Sichenzia Ross Ference LLP

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Sichenzia Ross Ference LLP is a full service law firm with a nationally recognized corporate, securities and litigation practice that provides experienced representation in all matters involving the securities industry.  In addition to handling routine to complex commercial matters, SRF’s renowned litigation department specializes in defending companies and individuals against all types of securities cases, including class action lawsuits, shareholder derivative actions, and matters involving allegations of fraud, misrepresentation or other securities violations.  The litigation team has also brought defamation lawsuits against companies and individuals related to market manipulation.  Additionally, it represents individuals and companies in investigations by the Securities and Exchange Commission (SEC) and other regulatory bodies.  The litigation team has a robust practice representing brokers and broker-dealers in arbitrations before the Financial Industry Regulatory Authority (FINRA).  These arbitrations typically involve claims of unsuitability, churning, unauthorized trading and other allegations of broker misconduct.  Finally, SRF has a burgeoning expungement practice, where it represents brokers seeking to have negative and harmful customer complaints removed from their industry records.  The firm complements its core practice areas with an established commercial real estate and trusts and estates practice. Visit SRF's LinkedIn page

Marc J. Ross Is Selected One of the Top Ten Lawyers by Chartis Insurance.

New York, NY (October 6, 2009) – Marc J. Ross, a founding member of Sichenzia Ross Friedman Ference LLP, was named one of the Top Ten Lawyers by Chartis Insurances (Chartis). Chartis is a global insurance leader, with a 90-year history, which serves more than 40 million clients in over 160 countries and jurisdictions.

Through its Errors and Omissions policies, Chartis insures many of America’s brokerage firms as well as persons associated with those firms. Each year, Chartis honors ten lawyers who, in the view of its claims organizations, provide excellent legal service to the Chartis member companies and its insureds. This year it selected Marc J. Ross as one of those ten top lawyers.

Marc Ross, along with the other nine recipients of this distinguished award, will be honored in conjunction with the Annual Meeting of the Defense Research Institute (DRI) to be held on October 7, 2009 in Chicago, IL. DRI is the international organization of attorneys defending the interests of business and individuals in civil litigation.

About Marc J. Ross

Marc Ross regularly represents clients across the country appearing in both federal and state courts from routine lawsuits to highly complex federal securities cases, including high-profile multi-district class actions. Marc Ross also regularly represents clients in arbitration proceedings before the Financial Industry Regulatory Authority (FINRA) and other agencies, like the American Arbitration Association (AAA), and guides clients through the arduous process of civil regulatory and possibly criminal investigations, whether the client is the subject of an investigation by a self-regulatory organization (e.g., FINRA), a state agency (e.g., the NY Attorney General’s Office), or a federal agency (e.g., the SEC or the US Attorneys’ Office).

About Sichenzia Ross Friedman Ference LLP

Sichenzia Ross Friedman Ference LLP provides experienced professional representation in all matters involving the securities industry as well as general corporate and litigation matters. The Firm’s areas of expertise include corporate and commercial transactions, securities litigation, arbitration, administrative practice before regulatory agencies, mergers and acquisitions and broker-dealer regulation. The Firm also has a nationally ranked PIPEs practice, which has been ranked number 1 as the most active PIPE issuer law firm from 2004 through the present, and also has specialized Asian and Israeli practice groups. For more information about the firm, visit www.srff.com.

Sichenzia Ross Friedman Ference LLP Achieves Milestone Of 300th PIPE Transaction

Sichenzia Ross Friedman Ference LLP announced today that it has reached a milestone in its PIPEs practice, having advised on their 300th PIPE transaction of over $1 million as issuer’s counsel. PIPE transaction information and numbers are calculated and recorded by Private Raise, a subsidiary of Deal Flow Media (www.dealflow.com).

SRFF, which is ranked number 1 of 946 law firms surveyed in this category, has been ranked as the most active PIPE issuer law firm from 2004 through 2008, and is currently ranked as the most active PIPE issuer law firm year-to-date in 2009 with 26 such transactions completed thus far. Since 2004, the Firm has been credited with 300 such transactions, which have resulted in aggregate gross proceeds of approximately $1.5 billion with an average transaction size of approximately $4.75 million. For the last six years, SRFF has been in the forefront of the PIPEs market and has served as an advocate for small- and mid-sized public companies seeking the financing required to help them grow and expand their business.

