SPAC IPO FILING: Redstar Partners on the OTCBB

Redstar Partners, Inc. is another blank check company, although this IPO filing looks a little different than many other SPAC IPO filings.  For starters, this blank check company will sell its units for $8.00 rather than the normal $10.00 per unit offering seen from most SPAC’s.

Morgan Joseph is listed as the underwriter and the company has noted for filing purposes that it will sell up to $36 million in securities.  Redstar will also be listed on the OTCBB rather than being a fully-listed SPAC on AMEX or NASDAQ.

Redstar Partners, Inc. is a Cayman Islands blank check company recently formed (incorporated on January 3, 2008) for the purpose of acquiring, through a share capital exchange, asset acquisition, plan of arrangement, recapitalization, reorganization or other similar business combination, or control through contractual arrangements, an operating business having significant operations in the People’s Republic of China.  It says that it will not be limited to a particular industry, although it notes that it does intend to focus on the electrical equipment and components industry.

Here is the company’s brief description of management:

• Nathan J. Mazurek, Chairman of the Board & CEO/President hasbeen directly involved in over 20 consummated acquisition, divestiture,joint venture and investment transactions involving his companies,their factories and product lines in the electrical equipment andcomponents industry. Mr. Mazurek’s companies have historically beenfocused on circuit breaker, transformer and film capacitor products,and in the course of the last 20 years, he has developed an extensivenetwork of relationships with domestic, international and Chinesecompanies in the industry.
• Margaret Wong, Vice Chairman of the Board & EVP, startedconducting business in China in 1984 and is a recognized businessentrepreneur and advocate in the areas of Sino-American trade andcultural relations through her past and present roles as Board Memberof the California Chamber of Commerce International Committee and asAdvisor to the California Asian Chamber of Commerce, among others. Thecompanies Ms. Wong controls in China specialize in both the manufactureof electrical and lighting products and the export of environmental andenergy-related technology and equipment for wastewater treatmentprojects in China.
• Alex Ping Zhang, Vice President, has over 15 years of managementexperience in China. Prior to founding an environmental technology andequipment export company with Ms. Wong, Mr. Zhang established abusiness in China for Alanco Environmental Resources Corp. byintroducing and applying U.S. chemical processing technology to Chinesebusinesses. In addition, as a member of the American Chamber ofCommerce in Shanghai, Mr. Zhang actively works to enhance economiccooperation and participate in business opportunities between the U.S.and China.

Jon C. Ogg
February 21, 2008