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India Hospitality Corp. (LSE:IHC), today announced that it has filed consolidated financial statements for the period May 12, 2006 (inception) to December 31, 2006. For the period from May 12, 2006 to December 31, 2006, the company generated an operating loss of $844,525 and pre-tax profit of $1,266,390 or $0.08 per share. As of December 31, 2006, the company had $99.6 million in cash.
About India Hospitality Corp.
India Hospitality Corp. is a Special Purpose Acquisition Corporation (SPAC) created to initially pursue partnerships only of an Indian business, businesses or assets focused on the hospitality, leisure, tourism, travel and related industries, including but not limited to hotels, resorts, timeshares, serviced apartments and restaurants. While the company's potential partnerships could come from any of these sectors, the primary focus will be on the hospitality industry. It expects to pursue these initiatives initially only in India.
In August of 2006, the company raised $100 million in an IPO and is listed on the Alternative Investment Market, “AIM”, a market operated by the London Stock Exchange, under the ticker IHC. The company is sponsored by Hayground Cove Asset Management LLC, a New York-based investment management firm with approximately $2.0 billion under management. Jason Ader, the company’s Chief Executive Officer and Chairman of the Board is the Chief Executive Officer of Hayground Cove Asset Management. Mr. Ader has a strong background in the leisure and hospitality industries. Prior to founding Hayground Cove, he was Senior Managing Director at Bear Stearns & Co., Inc., supervising coverage of the lodging and hospitality industry and was a top ranked analyst by Institutional Investor Magazine’s All-American Research Team for nine consecutive years.
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