Registration Statement, the Preliminary Prospectus
      and the Prospectus do not comply as to form in all material respects with the
      applicable accounting requirements of the Act and the Regulations or are not
      fairly presented in conformity with generally accepted accounting principles
      applied on a basis substantially consistent with that of the audited financial
      statements of the Company included in the Registration Statement, Preliminary
      Prospectus and the Prospectus; (b) at a date not later than five days prior
      to
      the Effective Date, Closing Date or Option Closing Date, as the case may be,
      there was any change in the capital stock or long-term debt of the Company,
      or
      any decrease in the stockholders’ equity of the Company as compared with amounts
      shown in the December 31, 2006 balance sheet included in the Registration
      Statement, the Preliminary Prospectus and the Prospectus, other than as set
      forth in or contemplated by the Registration Statement, the Preliminary
      Prospectus and the Prospectus, or, if there was any decrease, setting forth
      the
      amount of such decrease, and (c) during the period from December 31, 2006
      (balance sheet date) to a specified date not later than five days prior to
      the
      Effective Date, Closing Date or Option Closing Date, as the case may be, there
      was any decrease in revenues, net earnings or net earnings per share of Common
      Stock, in each case as compared with the corresponding period in the preceding
      year and as compared with the corresponding period in the preceding quarter,
      other than as set forth in or contemplated by the Registration Statement, the
      Preliminary Prospectus and the Prospectus, or, if there was any such decrease,
      setting forth the amount of such decrease;

     

    (iv)  Stating
      they have compared specific dollar amounts, numbers of shares, percentages
      of
      revenues and earnings, statements and other financial information pertaining
      to
      the Company set forth in the Registration Statement, the Preliminary Prospectus
      and the Prospectus in each case to the extent that such amounts, numbers,
      percentages, statements and information may be derived from the general
      accounting records, including work sheets, of the Company and excluding any
      questions requiring an interpretation by legal counsel, with the results
      obtained from the application of specified readings, inquiries and other
      appropriate procedures (which procedures do not constitute an examination in
      accordance with generally accepted auditing standards) set forth in the letter
      and found them to be in agreement;

     

    (v) Stating
      they have not, since inception, provided the Company’s management with any
      written communication in accordance with Statement on Auditing Standards No.
      60
“Communication of Internal Control Structure Related Matters Noted in an
      Audit,”; and

     

    
      
         

      

      
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    (vi) Statements
      as to such other matters incident to the transaction contemplated hereby as
      Representative may reasonably request.

     

    4.4  Officers’
      Certificates.

     

    4.4.1 Officers’
      Certificate. 
      At each of the Closing Date and the Option Closing Date, if any, the
      Representative shall have received a certificate of the Company signed by the
      Chairman of the Board or the President and the Secretary or Assistant Secretary
      of the Company, dated the Closing Date or the Option Closing Date, as the case
      may be, respectively, to the effect that the Company has performed all covenants
      and complied with all conditions required by this Agreement to be performed
      or
      complied with by the Company prior to and as of the Closing Date, or the Option
      Closing Date, as the case may be, and that the conditions set forth in
      Section 4.5 hereof have been satisfied as of such date and that, as of
      Closing Date and the Option Closing Date, as the case may be, the
      representations and warranties of the Company set forth in Section 2 hereof
      are true and correct.  In addition, the Representative will have received
      such other and further certificates of officers of the Company as the
      Representative may reasonably request.

     

    4.4.2  Secretary’s
      Certificate. 
      At each of the Closing Date and the Option Closing Date, if any, the
      Representative shall have received a certificate of the Company signed by the
      Secretary or Assistant Secretary of the Company, dated the Closing Date or
      the
      Option Date, as the case may be, respectively, certifying: (i) that the By-Laws
      and Amended and Restated Certificate of Incorporation of the Company are true
      and complete, have not been modified and are in full force and effect; (ii)
      that
      the resolutions relating to the public offering contemplated by this Agreement
      are in full force and effect and have not been modified; (iii) all
      correspondence between the Company or its counsel and the Commission; and (iv)
      as to the incumbency of the officers of the Company.  The documents
      referred to in such certificate shall be attached to such
      certificate.

     

    4.5  No
      Material Changes. 
      Prior to and on each of the Closing Date and the Option Closing Date, if any:
      (i) there shall have been no material adverse change or development involving
      a
      prospective material adverse change in the condition or prospects or the
      business activities, financial or otherwise, of the Company from the latest
      dates as of which such condition is set forth in the Registration Statement
      and
      Prospectus; (ii) no action suit or proceeding, at law or in equity, shall have
      been pending or threatened against the Company or any Initial Stockholder before
      or by any court or federal or state commission, board or other administrative
      agency wherein an unfavorable decision, ruling or finding may materially
      adversely affect the business, operations, prospects or financial condition
      or
      income of the Company, except as set forth in the Registration Statement, the
      Preliminary Prospectus and Prospectus; (iii) no stop order shall have been
      issued under the Act and no proceedings therefor shall have been initiated
      or
      threatened by the Commission; and (iv) the Registration Statement, the
      Preliminary Prospectus and the Prospectus and any amendments or supplements
      thereto shall contain all material statements which are required to be stated
      therein in accordance with the Act and the Regulations and shall conform in
      all
      material respects to the requirements of the Act and the Regulations, and
      neither the Registration Statement, the Preliminary Prospectus nor the
      Prospectus nor any amendment or supplement thereto shall contain any untrue
      statement of a material fact or omits to state any material fact required to
      be
      stated therein or necessary to make the statements therein (in the case of
      the
      Prospectus, in light of the circumstances under which they were made), not
      misleading.

     

    
      
         

      

      
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    4.6 Delivery
      of Agreements.

     

    4.6.1 Effective
      Date Deliveries. 
      On the Effective Date, the Company shall have delivered to the Representative
      executed copies of the Escrow Agreement, the Trust Agreement, the Warrant
      Agreement, the Service Agreement, all of the Insider Letters and the
      Subscription Agreement.

     

          4.6.2  Closing
      Date Deliveries. 
      On the Closing Date, the Company shall have delivered to the Representative
      and
      its designees executed copies of the Representative’s Purchase
      Option.

     

    4.7 Secondary
      Market Trading Survey. 
      On the Closing Date, the Representative shall have received the Secondary Market
      Trading Survey from R&P.

     

    5.  Indemnification.

     

    5.1  Indemnification
      of Underwriters.

     

    5.1.1 General. 
      Subject to the conditions set forth below, the Company agrees to indemnify
      and
      hold harmless each of the Underwriters and each dealer selected by
      Representative that participates in the offer and sale of the Units (each a
      "Selected Dealer") and each of their respective directors, officers and
      employees and each person, if any, who controls any such Underwriter
      (“controlling
      person”)
      within
      the meaning of Section 15 of the Act or Section 20(a) of the Exchange
      Act, against any and all loss, liability, claim, damage and expense whatsoever
      (including but not limited to any and all legal or other expenses reasonably
      incurred in investigating, preparing or defending against any litigation,
      commenced or threatened, or any claim whatsoever, whether arising out of
      any action between any of the Underwriters and the Company or between any of
      the
      Underwriters and any third party or otherwise) to which they or any of them
      may
      become subject under the Act, the Exchange Act or any other federal, state
      or
      local statute, law, rule, regulation or ordinance or at common law or otherwise
      or under the laws, rules and regulation of foreign countries, arising out of
      or
      based upon any untrue statement or alleged untrue statement of a material fact
      contained in (i) any Preliminary Prospectus, the Registration Statement, or
      the
      Prospectus (as from time to time each may be amended and supplemented); (ii)
      in
      any post-effective amendment or amendments or any new registration statement
      and
      prospectus in which is included securities of the Company issued or issuable
      upon exercise of the Representative’s Purchase Option; or (iii) any application
      or other document or written communication (in this Section 5 collectively
      called “application”)
      executed by the Company or based upon written information furnished by the
      Company in any jurisdiction in order to qualify the Units under the securities
      laws thereof or filed with the Commission, any state securities commission
      or
      agency, the OTC Bulletin Board or Nasdaq or any securities exchange; or the
      omission or alleged omission therefrom of a material fact required to be stated
      therein or necessary to make the statements therein, in the light of the
      circumstances under which 

     

    
      
         

      

      
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    they
      were
      made, not misleading, unless such statement or omission was made in reliance
      upon and in conformity with written information furnished to the Company with
      respect to an Underwriter by or on behalf of such Underwriter expressly for
      use
      in any Preliminary Prospectus, the Registration Statement, or the Prospectus,
      or
      any amendment or supplement thereof.  With respect to any untrue statement
      or omission or alleged untrue statement or omission made in the Preliminary
      Prospectus, the indemnity agreement contained in this paragraph shall not inure
      to the benefit of any Underwriter to the extent that any loss, liability, claim,
      damage or expense of such Underwriter results from the fact that a copy of
      the
      Prospectus was not given or sent to the person asserting any such loss,
      liability, claim or damage at or prior to the written confirmation of sale
      of
      the Securities to such person as required by the Act and the Regulations, and
      if
      the untrue statement or omission has been corrected in the Prospectus, unless
      such failure to deliver the Prospectus was a result of non-compliance by the
      Company with its obligations under Section 3.4 hereof.  The Company
      agrees promptly to notify the Representative of the commencement of any
      litigation or proceedings against the Company or any of its officers, directors
      or controlling persons in connection with the issue and sale of the Securities
      or in connection with the Preliminary Prospectus, the Registration Statement,
      or
      the Prospectus.

     

    5.1.2  Procedure. 
      If any action is brought against an Underwriter or controlling person in respect
      of which indemnity may be sought against the Company pursuant to
      Section 5.1.1, such Underwriter shall promptly notify the Company in
      writing of the institution of such action and the Company shall assume the
      defense of such action, including the employment and fees of counsel (subject
      to
      the reasonable approval of such Underwriter) and payment of actual
      expenses.  Such Underwriter or controlling person shall have the right to
      employ its or their own counsel in any such case, but the fees and expenses
      of
      such counsel shall be at the expense of such Underwriter or such controlling
      person unless: (i) the employment of such counsel at the expense of the Company
      shall have been authorized in writing by the Company in connection with the
      defense of such action; (ii) the Company shall not have employed counsel to
      have
      charge of the defense of such action; or (iii) such indemnified party or parties
      shall have reasonably concluded that there may be defenses available to it
      or
      them which are different from or additional to those available to the Company
      (in which case the Company shall not have the right to direct the defense of
      such action on behalf of the indemnified party or parties), in any of which
      events the reasonable fees and expenses of not more than one additional firm
      of
      attorneys selected by the Underwriter and/or controlling person shall be borne
      by the Company.  Notwithstanding anything to the contrary contained herein,
      if the Underwriter or controlling person shall assume the defense of such action
      as provided above, the Company shall have the right to approve the terms of
      any
      settlement of such action which approval shall not be unreasonably
      withheld.