“The market has certainly changed over the last year, and while other strategies including secondary public offerings and underwritten registered direct offerings present alternatives to PIPEs, we still believe this traditional type of financing will be an integral resource for small public companies,” said Richard Friedman, Managing Partner of Sichenzia Ross Friedman Ference LLP. “We are proud that we have been instrumental in this marketplace for nearly six consecutive years and our 300th PIPE transaction milestone is a testament to our commitment to helping public companies secure financing.”

Private investment in public equity (PIPE) transactions involve the selling of restricted securities of publicly traded companies, generally in the form of either common stock, preferred stock or convertible securities to private investors.

About Sichenzia Ross Friedman Ference LLP

Sichenzia Ross Friedman Ference LLP (SRFF) has led the nation in representing public companies in private financing transactions since 2004. The New York-based firm has completed over 300 such transactions totaling approximately 1.5 billion dollars. The Firm has also represented many domestic and international companies in Reverse Merger transactions. The firm’s clients include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also maintains specialized Asian and Israeli corporate practice groups. For more information, visit www.srff.com.

For interview and media requests, contact:

Bari Trontz
Trontz PR
212-293-9051 (office)
917-442-8500 (mobile)
bari@trontzpr.com

Sichenzia Ross Friedman Ference LLP Congratulates its Client, American Lorain Corporation, on its Listing on the NYSE Amex

NEW YORK, September 8, 2009 (GLOBE NEWSWIRE) — New York- based securities law firm, Sichenzia Ross Friedman Ference LLP congratulates its client, American Lorain Corporation on its first day of trading on the NYSE Amex. China-based American Lorain Corporation opened for trading on NYSE Amex under the ticker symbol “ALN” on September 8, 2009. continue reading >>

Sichenzia Ross Friedman Ference LLP Represents Rodman & Renshaw in Public Offering of Skystar Bio-Pharmaceutical

NEW YORK, NEW YORK—July 7, 2009—Sichenzia Ross Friedman Ference LLP, a leading securities law firm specializing in micro, small and mid-cap public companies, today announced their successful representation of Rodman & Renshaw, LLC in an underwritten public offering of Skystar Bio Pharmaceutical Co., Ltd. (NASDAQ:SKBI). The offering consists of 1,400,000 shares of common stock at a price of $12.98 per share and an over-allotment option of an additional 210,000 shares. The total offering amount was 20,897,000. The offering closed today, July 7, 2009. This offering “demonstrates the ability for investment bankers and investors to uncover inherent value in China-based companies whose market capitalization has been undervalued in this economic climate,” said Gregory Sichenzia, Principal at Sichenzia Ross Friedman Ference. “This transaction represents a new financing model for small and mid-cap companies to gain access to and leverage US capital markets. We believe this innovative model enables companies with diminished share prices and strong earnings to recapitalize, list on senior exchanges and ultimately raise capital.” Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. The Company has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives), approximately 170 products, and over 40 new products in the developmental stage. Skystar has formed strategic sales distribution networks covering 29 provinces throughout the China region. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.(NASDAQ:RODM) served as sole book-running manager for the offering.

About Sichenzia Ross Friedman Ference LLP

Sichenzia Ross Friedman Ference LLP (SRFF) has led the nation in representing public companies in private financing transactions since 2004. The New York based firm has completed over 250 such transactions totaling over 1 billion dollars. The Firm has also represented many companies and underwriters in public offerings of securities. The firm’s clients include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also maintains specialized Asian and Israeli corporate practice groups. For more information visit, www.srff.com.

For media inquiries please contact:
Bari Trontz
Trontz PR
212-293-9051 (office)
917-442-8500 (mobile)
bari@trontzpr.com

Sichenzia Ross Friedman Ference LLP’s Client, Universal Travel Group, Lists on NYSE Amex Following Reverse Split

Sichenzia Ross Friedman Ference LLP’s Client, Universal Travel Group, Lists on NYSE Amex Following Reverse Split
NEW YORK, June 1, 2009 (GLOBE NEWSWIRE) — New York- based securities law firm, Sichenzia Ross Friedman Ference LLP congratulates its client, Universal Travel Group on its first day of trading on the NYSE Amex. China-based Universal Travel Group opened for trading on NYSE Amex under the ticker symbol “UTA” on May 28, 2009. Universal Travel Group is the fifth company to list on the NYSE Amex market in 2009, and the third Chinese company to list on NYSE Amex year-to-date. continue reading >>

Changda International Holdings, Inc. (Symbol: OTC BB:CIHI) Announces That It Has Engaged the New York Law Firm of Sichenzia Ross Friedman Ference LLP

The Board of Changda International Holdings, Inc, the Chinese based fertilizers company quoted on the OTC-BB in the United States is pleased to announce the nomination as Counsels of Sichenzia Ross Friedman Ference LLP, the New York based securities law firm with an extensive Asian practice.

