The supply of traditional fossil fuels (oil, gas, and coal) is becoming increasingly limited and subject to disruptions due to events such as political instability in producing regions or natural disasters including hurricanes. At the same time, demand is increasing. As a result, the cost of traditional fossil fuels has now reached levels at which renewable energy alternatives such as ethanol become economically very attractive, particularly if production costs are kept low.

The Brazilian ethanol industry, which is based on low cost, high energy efficiency sugarcane, is a prime example of an alternative source. According to the Agricultural Marketing Resource Center (Action Newsletter, Volume 4, Summer 2007), an electronic resource for value-added agricultural producers, the average retail price of ethanol in Brazil is approximately 60.0% of the price for gasoline, which more than offsets the decrease in fuel efficiency from using ethanol (which can be up to 25.0%).

According to the National Association of Vehicle Manufacturers (2007 Vehicle Sales Data), approximately 85.0% of all new automobiles fabricated and sold in Brazil are flex fuel cars, meaning they can operate on either gasoline or ethanol. Virtually all fuel stations in the country are prepared to supply ethanol, even in the most remote cities in the Amazon region. This acceptance and availability of ethanol is significantly higher compared to other countries, including the United States.

To date, the Company has not selected any target business on which to concentrate its search for a business combination.

Subject to the limitations that a target business be in the renewable energy industry and have a fair market value of at least 80% of the Company’s net assets at the time of the acquisition the Company will have virtually unrestricted flexibility in identifying and selecting a prospective acquisition candidate.

The Company estimates that the net proceeds from the sale of the units and the sale of the insider warrants in the private placement, after deducting offering expenses of approximately $650,000 and underwriting discounts of approximately $14,000,000, or $16,100,000 if the underwriters’ over-allotment option is exercised in full, will be approximately $190,350,000, or $218,250,000 if the over-allotment option is exercised in full.