     

    5.2 Indemnification
      of the Company. 
      Each Underwriter, severally and not jointly, agrees to indemnify and hold
      harmless the Company, its directors, officers and employees and agents who
      control the Company within the meaning of Section 15 of the Act or
      Section 20 of the Exchange Act against any and all loss, liability, claim,
      damage and expense described in the foregoing indemnity from the Company to
      the
      several Underwriters, as incurred, but only with respect to untrue statements
      or
      omissions, or alleged untrue statements or omissions made in any Preliminary
      Prospectus, the Registration Statement, or the Prospectus, or any amendment
      or
      supplement thereto, or in any application, in reliance upon, and in strict
      conformity with, written information furnished to the Company with respect
      to
      such Underwriter by or on behalf of the Underwriter expressly for use in such
      Preliminary Prospectus, the Registration Statement, or the Prospectus, or any
      amendment or supplement thereto or in any such application, which furnished
      written information, it is expressly agreed, consists solely of the information
      described in the last sentence of Section 2.3.1.  In case any action shall
      be brought against the Company or any other person so indemnified based on
      any
      Preliminary Prospectus, the Registration Statement, or the Prospectus, or any
      amendment or supplement thereto or any application, and in respect of which
      indemnity may be sought against any Underwriter, such Underwriter shall have
      the
      rights and duties given to the Company, and the Company and each other person
      so
      indemnified shall have the rights and duties given to the several Underwriters
      by the provisions of Section 5.1.2.

     

    
      
         

      

      
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    5.3  Contribution.

     

    5.3.1  Contribution
      Rights. 
      In order to provide for just and equitable contribution under the Act in any
      case in which (i) any person entitled to indemnification under this
      Section 5 makes claim for indemnification pursuant hereto but it is
      judicially determined (by the entry of a final judgment or decree by a court
      of
      competent jurisdiction and the expiration of time to appeal or the denial of
      the
      last right of appeal) that such indemnification may not be enforced in such
      case
      notwithstanding the fact that this Section 5 provides for indemnification
      in such case, or (ii) contribution under the Act, the Exchange Act or otherwise
      may be required on the part of any such person in circumstances for which
      indemnification is provided under this Section 5, then, and in each such
      case, the Company and the Underwriters shall contribute to the aggregate losses,
      liabilities, claims, damages and expenses of the nature contemplated by said
      indemnity agreement incurred by the Company and the Underwriters, as incurred,
      in such proportions that the Underwriters are responsible for that portion
      represented by the percentage that the underwriting discount appearing on the
      cover page of the Prospectus bears to the initial offering price appearing
      thereon and the Company is responsible for the balance; provided, that, no
      person guilty of a fraudulent misrepresentation (within the meaning of
      Section 11(f) of the Act) shall be entitled to contribution from any person
      who was not guilty of such fraudulent misrepresentation.  Notwithstanding
      the provisions of this Section 5.3.1, no Underwriter shall be required to
      contribute any amount in excess of the amount by which the total price at which
      the Public Securities underwritten by it and distributed to the public were
      offered to the public exceeds the amount of any damages that such Underwriter
      has otherwise been required to pay in respect of such losses, liabilities,
      claims, damages and expenses.  For purposes of this Section, each director,
      officer and employee of an Underwriter or the Company, as applicable, and each
      person, if any, who controls an Underwriter or the Company, as applicable,
      within the meaning of Section 15 of the Act shall have the same rights to
      contribution as the Underwriters or the Company, as applicable.

     

    5.3.2 Contribution
      Procedure. 
      Within fifteen days after receipt by any party to this Agreement (or its
      representative) of notice of the commencement of any action, suit or proceeding,
      such party will, if a claim for contribution in respect thereof is to be made
      against another party (“contributing party”), notify the contributing party of
      the commencement thereof, but the omission to so notify the contributing party
      will not relieve it from any liability which it may have to any other party
      other than for contribution hereunder.  In case any such action, suit or
      proceeding is brought against any party, and such party notifies a contributing
      party or its representative of the commencement thereof within the aforesaid
      fifteen days, the contributing party will be entitled to participate therein
      with the notifying party and any other contributing party similarly
      notified.  Any such contributing party shall not be liable to any party
      seeking contribution on account of any settlement of any claim, action or
      proceeding effected by such party seeking contribution on account of any
      settlement of any claim, action or proceeding effected by such party seeking
      contribution without the written consent of such contributing party.  The
      contribution provisions contained in this Section are intended to
      supersede, to the extent permitted by law, any right to contribution under
      the
      Act, the Exchange Act or otherwise available.  The Underwriters’
obligations to contribute pursuant to this Section 5.3 are several and not
      joint.

     

    
      
         

      

      
        -36-

        
          

        

      

      
         

      

    

    6.  Default
      by an Underwriter.

     

    6.1 Default
      Not Exceeding 10% of Firm Units or Option Units. 
      If any Underwriter or Underwriters shall default in its or their obligations
      to
      purchase the Firm Units or the Option Units, if the over-allotment option is
      exercised, hereunder, and if the number of the Firm Units or Option Units with
      respect to which such default relates does not exceed in the aggregate 10%
      of
      the number of Firm Units or Option Units that all Underwriters have agreed
      to
      purchase hereunder, then such Firm Units or Option Units to which the default
      relates shall be purchased by the non-defaulting Underwriters in proportion
      to
      their respective commitments hereunder.

     

    6.2  Default
      Exceeding 10% of Firm Units or Option Units. 
      In the event that the default addressed in Section 6.1 above relates to more
      than 10% of the Firm Units or Option Units, Representative may in its discretion
      arrange for itself or for another party or parties to purchase such Firm Units
      or Option Units to which such default relates on the terms contained
      herein.  If, within one Business Day after such default relating to more
      than 10% of the Firm Units or Option Units, Representative does not arrange
      for
      the purchase of such Firm Units or Option Units, then the Company shall be
      entitled to a further period of one Business Day within which to procure another
      party or parties satisfactory to the Company and Representative to purchase
      said
      Firm Units or Option Units on such terms.  In the event Representative does
      not arrange for the purchase of the Firm Units or Option Units to which a
      default relates as provided in this Section 6, this Agreement may be
      terminated by the Company without liability on the part of the Company (except
      as provided in Sections 3.13 and 5 hereof) or the several Underwriters (except
      as provided in Section 5 hereof); provided,
      however,
      that if
      such default occurs with respect to the Option Units, this Agreement will not
      terminate as to the Firm Units; and provided
      further
      that
      nothing herein shall relieve a defaulting Underwriter of its liability, if
      any,
      to the other several Underwriters and to the Company for damages occasioned
      by
      its default hereunder.

