We are a blank check company that was formed on June 10, 2005 to serve as a vehicle for the acquisition of one or more domestic or international operating businesses in the healthcare industry. On March 22, 2006, we successfully completed our initial public offering raising $57.5 million in gross proceeds (before expenses, underwriting discounts and commissions and similar expenses of approximately $4.9 million) resulting in net proceeds to us of $53.2 million of which $52.96 million has been placed in escrow with Northern Trust Corporation pending our completion of an acquisition.
Up to the point of completion of our initial public offering, our efforts have been limited to organizational activities, and we have not acquired any such assets or business operations. However, now that our initial public offering is completed, we intend to pursue potential acquisition opportunities in the healthcare space as more fully described in our Prospectus dated March 17, 2006. We are incorporated in the State of Delaware.
As of January 7, 2008, Echo Healthcare is now Pet DRx.