Chart Acquisition completes business combination with Tempus Applied Solutions
August 4, 2015
Chart Acquisition Corp. (OTCQB: CACG; CACGW; CACGU) announced the closing of its business combination with Tempus Applied Solutions, LLC, an aviation solutions company, creating a new holding company called Tempus Applied Solutions Holdings, Inc. Tempus Holdings’ common stock and warrants will commence trading on the OTCQB Marketplace under the ticker symbols “TMPS” and “TMPSW,” respectively, on Tuesday, August 4, 2015.
“Our team at Tempus has spent years building the expertise and credibility to meet the requirements of governments, heads of state, and large commercial operators as they must upgrade their aircraft to meet modern electronics, communications, and other system requirements,” said B. Scott Terry, founder and CEO of Tempus, who will serve as CEO of Tempus Holdings. We believe that we will be a significant player in this growing and demanding market and, as a public company, we will now have access to financial resources to meet near-term customer requirements and future expansion.”
“Tempus is one of the few companies in this rapidly expanding specialty market that provide complex communications, navigation, and electronics upgrades and solutions for special-mission aircraft, for both government and commercial use,” explained Joseph R. Wright, who will serve as chairman of the board of Tempus Holdings. Regulatory changes are occurring today around the world that require aircraft to be upgraded to meet new, more stringent, safety and other standards and performance requirements, which we believe will provide an opportunity for significant growth for Tempus Holdings. We look forward to working with Scott Terry, who has many years of proven results in this industry and is highly qualified to lead this company.”
Cowen and Company, LLC, acted as financial adviser to Chart, and Ellenoff Grossman & Schole, LLP, served as legal counsel to Chart. Alston & Bird, LLP, served as legal counsel to Tempus.