     

    6.3  Postponement
      of Closing Date. 
      In the event the Firm Units or Option Units to which the default relates are
      to
      be purchased by the non-defaulting Underwriters, or are to be purchased by
      another party or parties as aforesaid, Representative or the Company shall
      have
      the right to postpone the Closing Date or Option Closing Date for a reasonable
      period, but not in any event exceeding five Business Days, in order to effect
      whatever changes may thereby be made necessary in the Registration Statement,
      the Preliminary Prospectus and/or the Prospectus, as the case may be, or in
      any
      other documents and arrangements, and the Company agrees to file promptly any
      amendment to, or to supplement, the Registration Statement, the Preliminary
      Prospectus and/or the Prospectus, as the case may be, that in the opinion of
      counsel for the Underwriters may thereby be made necessary. The term
“Underwriter” as used in this Agreement shall include any party substituted
      under this Section 6 with like effect as if it had originally been a party
      to this Agreement with respect to such Securities.

     

    
      
         

      

      
        -37-

        
          

        

      

      
         

      

    

    7.  Additional
      Covenants.

     

    7.1 Additional
      Shares or Options. 
      The Company hereby agrees that until the Company consummates a Business
      Combination, it shall not issue any shares of Common Stock or any options or
      other securities convertible into Common Stock, or any shares of Preferred
      Stock
      which participate in any manner in the Trust Fund or which vote as a class
      with
      the Common Stock on a Business Combination.

    

    7.2 Trust
      Fund Waiver Acknowledgments.
      The
      Company hereby agrees that it will not commence its due diligence investigation
      of any operating business or businesses which the Company seeks to acquire
      (each, a “Target
      Business”)
      or
      obtain the services of any vendor unless and until such Target Business or
      vendor acknowledges in writing, whether through a letter of intent, memorandum
      of understanding or other similar document (and subsequently acknowledges the
      same in any definitive document replacing any of the foregoing), that (a) it
      has
      read the Prospectus and understands that the Company has established the Trust
      Fund, initially in an amount of $24,766,000 (which includes $750,000 of deferred
      underwriting discounts and which does not give effect to any exercise of the
      Over-allotment Option) for the benefit of the Public Stockholders and that,
      except for a portion of the interest earned on the amounts held in the Trust
      Fund, the Company may disburse monies from the Trust Fund only (i) to the Public
      Stockholders in the event of the redemption of their shares or the dissolution
      and liquidation of the Trust Fund as part of the Company’s plan of dissolution
      and liquidation or (ii) to the Company after it consummates a Business
      Combination and (b) for and in consideration of the Company (1) agreeing to
      evaluate such Target Business for purposes of consummating a Business
      Combination with it or (2) agreeing to engage the services of the vendor, as
      the
      case may be, such Target Business or vendor agrees that it does not have any
      right, title, interest or claim of any kind in or to any monies of the Trust
      Fund (“Claim”)
      and
      waives any Claim it may have in the future as a result of, or arising out of,
      any negotiations, contracts or agreements with the Company and will not seek
      recourse against the Trust Fund for any reason whatsoever. The
      foregoing letters shall substantially be in the form attached hereto
      as Exhibit
      A
      and B,
      respectively. Furthermore, each officer and director of the Company shall
      execute a waiver letter in the form attached hereto as Exhibit
      C.

    

    7.3 Insider
      Letters. 
      The Company shall not take any action or omit to take any action which would
      cause a breach of any of the Insider Letters executed between each Initial
      Stockholder and Maxim or the Subscription Agreement and will not allow any
      amendments to, or waivers of, such Insider Letters or the Subscription Agreement
      without the prior written consent of Maxim.

     

    7.4  Amended
      and Restated Certificate
      of Incorporation and By-Laws. 
      The Company shall not take any action or omit to take any action that would
      cause the Company to be in breach or violation of its Amended and Restated
      Certificate of Incorporation or By-Laws.  Subject to Section 3.33, prior to
      the consummation of a Business Combination, the Company will not amend its
      Amended and Restated Certificate of Incorporation, without the prior written
      consent of Maxim.

     

    
      
         

      

      
        -38-

        
          

        

      

      
         

      

    

    7.5  Blue
      Sky Requirements. 
      The Company shall provide counsel to the Representative with ten copies of
      all
      proxy information and all related material filed with the Commission in
      connection with a Business Combination concurrently with such filing with the
      Commission.  In addition, the Company shall furnish any other state in
      which its initial public offering was registered, such information as may be
      requested by such state.

     

