SOURCE: Marathon Acquisition Corp.

March 19, 2008 17:00 ET

Marathon Acquisition Corp. Announces Financial Results for the Year From January 1, 2007 Through December 31, 2007

NEW YORK, NY--(Marketwire - March 19, 2008) - Marathon Acquisition Corp. (AMEX: MAQ.U) (the "Company") announced today results for the year from January 1, 2007 through December 31, 2007. Attached below are the financial highlights for the year from January 1, 2007 through December 31, 2007, which were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, as previously filed with the Securities and Exchange Commission.

Income Statement Data


                                               For the Year
                                             January 1, 2007
                                                 through
                                               December 31,
                                                   2007
                                              --------------
Loss from operations                          $   (1,183,948)
Interest income                               $   14,875,339
                                              --------------


Income before provision for income taxes      $   13,691,391
Provision for income taxes                    $    7,008,594
                                              --------------

Net income                                    $    6,682,797
                                              ==============

Weighted average number of shares of common
 stock outstanding -- basic                       41,407,684
Weighted average number of shares of common
 stock outstanding -- diluted                     52,374,624
                                              ==============


Net income per share -- basic                 $         0.13
Net income per share -- diluted               $         0.10
                                              ==============

Balance Sheet Data

                                               December 31,
                                                  2007
                                              -------------
Cash and cash equivalents                     $   2,671,034
Investments held in trust account             $ 314,130,809
Trust account interest receivable             $     999,199
Prepaid expenses                              $      39,935
Prepaid income taxes                          $     458,139
                                              -------------

Total assets                                  $ 318,299,116
                                              =============

Total liabilities                             $   6,616,181
Common stock subject to redemption            $  61,795,116
Interest attributable to common stock subject
 to possible conversion                       $   1,402,720
Total stockholders' equity                    $ 248,485,099
                                              -------------

Total liabilities and stockholders' equity    $ 318,299,116
                                              =============

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