New York, NY, March 25, 2009 –(PR.com)– The Board of Changda International Holdings, Inc. (“CIHI”), the Chinese based fertilizers company quoted on the OTC-BB in the United States under the symbol CIHI-OB is pleased to announce the nomination as Counsels of Sichenzia Ross Friedman Ference LLP ( “SRFF”), the New York based securities law firm with an extensive Asian practice.

SRFF will represent and advise the company on all its required public reporting as a newly public company in the United States.

The Sichenzia Ross Friedman Ference LLP (www.srff.com) Asian Practice Group was established in 2007 and has been among the leading law firms in the United States representing Chinese companies in reverse mergers with U.S. Public Companies and in PIPE financing transactions. The SRFF Asian Practice Group is comprised of partners of the firm as well as attorneys who are fluent in both Mandarin and English.

The shares of CIHI are expected to commence active trading as soon as the shares are DTC approved. The DTC application is in process and the Company expect that its shares will be DTC approved shortly.

Nationally Ranked Securities Practice Joins Sichenzia Ross Friedman Ference LLP

Harvey J. Kesner, previously head of the New York Business and Securities Regulation Group at Haynes and Boone, LLP, and Ben Reichel, a partner, have joined the corporate and securities practice of Sichenzia Ross Friedman Ference LLP (“SRFF”) as partners. The new additions couple two of the most active and dynamic securities practices in New York and result in one of the most experienced and productive corporate finance groups in the United States, representing well over 100 publicly traded companies.

Both the SRFF practice and Mr. Kesner’s group have long focused on the needs of public companies, hedge funds, institutional investors, money managers, high net worth individuals, underwriters, placement agents and broker-dealers. Both practices have a well-established prominence in PIPES, venture capital, reverse mergers, public offerings and general corporate and securities law compliance. Since 2007, the combined practices have represented over 87 PIPE transactions totaling $900 million in value. The addition of Harvey and Ben brings the total number of attorneys in the SRFF corporate finance group to 21 lawyers and the total number of lawyers firm wide to 30. SRFF’s practice groups include business and securities litigation, securities enforcement and broker dealer regulation.

“We are very fortunate to have Harvey and Ben join forces with us. The combination of their practice with ours continues our leading position in business counseling and securities transactions and has further expanded our market share,” said Richard Friedman, managing partner of the firm. “Their addition solidifies SRFF’s position as an industry leader and demonstrates our tradition of growth by careful additions of individual practitioners and cohesive practice groups that share our collegial and entrepreneurial spirit, and a dedication to quality of service.”

Mr. Kesner stated, “uniting both of these nationally recognized practices makes perfect sense. We are joining SRFF to consolidate our two similar and competitive practices under a single roof. We have always respected SRFF’s professionals including their success in establishing a strong presence in China. Many of our friends and clients view SRFF as the international leader in small and mid-cap public company representation and we look forward to continuing to expand both domestically and abroad.”

Mr. Kesner focuses his practice on complex domestic and international transactions. He represents issuers, underwriters, agents and other financial intermediaries in public and private offerings, as well as in equity, debt, and derivative securities transactions. Mr. Kesner has an extensive background in representing issuers and other parties in mergers and acquisitions, private equity and venture capital transactions.

Mr. Kesner spent several years in Washington, D.C., where he was a senior attorney in the Division of Corporation Finance of the SEC. He holds an M.B.A. in finance from American University in Washington, D.C., where he also earned his J.D. Mr. Kesner received his B.S. from the State University of New York at Binghamton. Mr. Kesner served as General Counsel of a NYSE listed company and had previously been associated with several large New York law firms.

Mr. Reichel’s practice focuses on corporate securities, venture capital, mergers and acquisitions, and general company representation. He has represented issuers in private and public offerings of debt and equity securities, including IPOs, secondary, PIPE and registered rights offerings. He has also represented investment firms and private companies in venture capital transactions, as well as hedge fund formation. In addition, Mr. Reichel has represented public and private companies, both as buyers and sellers, in various M&A deals, including statutory mergers, stock purchase transactions and asset sales and acquisitions. His practice also includes assisting public companies with their SEC filings, and advising them on securities law and daily corporate matters. Mr. Reichel received his J.D. from New York University School of Law and completed his B.A. at Yeshiva University.