    7.6 Acquisition/Liquidation
      Procedure.
      (a) The
      Company agrees: (i) that, prior to the consummation of any Business Combination,
      it will submit such transaction to the Company’s stockholders for their approval
      (“Business
      Combination Vote”)
      even
      if the nature of the acquisition is such as would not ordinarily require
      stockholder approval under applicable state law; and (ii) that, in the event
      that the Company does not effect a Business Combination within 18 months from
      the consummation of this Offering (subject to extension for an additional
      six-month period, as described in the Prospectus)(the “Termination
      Date”),
      the
      Company shall take all action necessary to dissolve the Corporation and
      liquidate the Trust Account to holders of IPO Shares as soon as reasonably
      practicable, and after approval of the Company’s stockholders and subject to the
      requirements of the Delaware General Corporation Law (the “GCL”), including the
      adoption of a resolution by the Company’s Board of Directors, prior to such
      Termination Date, pursuant to Section 275(a) of the GCL, which shall deem the
      dissolution of the Company advisable and cause to be prepared such notices
      as
      are required by Section 275(a) of the GCL as promptly thereafter as possible.
      If
      the Company does not consummate a Business Combination by the Termination Date,
      the Company shall, with respect to any plan of dissolution and liquidation,
      cause the Company’s Board of Directors to convene, adopt a plan of dissolution
      and liquidation and promptly prepare and file a proxy statement with the
      Securities and Exchange Commission setting out the plan of dissolution and
      liquidation. If the Company seeks approval from its stockholders to consummate
      a
      Business Combination within 90 days of the expiration of 24 months from the
      Effective Date, the proxy statement related to such Business Combination will
      also seek stockholder approval for the plan of dissolution and liquidation
      in
      the event the stockholders do not approve the Business Combination. If no proxy
      statement seeking the approval of the stockholders for a Business Combination
      has been filed within 30 days prior to the date which is 24 months from the
      Effective Date, the Company shall cause its Board of Directors, prior to such
      date, to convene and adopt a plan of dissolution and liquidation and on such
      date file a proxy statement with the Securities and Exchange Commission seeking
      stockholder approval for such plan. Upon liquidation of the Trust Account,
      the
      Company will distribute to all holders of IPO Shares (defined below) an
      aggregate sum equal to $9.91 per unit (plus a portion of the interest earned,
      but net of (i) taxes payable on interest earned, and (ii) up to $1,500,000
      of
      interest income released to the Company to fund its working capital), plus
      a pro
      rata share of any remaining net assets, subject to any valid claims by the
      Company’s creditors that are not covered by amounts held in the Trust Fund or
      the indemnities provided by the Company’s directors and officers. Only holders
      of IPO Shares (as defined below) shall be entitled to receive liquidating
      distributions and the Company shall pay no liquidating distributions with
      respect to any other shares of capital stock of the Company, including the
      shares of Common Stock underlying the Placement Warrants. With respect to any
      vote for any plan of dissolution and liquidation recommended by the Company’s
      Board of Directors, the Company shall use its best efforts to cause all of
      the
      Initial Stockholders to vote the shares of Common Stock owned by them
      immediately prior to this Offering in favor of such plan of dissolution and
      liquidation.

    

    
      
         

      

      
        -39-

        
          

        

      

      
         

      

    

    (b)
      With
      respect to the Business Combination Vote, the Company shall use its best efforts
      to cause all of the Initial Stockholders to vote the shares of Common Stock
      owned by them immediately prior to this Offering in accordance with the majority
      of the IPO Shares voted by the holders of the IPO Shares in connection with
      the
      Business Combination Vote. At the time the Company seeks approval of any
      potential Business Combination, the Company will offer each of the holders
      of
      Common Stock issued in this Offering (the “IPO
      Shares”)
      the
      right to convert their IPO Shares at a per share price equal to $9.91 (the
      “Conversion
      Price”)
      (plus
      a portion of the interest earned, but net of (i) taxes payable on interest
      earned, and (ii) up to $1,500,000 of interest income released to the Company
      to
      fund its working capital).  If holders of less than 30.00% in interest
      of the Company’s IPO Shares vote against such approval of a Business
      Combination, the Company may, but will not be required to, proceed with such
      Business Combination.  If the Company elects to so proceed, it will redeem
      shares, based upon the Conversion Price, from those holders of IPO Shares who
      affirmatively requested such redemption and who voted against the Business
      Combination.  If holders of 30.00% or more in interest of the IPO
      Shares vote against approval of any potential Business Combination, the Company
      will not proceed with such Business Combination and will not redeem such shares.
      Only holders of IPO Shares shall be entitled to receive liquidating
      distributions and the Company shall pay no liquidating distributions with
      respect to any other shares of capital stock of the Company. 

     

    7.7  Rule
      419.
      The
      Company agrees that it will use its best efforts to prevent the Company from
      becoming subject to Rule 419 under the Act prior to the consummation of any
      Business Combination, including, but not limited to, using its best efforts
      to
      prevent any of the Company’s outstanding securities from being deemed to be a
“penny stock” as defined in Rule 3a-51-1 under the Exchange Act during such
      period.

     

    7.8   Presentation
      of Potential Target Businesses. 
      The Company shall cause each of the Initial Stockholders to agree that, in
      order
      to minimize potential conflicts of interest which may arise from multiple
      affiliations, the Initial Stockholders will present to the Company for its
      consideration, prior to presentation to any other person or company, any
      suitable opportunity to acquire an operating business, until the earlier of
      the
      consummation by the Company of a Business Combination, the liquidation of the
      Company, subject to any pre-existing fiduciary obligations the Initial
      Stockholders might have.

     

    7.9 Target
      Fair Market Value. 
      The Company agrees that the initial Target Business that it acquires must have
      a
      fair market value equal to at least 80% of the amount held in the Company’s
      Trust Fund (excluding the deferred underwriting compensation payable to Maxim)
      at the time of such acquisition. The fair market value of such business must
      be
      determined by the Board of Directors of the Company based upon standards
      generally accepted by the financial community, such as actual and potential
      sales, earnings and cash flow and book value.  If the Board of Directors of
      the Company is not able to independently determine that the Target Business
      has
      a fair market value of at least 80% of the amount in the Trust Fund (excluding
      the deferred underwriting compensation payable to Maxim) at the time of such
      acquisition, the Company will obtain an opinion from an unaffiliated,
      independent investment banking firm which is a member of the NASD with respect
      to the satisfaction of such criteria.  The Company is not required to
      obtain an opinion from an investment banking firm as to the fair market value
      if
      the Company’s Board of Directors independently determines that the Target
      Business does have sufficient fair market value.

    

    
      
         

      

      
        -40-

        
          

        

      

      
         

      

    

    8.  Representations
      and Agreements to Survive Delivery. 
      Except as the context otherwise requires, all representations, warranties and
      agreements contained in this Agreement shall be deemed to be representations,
      warranties and agreements at the Closing Date or the Option Closing Date, if
      any, and such representations, warranties and agreements of the Underwriters
      and
      Company, including the indemnity agreements contained in Section 5 hereof,
      shall remain operative and in full force and effect regardless of any
      investigation made by or on behalf of any Underwriter, the Company or any
      controlling person, and shall survive termination of this Agreement or the
      issuance and delivery of the Securities to the several Underwriters until the
      earlier of the expiration of any applicable statute of limitations and the
      seventh anniversary of the later of the Closing Date or the Option Closing
      Date,
      if any, at which time the representations, warranties and agreements shall
      terminate and be of no further force and effect.

