SOURCE: Marathon Acquisition Corp.

April 25, 2007 17:00 ET

Marathon Acquisition Corp. Announces Financial Results for the Period From April 27, 2006 (Inception) Through December 31, 2006

NEW YORK, NY -- (MARKET WIRE) -- April 25, 2007 -- Marathon Acquisition Corp. (AMEX: MAQ.U) (the "Company") announced today results for the period from April 27, 2006 (inception) through December 31, 2006. Attached below are the financial highlights for the period from April 27, 2006 (inception) through December 31, 2006, which were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, as previously filed with the Securities and Exchange Commission.


Income Statement Data

                                                           For the Period
                                                           April 27, 2006
                                                            (Inception)
                                                              through
                                                            December 31,
                                                                2006
                                                           ---------------
Loss from operations                                       $      (423,957)
Interest income                                            $     5,253,929
                                                           ---------------


Income before provision for income taxes                   $     4,829,972
Provision for income taxes                                 $     2,182,957
                                                           ---------------

Net income                                                 $     2,647,015
                                                           ===============

Weighted average number of shares of common stock
 outstanding--basic                                             30,198,156
Weighted average number of shares of common stock
 outstanding--diluted                                           34,387,045
                                                           ===============


Net income per share--basic                                $          0.09
Net income per share--diluted                              $          0.08
                                                           ===============



Balance Sheet Data

                                                             December 31,
                                                                 2006
                                                           ----------------
Cash and cash equivalents                                  $      1,370,943
Investments held in trust account                          $    308,608,131
Trust account interest receivable                          $      1,333,770
Prepaid expenses                                           $        181,304
Deferred tax asset                                         $        193,441
                                                           ----------------

Total assets                                               $    311,687,589
                                                           ================

Total liabilities                                          $      6,687,450
Common stock subject to redemption                         $     61,795,116
Total stockholders’ equity                                 $    243,205,023
                                                           ----------------

Total liabilities and stockholders’ equity                 $    311,687,589
                                                           ================

About Marathon Acquisition Corp.

Marathon Acquisition Corp. is headquartered in New York City. The principle investor contact for the Company is its founder, Chairman and Chief Executive Officer, Michael Gross (telephone: (212) 993-1670).

Forward-Looking Statements

This press release may contain certain forward-looking statements including statements with regard to the future performance of the Company. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Media Contact:
    Michael Gross
    Marathon Acquisition Corp.
    (212) 993-1670