China Networks International Holdings and Alyst Acquisition Corp. Close Business Combination with China Networks Media

China Networks International Holdings, Ltd., a British Virgin Islands company ("CN Holdings") (NYSE Amex: CNR) and Alyst Acquisition Corp., a special purpose acquisition company ("Alyst"), today announced that they completed both the previously announced redomestication merger of Alyst in the British Virgin Islands by merging Alyst with and into CN Holdings and the subsequent business combination merger of CN Holdings' subsidiary with China Networks Media, Ltd. ("CN Media"), a joint-venture provider of broadcast television services in the People's Republic of China ("PRC"). Chardan Capital Markets, LLC acted as M&A Advisor to Alyst in the merger.

Both the redomestication merger and the business combination merger were approved by the stockholders of Alyst at a special meeting on June 24, 2009. The final step of the transaction, the closing of the business combination merger, occurred today immediately upon the confirmation by British Virgin Island authorities of the acceptance of the Articles and Plan of Merger effecting the business combination merger. Holders of over 70% of Alyst's common stock voted in favor of the transaction. Initially, the ordinary shares, units and warrants of CN Holdings will continue to be traded on the NYSE Amex under the ticker symbols CNR, CNR.U and CNR.WS, respectively. Additional information concerning the conversion of Alyst securities to CN Holdings securities can be found in the registration statement on Form S-4/A filed by CN Holdings with the SEC on May 29, 2009. This information is also available in the Alyst definitive proxy statement/prospectus mailed to its stockholders on or around June 1, 2009.

Li Shuangqing, Chairman and Chief Executive Officer of China Networks continued, "We are very pleased to have been able to bring this merger to completion and we are grateful to the many people and investors who supported us in this effort. We look forward to growing this company and creating stockholder value in the process."

In addition to approving the redomestication merger and the business combination merger, Alyst stockholders also approved the 2009 Omnibus Securities and Incentive Plan, pursuant to which the directors, officers, employees and consultants of CN Holdings or its subsidiaries may be granted options to purchase up to 2,500,000 ordinary shares of CN Holdings.

A total of 2,146,156 shares issued in Alyst's initial public offering were cast in opposition to the business combination and elected to be converted into a pro rata portion of the proceeds from the initial public offering held in trust, representing less than 30% of the shares issued in the initial public offering. Cash in the amount of approximately $16,850,235 (representing $7.85 per share) will be paid to these stockholders.

Source from China news networks media