     

    9. Effective
      Date of This Agreement and Termination Thereof.

     

    9.1 Effective
      Date. 
      This Agreement shall become effective on the Effective Date at the time the
      Registration Statement is declared effective by the Commission.

     

    9.2  Termination. 
      Maxim shall have the right to terminate this Agreement at any time prior to
      any
      Closing Date, (i) if any domestic or international event or act or occurrence
      has materially disrupted, or in Maxim’s opinion will in the immediate future
      materially disrupt, general securities markets in the United States; or (ii)
      if
      trading on the New York Stock Exchange, the American Stock Exchange, the Boston
      Stock Exchange or on the NASD OTC Bulletin Board (or successor trading market)
      shall have been suspended, or minimum or maximum prices for trading shall have
      been fixed, or maximum ranges for prices for securities shall have been fixed,
      or maximum ranges for prices for securities shall have been required on the
      NASD
      OTC Bulletin Board or by order of the Commission or any other government
      authority having jurisdiction, or (iii) if the United States or Israel shall
      have become involved in a war or an increase in major hostilities, or (iv)
      if a
      banking moratorium has been declared by a New York State or federal authority,
      or (v) if a moratorium on foreign exchange trading has been declared which
      materially adversely impacts the United States securities market, or (vi) if
      the
      Company shall have sustained a material loss by fire, flood, accident,
      hurricane, earthquake, theft, sabotage or other calamity or malicious act which,
      whether or not such loss shall have been insured, will, in Maxim’s opinion, make
      it inadvisable to proceed with the delivery of the Units, or (vii) if any of
      the
      Company’s representations, warranties or covenants hereunder are breached, or
      (viii) if the Representative shall have become aware after the date hereof
      of
      such a material adverse change in the conditions or prospects of the Company,
      or
      such adverse material change in general market conditions, including, without
      limitation, as a result of terrorist activities after the date hereof, as in
      the
      Representative’s judgment would make it impracticable to proceed with the
      offering, sale and/or delivery of the Units or to enforce contracts made by
      the
      Underwriters for the sale of the Units.

     

    
      
         

      

      
        -41-

        
          

        

      

      
         

      

    

    9.3  Expenses. 
      In the event this Agreement shall not be carried out for any reason whatsoever,
      except as a result of the Representative’s or any underwriters’ breach or
      default with respect to any of its material obligations pursuant to this
      Agreement, within the time specified herein or any extensions thereof pursuant
      to the terms herein, the obligations of the Company to pay the out of pocket
      expenses actually incurred by the Representative related to the transactions
      contemplated herein shall be governed by Section 3.13 hereof.

     

    9.4 Indemnification. 
      Notwithstanding any contrary provision contained in this Agreement, any election
      hereunder or any termination of this Agreement, and whether or not this
      Agreement is otherwise carried out, the provisions of Section 5 shall not
      be in any way effected by, such election or termination or failure to carry
      out
      the terms of this Agreement or any part hereof.

     

    10. Miscellaneous.

     

    10.1 Notices. 
      All
      communications hereunder, except as herein otherwise specifically provided,
      shall be in writing and shall be mailed, delivered by hand or reputable
      overnight courier or delivered by facsimile transmission (with printed
      confirmation of receipt) and confirmed and shall be deemed given when so mailed,
      delivered or faxed (or if mailed, two days after such mailing):

     

    If
      to the
      Representative:

     

    Maxim
      Group LLC

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn: Clifford
      Teller, Managing Director

    Fax:
      (212) 895-3783

     

    Copy
      to:

     

    Richardson
      & Patel LLP

    405
      Lexington Avenue, 26th
      floor

    New
      York,
      New York 10174

    Attn:
      Jody R. Samuels, Esq.

    Fax:
      (212) 907-6687

     

    If
      to the
      Company:

     

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya
      Israel 46700

    Attn:
      Adiv Baruch, President

    Fax:
      +972-957-0894

     

    
      
         

      

      
        -42-

        
          

        

      

      
         

      

    

    Copy
      to:

     

    Ellenoff
      Grossman & Schole LLP

    370
      Lexington Avenue, 19th
      Floor

    New
      York,
      New York 10017

    Attn: Stuart
      Neuhauser, Esq.

    Fax:
      (212) 370-7889

     

    10.2  Headings. 
      The headings contained herein are for the sole purpose of convenience of
      reference, and shall not in any way limit or affect the meaning or
      interpretation of any of the terms or provisions of this Agreement.

     

    10.3  Amendment. 
      This Agreement may only be amended by a written instrument executed by each
      of
      the parties hereto.

     

    10.4  Entire
      Agreement. 
      This Agreement (together with the other agreements and documents being delivered
      pursuant to or in connection with this Agreement) constitute the entire
      agreement of the parties hereto with respect to the subject matter hereof and
      thereof, and supersede all prior agreements and understandings of the parties,
      oral and written, with respect to the subject matter hereof.

     

    10.5 Binding
      Effect. 
      This Agreement shall inure solely to the benefit of and shall be binding upon
      the Representative, the Underwriters, the Company and the controlling persons,
      directors and officers referred to in Section 5 hereof, and their
      respective successors, legal representatives and assigns, and no other person
      shall have or be construed to have any legal or equitable right, remedy or
      claim
      under or in respect of or by virtue of this Agreement or any provisions herein
      contained.

