Exhibit 99.6

Selected Unaudited Pro Forma Combined Financial Information

The merger of Acquisition Sub with and into InfuSystem will be accounted for as an acquisition of InfuSystem by the Company under the purchase method of accounting. Under the purchase method of accounting, the purchase price, including transaction costs, to acquire InfuSystem will be allocated to the underlying net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired will be recorded as goodwill.

Set forth below is selected unaudited pro forma combined financial information that reflects the purchase method of accounting and is intended to provide you with a better picture of what the Company’s business might have looked like had the Company and InfuSystem actually been combined. The selected unaudited pro forma combined financial information does not reflect the effect of asset dispositions, if any, or cost savings that may result from the merger. The selected unaudited pro forma combined financial information may not be indicative of the historical results that would have occurred had the companies been combined or the future results that may be achieved after the purchase. The following selected unaudited pro forma combined financial information has been derived from, and should be read in conjunction with, the unaudited pro forma condensed combined financial statements and related notes thereto included elsewhere in this Current Report on Form 8-K.

 

    

Six Months Ended

June 30, 2007

   

Year Ended

December 31, 2006

    

Actual Share

Redemption (1)

   

Actual Share

Redemption (1)

     (in thousands,
except share and
per share data)
    (in thousands,
except share and
per share data)

Revenue

   $ 15,706     $ 31,716

Net income (loss)

     (299 )     11,358

Net income (loss) per share—Basic

     (0.02 )     .71

Weighted average number of shares—Basic

     15,898,764       15,898,764

Net income (loss) per share—Diluted

     (0.02 )     .62

Weighted average number of shares—Diluted

     15,898,764       18,286,804

 

     June 30, 2007
    

Actual Share

Redemption (1)

     (in thousands)

Total assets

   $ 117,403

Long-term debt

     32,703

Total Stockholders’ equity

     70,407

(1)

16.16% of the Company’s stockholders redeemed their conversion rights.


UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

The following unaudited pro forma condensed combined balance sheet combines the historical balance sheets of InfuSystem and the Company as of June 30, 2007, giving effect to the acquisition of InfuSystem as if the acquisition had been consummated on June 30, 2007. The following unaudited pro forma condensed combined statements of operations combined the historical statement of income of InfuSystem and the historical statement of operations of the Company for the year ended December 31, 2006 and the six months ended June 30, 2007, giving effect to the merger as if it had occurred on January 1, 2006. We are providing the following information to aid you in your analysis of the financial aspects of the merger. We derived this information for the year ended December 31, 2006 from the audited financial statements of InfuSystem and the audited financial statements of the Company for that period and for the six months ended June 30, 2007 from the unaudited financial statements of InfuSystem and the unaudited financial statements of the Company for that period. This information should be read together with the respective Company and InfuSystem financial statements and related notes included in this Current Report on Form 8-K.

The historical financial information has been adjusted to give effect to events that are directly attributable to the merger, factually supportable, and expected to have a continuing impact on the combined results. The unaudited pro forma condensed combined financial statements were prepared using the purchase method of accounting, with InfuSystem as the acquired company. Under the purchase method of accounting, the purchase price, including transaction costs, to acquire InfuSystem will be allocated to the underlying net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired will be recorded as goodwill. The purchase price allocation is preliminary and will be subject to a final determination upon closing of the acquisition of the acquired business. The final determination of the purchase price allocation may result in material allocation differences when compared to this preliminary allocation and the impact of the revised allocation may have a material effect on the actual results of operation and financial position of the combined entities.

The unaudited pro forma condensed combined information is for illustrative purposes only. The pro forma combined financial information may not be indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined company will experience nor do they purport to project the future financial position or operating results of the combined company.