Richard Friedman speaking at The International PIPEs Conference 2009

The International PIPEs Conference 2009 taking place March 23 – 25 in Shanghai is the most influential event covering cross-border investment in small-cap Chinese companies. This is your chance to experience China and join the largest gathering of company management teams in Shanghai. This event will offer technical education on laws and deal structures, company presentations, networking, and opportunities to network with Chinese-based companies seeking financing. Visit www.dealflowmedia.com/shanghai or call (516) 876-8006 for details.

Other Regional Investment Opportunities: Innovative Ideas in Asia

Panelists discuss opportunities in frontier markets in Asia including Japan, Hong Kong, Singapore, Cambodia, Vietnam, Laos, and Mongolia. Panelists discuss some of the similarities and differences between these markets and China.

MODERATOR: RICHARD FRIEDMAN, Sichenzia Ross Friedman Ference.

PANELISTS: HENRY FAHMAN, Providential Capital; MANDAR JAYAWANT, Frontier Investment & Development Partners; RAYMOND OH, Morrison & Foerster; KIM SONG TAN, Cambodia Laos Investment and Development Fund; Additional Panelists TBA.

SRFF Ranked # 1 for 2008 – For 5 Consecutive Years

PlacementTracker Publishes 2008 U.S. PIPE

Market League Tables

San Diego – January 7, 2009 – Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Downsview Capital, Inc., ranked as the number one most active institutional investor in the U.S. PIPE market during 2008.

Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Feldman Weinstein, LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market during the 2008.

PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.

Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, “This has unquestionably been the most challenging year we have ever seen in the market. The dramatic increase in volatility and decline in market valuations certainly affected PIPE issuances in 2008. The U.S. PIPE market totaled $177.26 billion raised through 1,283 transactions in 2008 (of this amount $45.43 billion has been announced but not yet closed as of 1/6/09). This compared to $83.96 billion raised through 1,416 transactions in 2007. While 2008 was a record year for total dollars raised in the PIPE market, and represented a 111% increase over 2007, the market remained dominated by a handful of large transactions. In total, 87 mega-PIPE transactions made up $165.12 billion of the amount raised in 2008. Meanwhile, the core PIPE transactions, which we define as placements of under $100 million in gross proceeds, fell 21% from $15.34 billion in 2007 to $12.71 billion in 2008. Still, it is important to note that despite the market instability and the resulting issuance decreases, the PIPE market remained one of the only new issue markets open for business in 2008. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market.”

The 2008 U.S. PIPE Market Issuer Counsel League Table

By Number of Transactions:

Legal Counsel Transaction Count Total Amount Advised
Sichenzia Ross Friedman Ference, LLP 28 $ 146,682,801
Richardson & Patel, LLP 16 $ 108,582,766
Cooley Godward Kronish, LLP 14 $ 275,824,395
Greenberg Traurig, LLP 13 $ 103,989,994
Latham & Watkins, LLP 11 $ 239,297,878
Morgan, Lewis & Bockius, LLP 11 $ 75,235,000
Weil, Gotshal & Manges, LLP 10 $ 3,225,466,782
Wilmer Cutler Pickering Hale & Dorr, LLP 10 $ 440,527,629
Heller Ehrman, LLP 9 $ 1,531,696,221
Lowenstein Sandler, PC 9 $ 191,815,001
Haynes and Boone, LLP 9 $ 148,079,501
DLA Piper 9 $ 116,619,503
Morrison & Foerster, LLP 9 $ 98,209,959
Hodgson Russ, LLP 9 $ 90,238,000
Loeb & Loeb, LLP 8 $ 175,205,656
Paul, Hastings, Janofsky & Walker, LLP 8 $ 163,984,549
Kirkpatrick & Lockhart Preston Gates Ellis, LLP 8 $ 54,691,017
Bryan Cave, LLP 8 $ 42,129,627
Jones Day 7 $ 8,337,360,000
Shearman & Sterling, LLP 7 $ 5,746,340,005
Skadden, Arps, Slate, Meagher & Flom, LLP 7 $ 619,126,750
Goodwin Procter, LLP 7 $ 235,090,659
Thelen Reid Brown Raysman & Steiner, LLC 7 $ 93,653,596
Dorsey & Whitney, LLP 7 $ 72,193,483
Clark Wilson, LLP 7 $ 25,358,000

PlacementTracker Publishes 2008 U.S. PIPE Market League Tables

San Diego – January 7, 2009 – Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Downsview Capital, Inc., ranked as the number one most active institutional investor in the U.S. PIPE market during 2008.