     

    10.6 Governing
      Law, Venue, etc.
      

    

    10.6.1 This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to the conflict of laws
      principles thereof. Each
      of
      the Representative and the Company (and any individual signatory hereto): (i)
      agrees that any legal suit, action or proceeding arising out of or relating
      to
      this agreement and/or the transactions contemplated hereby shall be instituted
      exclusively in New York Supreme Court, County of New York, or in the United
      States District Court for the Southern District of New York, (ii) waives any
      objection which such party may have or hereafter to the venue of any such suit,
      action or proceeding and (iii) irrevocably and exclusively consents to the
      jurisdiction of the New York Supreme Court, County of New York, and the United
      States District Court for the Southern District of New York in any such suit,
      action or proceeding.

    

    
      
         

      

      
        -43-

        
          

        

      

      
         

      

    

    10.6.2 Each
      of
      the Representative and the Company (and any individual signatory hereto) further
      agrees to accept and acknowledge service of any and all process which may be
      served in any such suit, action or proceeding in the New York Supreme Court,
      County of New York, or in the United States District Court for the Southern
      District of New York and agrees that service of process upon the Company or
      any
      such individual mailed by certified mail to the Company’s address shall be
      deemed in every respect effective service of process upon the Company or any
      such individual in any such suit, action or proceeding, and service of process
      upon the Representative mailed by certified mail to the Representative’s address
      shall be deemed in every respect effective service process upon the
      Representative, in any such suit, action or proceeding. 

    

    10.6.3 THE
      COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON
      BEHALF OF ITS EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT TO A TRIAL
      BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION
      WITH
      THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE
      REGISTRATION STATEMENT AND THE PROSPECTUS. 

    

    10.6.4 The
      Company agrees that the prevailing party(ies) in any such action shall be
      entitled to recover from the other party(ies) all of its reasonable attorneys’
fees and expenses relating to such action or proceeding and/or incurred in
      connection with the preparation therefor.

    

    10.7 Execution
      in Counterparts. 
      This Agreement may be executed in one or more counterparts, and by the different
      parties hereto in separate counterparts, each of which shall be deemed to be
      an
      original, but all of which taken together shall constitute one and the same
      agreement, and shall become effective when one or more counterparts has been
      signed by each of the parties hereto and delivered to each of the other parties
      hereto. Delivery of a signed counterpart of this Agreement by fax or email/pdf
      transmission shall constitute valid and sufficient delivery
      thereof.

     

    10.8  Waiver,
      Etc. 
      The failure of any of the parties hereto to at any time enforce any of the
      provisions of this Agreement shall not be deemed or construed to be a waiver
      of
      any such provision, nor to in any way effect the validity of this Agreement
      or
      any provision hereof or the right of any of the parties hereto to thereafter
      enforce each and every provision of this Agreement.  No waiver of any
      breach, non-compliance or non-fulfillment of any of the provisions of this
      Agreement shall be effective unless set forth in a written instrument executed
      by the party or parties against whom or which enforcement of such waiver is
      sought; and no waiver of any such breach, non-compliance or non-fulfillment
      shall be construed or deemed to be a waiver of any other or subsequent breach,
      non-compliance or non-fulfillment.

    

    10.9 No
      Fiduciary Relationship.
      The
      Company hereby acknowledges that the Underwriters are acting solely as
      underwriters in connection with the offering of the Company’s securities. The
      Company further acknowledges that the Underwriters are acting pursuant to a
      contractual relationship created solely by this Agreement entered into on an
      arm’s length basis and in no event do the parties intend that the Underwriters
      act or be responsible as a fiduciary to the Company, its management,
      stockholders, creditors or any other person in connection with any activity
      that
      the Underwriters may undertake or have undertaken in furtherance of the offering
      of the Company’s securities, either before or after the date hereof. The
      Underwriters 

     

    
      
         

      

      
        -44-

        
          

        

      

      
         

      

    

     

    hereby
      expressly disclaim any fiduciary or similar obligations to the Company, either
      in connection with the transactions contemplated by this Agreement or any
      matters leading up to such transactions, and the Company hereby confirms its
      understanding and agreement to that effect. The Company and the Underwriters
      agree that they are each responsible for making their own independent judgments
      with respect to any such transactions, and that any opinions or views expressed
      by the Underwriters to the Company regarding such transactions, including but
      not limited to any opinions or views with respect to the price or market for
      the
      Company’s securities, do not constitute advice or recommendations to the
      Company. The Company hereby waives and releases, to the fullest extent permitted
      by law, any claims that the Company may have against the Underwriters with
      respect to any breach or alleged breach of any fiduciary or similar duty to
      the
      Company in connection with the transactions contemplated by this Agreement
      or
      any matters leading up to such transactions.

    

     

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

     

     

    
 

    
      
         

      

      
        -45-

        
          

        

      

      
         

      

    

    If
      the
      foregoing correctly sets forth the understanding between the Underwriters and
      the Company, please so indicate in the space provided below for that purpose,
      whereupon this letter shall constitute a binding agreement between
      us.

     

    
      	
               

            	
               

            	
              Very
                truly yours,

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
              PINPOINT
                ADVANCE CORP.

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              By:

            	
              /s/
                Adiv
                Baruch                                
                

            	
               

            
	
               

            	
               

            	
               

            	
              Name:
                

            	
              Adiv
                Baruch

            
	
               

            	
               

            	
               

            	
              Title:

            	
              Chief
                Executive Officer

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Agreed
                to and accepted on the date first above written.

            	
               

            	
               

            	
               

            	
               

            
	 	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              MAXIM
                GROUP LLC, as Representative of the several underwriters

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              By:
                

            	
              /s/
                Paul
                LaRosa                        
                  

            	
               

            	
               

            	
               

            
	
               

            	
              Name:
                

            	
              Paul
                LaRosa

            	
               

            	
               

            
	
               

            	
              Title:

            	
              Managing
                Director

            	
               

            	
               

            
	 	 	 	 	 	 	 	 	 

    

     

     

    
 

    
      
         

      

      
        -46-

        
          

        

      

      
         

      

    

     

    SCHEDULE A

     

     

    PINPOINT
      ADVANCE CORP.