The following information should be read in conjunction with the pro forma condensed combined financial statements:

 

   

Accompanying notes to the unaudited pro forma condensed combined financial statements;

 

   

Historical financial statements of the Company for the year ended December 31, 2006 and three and six months ended June 30, 2007 included elsewhere in this Current Report on Form 8-K; and

 

   

Separate historical financial statements of InfuSystem for the year ended December 31, 2006 and three and six months ended June 30, 2007 included elsewhere in this Current Report on Form 8-K.

The unaudited pro forma condensed combined financial information has been prepared using the actual level of approval of the merger by the Company’s stockholders, as follows:

 

   

Actual Redemption: 16.16% of the Company’s stockholders exercised their conversion rights.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

Actual Share Redemption

June 30, 2007

(Amounts in Thousands)

 

     InfuSystem, Inc.     HAPC, Inc.          Pro Forma
Adjustments
    Pro Forma
Combined
 

Current Assets:

           

Cash and cash equivalents

   $ 413     $ 100     1      (67,297 )  
       4      (4,584 )  
       5      (6,588 )  
       8      (2,696 )  
       11      100,261    
       13      (16,359 )   $ 3,250  

Accounts receivable, net

     7,577              7,577  

Inventories

     345              345  

Investments held in trust

       100,261     11      (100,261 )     —    

Prepaid Expense

       82            82  

Other current assets

     53              53  

Deferred acquisition costs

       2,271     5      (2,271 )     —    

Deferred taxes

     1,181       2      (1,181 )     —    
                                   

Total current assets

     9,569       102,714          (100,976 )     11,307  

Property and equipment, net

     10,782              10,782  

Goodwill and other intangible assets

     2,639       1      41,420    
       5      8,859       52,918  

Financing Costs

       100     8      2,696       2,796  

Trade Name and Trademarks

       1      7,300       7,300  

Physician Relationships

       1      32,300       32,300  
                                   

Total assets

   $ 22,990     $ 102,814        $ (8,401 )   $ 117,403  
                                   

Current liabilities:

           

Accounts payable

   $ 890     $ 409          $ 1,299  

Current portion of long-term debt

       1      1,635       1,635  

Other current liabilities

     617       1,942            2,559  

Deferred underwriting fees

       5,468     4      (5,468 )     —    

Warrant liabilities

       9,113            9,113  
                                   

Total Current Liabilities

     1,507       16,932          (3,833 )     14,606  

Other Liabilities

     1,322            —         1,322  

Deferred Taxes

     1,276       2      (1,276 )     —    

Long-term debt, net of current portion

       1      31,068       31,068  
                                   

Total liabilities

     4,105       16,932          25,959       46,996  
                                   

Common stock subject to possible conversion

       20,042     13      (20,042 )     —    

Stockholders’ equity:

           

Common stock

       2            2  

Additional paid-in capital

     8,544       74,145     1      (8,544 )  
       4      884    
       13      3,683       78,712  

Retained Earnings (Accumulated deficit)

     12,643       (7,884 )   1      (12,643 )     (7,884 )

Contributions (Distributions) from (to) Parent

     (4,598 )     1      4,598       —    

Income (loss) for current period

     2,296       (423 )   1      (2,296 )     (423 )
                                   

Total stockholders’ equity

     18,885       65,840          (14,318 )     70,407  
                                   

Total liabilities and stockholders’ equity

   $ 22,990     $ 102,814        $ (8,401 )   $ 117,403  
                                   


UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007

Actual Share Redemption

(Amounts in Thousands, except share and per share data)

 

     InfuSystem, Inc.    HAPC, Inc.          Pro Forma
Adjustments
    Pro Forma
Combined
 

Revenue

   $ 15,706    $ —            $ 15,706  

Cost of Revenues—Michigan Use Tax

     (766)      —              (766)  

Cost of Revenues

     4,628      —              4,628  
                                  

Gross Profit

     11,844      —            —         11,844  

Compensation expense

        1,226     10      (1,226 )     —    

Guaranty fee

        9      400       400  

Selling, general and administrative expense—Other

     8,261      724     3      125       9,110  

Amortization of physician relationships

        7      808       808  
                                  

Total operating costs

     8,261      1,950          107       10,318  
                                  

Operating income (loss)

