RLJ Acquisition Inc. Raises $125 Million for Special Purpose Acquisition Company

BETHESDA, Md., Feb. 16, 2011 /PRNewswire/ -- Robert L. Johnson, Chairman of The RLJ Companies and founder of Black Entertainment Television (BET), announced today that RLJ Acquisition, Inc. (the "Company") has successfully raised $125 million in its initial public offering.  The Company sold 12.5 million units at $10.00 per unit, each unit consisting of one share of common stock and one warrant to purchase an additional share of common stock.  The Company may sell up to an additional 1.875 million units at $10.00 per unit if the underwriters' exercise their over-allotment option.  The Company is a special purpose acquisition company ("SPAC"), also known as a blank check company, a publicly traded vehicle that will seek to acquire a privately-held operating company.

(Logo:  http://photos.prnewswire.com/prnh/20100907/PH60132LOGO )

Initially, the units will be the only security trading.  The Company's units began trading on the Over-the-Counter Bulletin Board quotation system under the ticker symbol "RLJAU" on February 22, 2011.  The common stock and warrants comprising the units will begin separate trading on the 52nd day following February 22, 2011 (or such earlier number of days as the underwriters may permit), subject to the Company's filing a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting its receipt of the gross proceeds of this offering and issuing a press release announcing when such separate trading will begin.

The lead underwriter for this offering is Lazard Capital Markets, with Ladenburg Thalmann & Co. Inc. acting as co-manager.

The Company intends to use the net proceeds from this offering to acquire one or more operating businesses through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination as described in the prospectus.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This offering is being made only by means of a prospectus, copies of which may be obtained, when available, from:

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 prospectus 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.

SOURCE The RLJ Companies