Sagient Research also announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel, Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel, and Feldman Weinstein, LLP ranked as the number one most active placement agent counsel in the U.S. PIPE market during the 2008.

PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.

Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, “This has unquestionably been the most challenging year we have ever seen in the market. The dramatic increase in volatility and decline in market valuations certainly affected PIPE issuances in 2008. The U.S. PIPE market totaled $177.26 billion raised through 1,283 transactions in 2008 (of this amount $45.43 billion has been announced but not yet closed as of 1/6/09). This compared to $83.96 billion raised through 1,416 transactions in 2007. While 2008 was a record year for total dollars raised in the PIPE market, and represented a 111% increase over 2007, the market remained dominated by a handful of large transactions. In total, 87 mega-PIPE transactions made up $165.12 billion of the amount raised in 2008. Meanwhile, the core PIPE transactions, which we define as placements of under $100 million in gross proceeds, fell 21% from $15.34 billion in 2007 to $12.71 billion in 2008. Still, it is important to note that despite the market instability and the resulting issuance decreases, the PIPE market remained one of the only new issue markets open for business in 2008. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market.”

The 2008 U.S. PIPE Market Issuer Counsel League Table

By Number of Transactions:

Legal Counsel Transaction Count Total Amount Advised
Sichenzia Ross Friedman Ference, LLP 28 $ 146,682,801
Richardson & Patel, LLP 16 $ 108,582,766
Cooley Godward Kronish, LLP 14 $ 275,824,395
Greenberg Traurig, LLP 13 $ 103,989,994
Latham & Watkins, LLP 11 $ 239,297,878
Morgan, Lewis & Bockius, LLP 11 $ 75,235,000
Weil, Gotshal & Manges, LLP 10 $ 3,225,466,782
Wilmer Cutler Pickering Hale & Dorr, LLP 10 $ 440,527,629
Heller Ehrman, LLP 9 $ 1,531,696,221
Lowenstein Sandler, PC 9 $ 191,815,001
Haynes and Boone, LLP 9 $ 148,079,501
DLA Piper 9 $ 116,619,503
Morrison & Foerster, LLP 9 $ 98,209,959
Hodgson Russ, LLP 9 $ 90,238,000
Loeb & Loeb, LLP 8 $ 175,205,656
Paul, Hastings, Janofsky & Walker, LLP 8 $ 163,984,549
Kirkpatrick & Lockhart Preston Gates Ellis, LLP 8 $ 54,691,017
Bryan Cave, LLP 8 $ 42,129,627
Jones Day 7 $ 8,337,360,000
Shearman & Sterling, LLP 7 $ 5,746,340,005
Skadden, Arps, Slate, Meagher & Flom, LLP 7 $ 619,126,750
Goodwin Procter, LLP 7 $ 235,090,659
Thelen Reid Brown Raysman & Steiner, LLC 7 $ 93,653,596
Dorsey & Whitney, LLP 7 $ 72,193,483
Clark Wilson, LLP 7 $ 25,358,000

Gregory Sichenzia quoted in Financial Week on Rodman & Renshaw and Cowen & Co. merger

Big battle shaping up for smaller i-banks

Boutique and the beast: Smaller firms go after asset-rich rivals

December 15, 2008 7:20 AM ET

By Tim Catts

Boutique investment bank Rodman & Renshaw’s $100 million hostile bid to take over rival Cowen & Co. shows that Wall Street’s big boys aren’t the only ones trying to take advantage of the financial industry’s woes. Like its larger counterparts, Rodman & Renshaw is trying grow by buying a weakened competitor.

“The disappearance and distraction of competitors, especially bulge-bracket firms, has created enormous opportunity,” said Rodman CEO Michael Lacovara in an interview. “We’re prepared to pursue that opportunity on our own, but the prospect of our joining forces with Cowen offers tremendous potential pursuing it on a joint basis.”

The deal would help Rodman & Renshaw bolster its already formidable business advising small and mid-size healthcare companies, where Cowen is also strong, Mr. Lacovara said. And Rodman & Renshaw regularly leads league tables as the most prolific advisor on private investment in public equity, or PIPE, transactions. A merger would help the combined company sell such deals to Cowen clients, who have had to look elsewhere since Cowen, once a PIPE powerhouse as well, largely exited the market in recent years.