     3,583      (1,950 )        (107 )     1,526  
                                  

Other income (expense)

            

Interest income

     237      2,324     12      (2,318 )     243  

Interest expense

        (16 )   6      (1,670 )  
        7      (350 )     (2,036 )

Ticking fee

        (352 )   9      352       —    

Gain on warrant liabilities

               —    
                                  

Total other income (expense)

     237      1,956          (3,986 )     (1,793 )
                                  

Income (loss) before income taxes

     3,820      6          (4,093 )     (267 )

Income tax provision

     1,524      429     2      (1,921 )     32  
                                  

Net income (loss)

   $ 2,296    $ (423 )      $ (2,172 )   $ (299)  
                                  

Pro forma net income per common share—Basic

             $ (0.02 )
                  

Weighted average number of common shares outstanding—Basic

               15,898,764  
                  

Pro forma net income per common share—Diluted

             $ (0.02 )
                  

Weighted average number of common shares outstanding—Diluted

               15,898,764  
                  


UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006

Actual Share Redemption

(Amounts in Thousands, except share and per share data)

 

     InfuSystem, Inc.     HAPC, Inc.         

Pro Forma

Adjustments

   

Pro Forma

Combined

 

Revenue

   $ 31,716     $ —            $ 31,716  

Cost of Revenues

     8,455       —              8,455  
                                   

Gross Profit

     23,261       —            —         23,261  

Compensation expense

       19,710     10      (19,710 )     —    

Guaranty fee

       100     9      400       500  

Selling, general and administrative expense—Other

     15,091       919     3      268       16,278  

Amortization of physician relationships

       7      1,615       1,615  
                                   

Total operating costs

     15,091       20,729          (17,427 )     18,393  
                                   

Operating income (loss)

     8,170       (20,729 )        17,427       4,868  
                                   

Other income (expense)

           

Interest income

       3,204     12      (3,204 )     —    

Interest expense

     (113 )     (1 )   6      (3,433 )  
       7      (699 )     (4,246 )

Ticking fee

       (95 )   9      95       —    

Gain on warrant liabilities

       10,800            10,800  
                                   

Total other income (expense)

     (113 )     13,908          (7,241 )     6,554  
                                   

Income (loss) before income taxes

     8,057       (6,821 )        10,186       11,422  

Income tax provision

     3,094       1,038     2      (4,068 )     64  
                                   

Net income (loss)

   $ 4,963     $ (7,859 )      $ 14,254     $ 11,358  
                                   

Pro forma net income per common share—Basic

            $ 0.71  
                 

Weighted average number of common shares outstanding—Basic

              15,898,764  
                 

Pro forma net income per share—Diluted

            $ 0.62  
                 

Weighted average number of common shares outstanding—Diluted

              18,286,804  
                 

Notes to Unaudited Pro Forma Condensed Combined Financial Statements

Adjustments included in the column under the heading “Pro Forma Adjustments” include:

(in thousands, except per share amounts)

Actual Share Redemption

1. To reflect payment for the purchase of the InfuSystem shares, to reflect seller secured promissory note issued by InfuSystem and to eliminate InfuSystem equity under the purchase method of accounting as follows:

 

Cash Consideration paid

   $ 67,297  

Seller Secured Promissory Note

     32,703  
        

Total Purchase Price

     100,000  

Current Assets

     8,388  

Property and Equipment

     10,782  

Current Liabilities

     (1,507 )

Other Liabilities

     (1,322 )
        
     16,341  
        

Excess of Purchase Price over net assets acquired

   $ 83,659  

Excess of Purchase Price over net asset acquired allocated as follows:

  

Physician Relationships

   $ 32,300  

Trade Name and Trademarks

     7,300  

Goodwill

     44,059  
        
   $ 83,659  

The Company engaged the Economic and Valuation Services practice of an accounting firm to assist in the allocation of purchase price. Based on that work, which included discussions with InfuSystem management, the value assigned to each of the intangible asset categories was determined by taking into account InfuSystem-specific data on the estimated benefits of the assets. The fair value of the assets acquired were determined based on preliminary estimates and may be revised when remaining aspects of the purchase price allocation have been finalized.

The methodology used in determining the value of the physician relationships took into account the expected future operating income generated by the existing physicians, asset charges that would be paid to requisite operating assets from the operating income, and a discount rate that reflects the level of risk associated with receiving future cash flows attributable to the physician relationship. The remaining useful life of twenty years for the physician relationships was determined based on estimates of InfuSystem management. In arriving at those estimates, InfuSystem management relied upon their industry experience and familiarity with the physicians. InfuSystem determined that amortizing physician relationship costs over twenty years was an appropriate length of time based upon the average length of InfuSystem’s past relationships with physicians.

The methodology used in determining the value of the trade name and trademarks assumes that the value of the trade name and trademark is equivalent to the present value of the future stream of economic benefits that can be derived from their ownership. The premise associated with this valuation technique is that if the trade name were licensed to an unrelated party, the unrelated party would pay a percentage of revenue for its use. The trade name and trademarks owner is, however, spared from this cost and therefore, this cost savings represents the value of the trade name and trademark. The Company intends to continue to utilize the trade name and trademarks and therefore they were deemed to have an indefinite useful life.

2. To eliminate deferred income taxes and reflect income tax provision impact. The transaction will be treated as an asset purchase for tax purposes. The Company has assumed a full valuation allowance for any deferred tax assets.

3. To record Michigan Single Business Tax.

4. To record payment at closing of the contingent deferred underwriting fees to FTN Midwest of $4,584 assuming actual share redemption.

5. To reflect payment of transaction related expense estimated at $8,859 lifetime to date through June 30, 2007.

6. To reflect interest expense under terms of promissory note to I-Flow in the amount of $1,670 and $3,433 for the six months ended June 30, 2007 and for the year ended December 31, 2006, respectively. The average interest rates during these periods were 10.82% and 10.56%, respectively.

Assuming interest rates increased or decreased by ten percent (10%) during the six months ended June 30, 2007, interest expense to I-Flow would have been $1,837 and $1,503, respectively.

Assuming interest rates increased or decreased by ten percent (10%) during the year ended December 31, 2006, interest expense to I-Flow would have been $3,777 and $3,090, respectively.

7. To record amortization of financing costs over four years (life of promissory note) (included in interest expense) and physicians relationships costs (included in operating costs) over twenty years, respectively.

8. To reflect payment of financing fees which will be amortized over four years.

9. To record guarantee fee payable at closing and to reverse the ticking fee assuming a closing on January 1, 2006.

10. To eliminate nonrecurring stock based compensation charges of $1,226 and $19,710 recorded by the Company for the six months ended June 30, 2007 and for the year ended December 31, 2006, respectively. This charge is directly related to the transaction and was contingent upon the closing of the acquisition. The contingency related to the fact that in the event that the Company did not complete a business combination, Sean McDevitt and Pat LaVecchia would not be entitled to their common stock grants of 2,000,000 and 416,666 shares, respectively. Additionally, the shares of common stock granted to John Voris, Wayne Yetter, Erin Enright and JP Millon prior to the Company’s initial public offering were not entitled to liquidation rights with respect to the proceeds held in the trust account if the Company did not complete a business combination and was forced to liquidate.

11. To reflect the release of funds raised by the Company’s initial public offering which are currently held in trust at JP Morgan Chase Bank.

12. To eliminate interest income from trust funds held at JP Morgan Chase Bank assuming closing on January 1, 2006.

13. To record the payment of the common stock subject to conversion assuming actual stockholder approval in the amount of $16,359 on June 30, 2007.