     

    2,500,000
      Units

     

    
      	
              Underwriter

            	 	
              Number
                of Firm

              Units

              to
                be Purchased

            	 
	
               

            	 	
               

            	 
	
              Maxim
                Group LLC

            	 	 	
              2,000,000

            	 
	
               

            	 	 	 	 
	
               Legend
                Merchant Group, Inc.

            	 	 	
              500,000

            	 
	
               

            	 	 	
              2,500,000

            	 

    

     

     

     

     

    
      
         

      

      
        -47-

        
          

        

      

      
         

      

    

    EXHIBIT
      A

    

    Form
      of Target Business Letter

    

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya
      Israel 46700

    Attn:
      Adiv Baruch, President

    

    Gentlemen:

    

    Reference
      is made to the Final Prospectus of Pinpoint Advance
      Corp.,
      (“Pinpoint”),
      dated
      April 19, 2007 (the “Prospectus”).
      Capitalized terms used and not otherwise defined herein shall have the meanings
      assigned to them in Prospectus.

    

    We
      have
      read the Prospectus and understand that Pinpoint
      has
      established the Trust Fund, initially in an amount of at least $24,766,000
      for
      the benefit of the Public Stockholders and the underwriters of Pinpoint’s
      initial public offering (the “Underwriters”) and that, except for up to
      $1,500,000 of the interest earned on the amounts held in the Trust Fund,
Pinpoint
      may
      disburse monies from the Trust Fund only (i) to the Public Stockholders in
      the
      event of the redemption of their shares or the dissolution and liquidation
      of
      Pinpoint or (ii) to Pinpoint
      and the Underwriters
      after it
      consummates a Business Combination.

    

    For
      and
      in consideration of Pinpoint
      agreeing
      to evaluate the undersigned for purposes of consummating a Business Combination
      with it, the undersigned hereby agrees that it does not have any right, title,
      interest or claim of any kind in or to any monies in the Trust Fund (the
“Claim”)
      and
      hereby waives any Claim it may have in the future as a result of, or arising
      out
      of, any negotiations, contracts or agreements with Pinpoint
      and will
      not seek recourse against the Trust Fund for any reason whatsoever.

    

    

    
      	 	 
	 	
              Print
                Name of Target Business

            
	 	 
	 	 
	 	 
	 	
              Authorized
                Signature of Target Business

            

    

    

     

     

    
      
         

      

      
        -48-

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      B

    

    Form
      of Vendor Letter

    

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya
      Israel 46700

    Attn:
      Adiv Baruch, President

    

    

    Gentlemen:

    

    Reference
      is made to the Final Prospectus of Pinpoint Advance Corp. (“Pinpoint”),
      dated
      April 19, 2007 (the “Prospectus”).
      Capitalized terms used and not otherwise defined herein shall have the meanings
      assigned to them in Prospectus.

    

    We
      have
      read the Prospectus and understand that Pinpoint
      has
      established the Trust Fund, initially in an amount of at least $24,766,000
      for
      the benefit of the Public Stockholders and the underwriters of Pinpoint’s
      initial public offering (the “Underwriters”) and that, except for up to
      $1,500,000 of the interest earned on the amounts held in the Trust Fund,
Pinpoint
      may
      disburse monies from the Trust Fund only (i) to the Public Stockholders in
      the
      event of the redemption of their shares or the dissolution and liquidation
      of
      Pinpoint or (ii) to Pinpoint
      and the
      Underwriters after it consummates a Business Combination.

    

    For
      and
      in consideration of Pinpoint
      agreeing
      to use the products or services of the undersigned, the undersigned hereby
      agrees that it does not have any right, title, interest or claim of any kind
      in
      or to any monies in the Trust Fund (the “Claim”)
      and
      hereby waives any Claim it may have in the future as a result of, or arising
      out
      of, any negotiations, contracts or agreements with Pinpoint
      and will
      not seek recourse against the Trust Fund for any reason whatsoever.

    

    

    

    
      	 	 
	 	
              Print
                Name of Vendor

            
	 	 
	 	 
	 	 
	 	
              Authorized
                Signature of Vendor

            

    

    

    
      
         

      

      
        -49-

        
          

        

      

      
         

      

    

    EXHIBIT
      C

    

    Form
      of Director/Officer Letter

    

    

    Pinpoint
      Advance Corp.

    4
      Maskit
      Street

    Herzeliya
      Israel 46700

    Attn:
      Adiv Baruch, President

    

    

    Gentlemen:

    

    The
      undersigned officer or director of Pinpoint Advance Corp. (“Pinpoint”)
      hereby
      acknowledges that Pinpoint has established the Trust Fund, initially in an
      amount of at least $24,766,000 for the benefit of the Public Stockholders and
      the underwriters of Pinpoint’s initial public offering (the “Underwriters”) and
      that, except for up to $1,500,000 of the interest earned on the amounts held
      in
      the Trust Fund, Pinpoint may disburse monies from the Trust Fund only (i) to
      the
      Public Stockholders in the event of the redemption of their shares or the
      dissolution and liquidation of Pinpoint or (ii) to Pinpoint and the Underwriters
      after it consummates a Business Combination.

    

    The
      undersigned hereby agrees that it does not have any right, title, interest
      or
      claim of any kind in or to any monies in the Trust Fund (the “Claim”)
      and
      hereby waives any Claim it may have in the future as a result of, or arising
      out
      of, any contracts or agreements with Pinpoint and will not seek recourse against
      the Trust Fund for any reason whatsoever.

    

    Notwithstanding
      the foregoing, such waiver shall not apply to any shares acquired by the
      undersigned in the public market.

    

    

    
      	 	 
	 	
              Print
                Name of Officer/Director

            
	 	 
	 	 
	 	 
	 	
              Authorized
                Signature of Officer/Director

            

    

    

    

    
      
         

      

      
        -50-

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