But there is another reason Cowen makes an attractive target: Its balance sheet. The company had $111.9 million in cash and equivalents as of Sept. 30, according to its financial statements. In other words, assuming all of Cowen’s other assets are worthless, it still has $7.85 in cash for every share of stock outstanding. The stock traded at $5.60 on Dec. 1, the day before Mr. Lacovara said “informal discussions” between the companies’ executives about a deal took place. The deal may spark interest in other middle-market firms with lots of cash relative to their market value.

Rodman & Renshaw may be able to make a case for its offer—which works out to $7 a share—because 90-year-old Cowen has had just one profitable quarter since it was spun off from Societe Generale in a July 2006 initial public offering. The value of its investment banking franchise has suffered, said Sterne Agee & Leach analyst Ada Lee, who covers both companies.

“There doesn’t seem to be much of a future for them from an operational standpoint,” Ms. Lee said of Cowen. “They lack a real franchise and seem perfectly content to burn through their cash until the [business] cycle is over.”

Cowen rejected the overture, citing “significant risk that a transaction with Rodman & Renshaw would result in the destruction of shareholder value,” according to a press release. A spokesman did not return calls seeking comment.

Mr. Lacovara said Rodman & Renshaw would now take its offer directly to Cowen’s shareholders, a third of which are institutional investors, Ms. Lee wrote to her clients. The largest, Bank of America, held 17.3% of Cowen’s stock at the end of the third quarter. A spokesman for B of A declined to comment on the situation.

If the deal’s successful, it may give other struggling boutique investment banks something to worry about. After all, Cowen isn’t the only such company that has seen investors punish its shares despite having relatively healthy cash stockpiles on the balance sheet.

There’s Thomas Weisel Partners, for example, which had $110 million in cash at the end of the third quarter and a market capitalization of $125 million as of Dec. 11. The firm isn’t bringing in enough M&A advisory or underwriting deals to sustain its current size, Ms. Lee wrote in a note to clients. Like Cowen, the company is “a walking balance sheet without a franchise,” Ms. Lee said.

A Thomas Weisel spokeswoman declined to comment.

Rodman & Renshaw’s Mr. Lacovara is clearly aware of Cowen’s balance sheet. “We’re mindful that one of the benefits and the assets of Cowen is its cash position,” he said on a conference call with investors after the proposed deal became public. Because Rodman, with some $87 million in assets, is a much smaller company than Cowen, which boasts assets of $228 million, some analysts believe Mr. Lacovara may finance the deal with a bridge loan that could be paid back with Cowen’s cash. But he downplayed that idea. “We’re not going to do a transaction that would beggar the resulting franchise,” he said on the call.

Gregory Sichenzia, a partner with SRFF, a law firm that specializes in PIPE transactions, who has worked with both Rodman and Cowen, said the deal would bolster Rodman & Renshaw at a time when the credit crisis is clouding the outlook for big and small investment firms alike.

“There will be a culling of the herd,” said Mr. Sichenzia. “And that’s one of the reasons this makes a lot of sense for Rodman. It’s a great time to get stronger, if you can afford to.”

Sichenzia Ross Friedman Ference LLP Announces the Formation of Its Israel Practice Group

NEW YORK, Dec. 12, 2008 (GLOBE NEWSWIRE) — Sichenzia Ross Friedman Ference LLP (SRFF) is pleased to announce the formation of its Israel Practice Group. SRFF is currently a leading law firm in the United States representing Israeli companies in PIPE financing transactions as well as organic direct public offerings. The SRFF Israel Practice Group is comprised of partners of the firm as well as attorneys who are fluent in both Hebrew and English.
SRFF has been the number one law firm in the United States for the past five consecutive years in terms of the number of issuers represented in PIPE transactions, as ranked both by Private Raise and Saigent Research publishers of Placement Tracker.

“We have seen a lot of exciting and promising companies emerge recently from Israel along with substantial interest by Americans to do business with these companies,” said Marc Ross, founding partner of SRFF. “We are excited to have designated a select group of attorneys, those with close ties to Israel, to help develop our Israeli practice and focus their attention on helping Israeli companies raise money and obtain listing on U.S. Exchanges.”
Marc Ross, along with Jonathan Shechter, an Israeli national, will be spearheading the Israel Practice Group. Remarking on the opportunity, Jonathan Shechter stated, “Having grown up in Israel, I realize that Israel’s culture and the mentality of its citizens is unique, which plays in to the approach and business development of Israeli companies.”
This group is not only experienced in the Israeli markets, but also recognizes the needs of Israeli companies and is focused on expanding the synergy between Israeli and American interests.

