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Arcade Acquisition Corp. : Arcade Acquisition Corp. Announces Form 15 Filing

^{Published on 2009-03-30 09:24:00, Last Modified on 2009-03-30 09:24:52 - Market Wire}
 

NEW YORK, NY--(Marketwire - March 30, 2009) - Arcade Acquisition Corp. (OTCBB: [ ACDQU ]) (OTCBB: [ ACDQ ]) (OTCBB: [ ACDQW ]) announced today that it intends to file a Form 15 with the SEC to voluntarily suspend its reporting obligations under the provisions of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result of filing the Form 15, the company will no longer be required to file reports under the Exchange Act, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K. In addition, the provisions of the Sarbanes-Oxley Act of 2002 will no longer apply to the company.

Arcade's Board of Directors has determined that it is highly unlikely that it will be able to effect a business combination prior to the May 21, 2009 deadline provided in its charter and has made the decision to deregister as a cost-saving measure pending the company's liquidation at such time.

As of February 28, 2009, the latest date for which financial information is available, there was approximately $68,048,000, or approximately $7.89 per share, being held in Arcade's trust account. Management does not expect that there will be a material amount of cash remaining outside of the trust account following anticipated expenditures for operations and liquidation.

Following the filing, the Company's common stock, units and warrants will trade on the Pink OTC Markets ([ www.pinksheets.com ]) quotations system.

About Arcade Acquisition Corp.

Arcade Acquisition Corp. (OTCBB: [ ACDQU ]) (OTCBB: [ ACDQ ]) (OTCBB: [ ACDQW ]) is a blank check company formed for the purpose of acquiring through a merger, stock exchange, asset acquisition or other similar business combination, an unidentified operating business. Arcade completed its initial public offering of 8.625 million units at $8.00 per unit on May 22, 2007, generating gross proceeds of approximately $69 million dollars. Arcade's charter provides for its automatic dissolution if a business combination has not been consummated prior to May 21, 2009. Arcade's public filings are available at [ www.sec.gov ].

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act ) about Arcade. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Arcade's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: future operating or financial results; the availability of cash to pay dividends, the ability to meet debt obligations or obtain additional financing to fund operations and/or acquisitions; general market conditions; changes in governmental rules and regulations or actions taken by regulatory authorities; unanticipated changes in laws and regulations; changing interpretations of generally accepted accounting principles; and general economic conditions, as well as other relevant risks detailed in Arcades' filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks.