Kramer Levin SPAC Client IAG Consummates Business Combination with Sing Kung

On September 9, 2009, Kramer Levin client InterAmerican Acquisition Group Inc. ("IAG"), a SPAC whose securities are quoted on the OTCBB, consummated its business combination with Sing Kung, Limited ("Sing Kung"), pursuant to the Amended and Restated Stock Purchase Agreement, dated as of May 15, 2008, as amended on November 28, 2008 and July 17, 2009, by and among IAG, Sing Kung, Cho Kwan, and certain other stockholders of Sing Kung, pursuant to which IAG purchased substantially all of the outstanding shares of common stock of Sing Kung. Sing Kung, through its operating subsidiaries, controls and operates a business engaged in the planning, development, redevelopment and operation of urban infrastructure projects in China.

As part of the transaction, IAG merged with and into its wholly owned subsidiary, CNC Development Ltd. ("CNC"), for purposes of redomesticating from Delaware to the British Virgin Islands. Following the merger, the combined company will be a foreign private issuer.

The transaction was valued at approximately $153 million.

Corporate partner Christopher S. Auguste and Corporate associates David J. Levine and Alexander J. Freedman worked on the deal.