Sichenzia Ross Friedman Ference LLP Attracts Visiting Attorney from Prominent Chinese Law Firm to Join its Asian Practice Group

New York, NY (October 20, 2008) – Sichenzia Ross Friedman Ference LLP (SRFF) is pleased to announce that James Li has joined our Asian Practice Group as a visiting attorney from the Grandall Legal Group (Shanghai) in the People’s Republic of China. With over 400 attorneys, Grandall (www.grandall.com.cn) is one of the largest law firms in China with offices in Beijing, Hong Kong as well as seven other prominent cities in China. Mr. Li has working in the Shanghai office of Grandall for the past 4 years and will be working at SRFF for the next several months. Mr. Li will focus his practice to reverse mergers of Chinese companies into publicly traded shell companies and PIPE transactions relating to Chinese companies.

“We are very excited to welcome James to our team,” said Gregory Sichenzia, founding partner of SRFF. “His presence and expertise solidify our position as one of the leading firms in the United States representing Chinese public companies and we hope to develop further business relationships with Grandall Legal Group (Shanghai) in the future.”

“I am extremely excited to join this firm as a visiting attorney,” said Li. “SRFF is one of the best recognized firms in China for representing Chinese Companies who wish to become public in the United States and access capital in the United States. SRFF has a well established staff of lawyers who speak both English and Mandarin which made the transition to a U.S. law firm very comfortable. ”

Mr. Li, 33, received his Bachelor of Law (Honors) and Master of Law (Honors) from Shanghai Institute of Foreign Trade and is admitted to practice in the People’s Republic of China. Mr. Li has also studied in the United States at Chicago-Kent College of Law and is proficient in English as well as his native Mandarin.

About the SRFF Asian Practice Group

The Sichenzia Ross Friedman Ference LLP (www.srff.com) Asian Practice Group was established in 2007 and has been among the leading law firms in the United States representing Chinese companies in reverse mergers with U.S. Public Companies and in PIPE financing transactions. The SRFF Asian Practice Group is comprised of partners of the firm as well as attorneys who are fluent in both Mandarin and English. The firm also represents public companies in South Korea and Vietnam. SRFF has been the leading firm in the United States for the past five years representing issuers in PIPE transactions as ranked both by Private Raise and Saigent Research publishers of Placement Tracker.

SRFF acts for Shengkai Industrial Technology Development Co., Ltd in $15 million financing

TO BUSINESS AND RETAILING EDITORS:

Southern Sauce Company, Inc. Acquires Tianjin Shengkai Industrial Technology Development Co., Ltd. and Completes $15 Million Financing

TIANJIN, China, June 12 /PRNewswire-FirstCall/ — Southern Sauce Company, Inc. (the “Company”)(OTC Bulletin Board: SOSA.OB) today announced the acquisition on June 9, 2008 of Shen Kun International Limited, a British Virgin Islands corporation which, through Shengkai (Tianjin) Ceramic Valves Co., Ltd., a Chinese company, has a series of contracts with Tianjin Shengkai Industrial Technology Development Co., Ltd., a Chinese company (“Shengkai”), which gives it control over Shengkai’s business, personnel and finances as if it were a wholly-owned subsidiary. Shengkai is engaged in the design, manufacturing and sales of ceramic valves, the manufacturing and sales of high-tech ceramic materials, technical consultation and services, and the import and export of ceramic valves and related technologies. Shengkai sells its products in China, North America and the Asia-Pacific region.

On June 11, 2008, the Company also closed a private placement through the sale of Units, consisting of shares of its Series A Convertible Preferred Stock and attached five-year warrants, at a purchase price of $2.5357 per Unit for aggregate gross proceeds of $15 million. The Series A Convertible Preferred Stock is convertible into an aggregate of up to 5,915,526 shares of the Company’s common stock at the option of the holders of such Series A Convertible Preferred Stock. The five-year warrants are exercisable at an exercise price of $3.52 per share for a number of shares of common stock equal to 120% of the number of shares of common stock issuable upon conversion of the Series A Convertible Preferred Stock (an aggregate of up to 7,098,632 shares of common stock).

Over the past two years, Shengkai’s business has shown significant growth with net revenues increasing to $23,124,748 for the fiscal year ended June 30, 2007 from $13,677,946 for the fiscal year ended June 30, 2006. Net income was $6,571,802 for the fiscal year ended June 30, 2007, an increase from $4,173,926 for the fiscal year ended June 30, 2006.

Mr. Wang Chen, Chief Executive Officer of the Company stated, “The closing of our merger transaction and financing provide us with the capital investment we need to accelerate the growth of Shengkai’s business. We plan to use the proceeds from the financing towards the expansion of our existing production capacity as we work to meet the growing demand for our products. We also plan to use the funds towards the research and development of new ceramic products.”

About Tianjin Shengkai Industrial Technology Development Co., Ltd.

Shengkai is engaged in the design, manufacturing and sales of ceramic valves, the manufacturing and sales of high-tech ceramic materials, technical consultation and services, and the import and export of ceramic valves and related technologies. These industrial valve products are used by companies in the electric power, petrochemical, metallurgy, and environmental protection industries as high-performance, more durable alternatives to traditional metal valves.

Shengkai develops ceramic products with more than 700 types and specifications in 32 series, under nine categories. Of these, Chinese patents have been obtained for 12 products, and applications for nine more are pending. Shengkai’s products have won the title of “National Key New Product” in China four times from 1999-2003 and won a silver medal in the Shanghai International Industry Fair in 2002.

Shengkai’s products are sold across China and are exported to North America, and other countries in the Asia-Pacific region, totaling over 300 customers. After a six-year application process, Shengkai became a supplier of China Petroleum & Chemical Corporation in 2005 and a Class A member of the PetroChina Co. Ltd. supply network in 2006.

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The statements contained herein that are not historical facts are considered “forward-looking statements.” Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the potential growth of the markets are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov .

Sichenzia Ross Friedman Ference Announces Hire of Former President and General Counsel of NYSE Listed Company

Sichenzia Ross Friedman Ference Announces Hire of Former President and General Counsel of NYSE Listed Company

New York, NY (March 3, 2008) – Sichenzia Ross Friedman Ference LLP (SRFF) is pleased to announce that Andrew Smith has joined the firm as Counsel. Mr. Smith was President and General Counsel of Getty Realty Corp. (NYSE: “GTY”) and for nine years a Partner with Weil, Gotshal and Manges LLP in New York. Mr. Smith’s practice areas will include Securities Law, Corporate Finance, Mergers and Acquisitions and General Corporate Law and complex real estate transactions, which are ancillary to his core practice area.

“We are thrilled to welcome Andrew to our team,” said Richard A. Friedman, managing partner of SRFF. “His extensive expertise in advising public and private companies, investment banks, institutional lenders, as well as Fortune 500 companies in matters of corporate finance, commercial real estate transactions and leveraged buyouts will further solidify SRFF as the nation’s foremost securities law firm.”

“I am extremely excited to join this dynamic firm,” said Smith. “SRFF has established a highly-regarded corporate and securities practice, and I look forward to contributing to the firm’s continued growth and success and adding the ability to service complex commercial real estate matters, which are often part of M & A and corporate finance transactions that SRFF specializes in.”

In addition to his five years at Getty Realty Corp. and nine years as a partner with Weil Gotshal, Mr. Smith served as Vice President and General Counsel of Discovery Zone, Inc., a national retail and entertainment company, and as Vice President of Operations and General Counsel of Influence, Inc., a medical device start-up with research & development activities in Israel.

Mr. Smith, 55, is a graduate of the University of Miami School of Law and is admitted to practice before the Courts of the State of New York and the Federal Court in the Eastern District of New York.

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Sichenzia Ross Friedman Ference LLP (SRFF) provides experienced, professional representation in all matters involving the securities industry, as well as in all general corporate and litigation matters. SRFF’s clients range from start-ups to established, listed companies. They include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also advises institutional investors on transactions involving complex securities law considerations. The firm’s practice includes the representation of clients located in the United States and throughout the world, including Argentina, Austria, Australia, Canada, China, Germany, Hungary, Israel, Korea, Malaysia, Mexico, Switzerland and the United Kingdom. For more information, visit www.srff.com For interview and media requests, contact Avalanche Strategic Communications at 201-488-0049.

Sichenzia Ross Friedman Ference LLP Announces The Addition Of Three Partners

New York, April 17, 2008 – Sichenzia Ross Friedman Ference LLP (SRFF) is pleased to announce that as of April 1, 2008, Andrea Cataneo, Marcelle Balcombe-Francis and David B. Manno have become members of the Firm. Ms. Cataneo, Ms. Balcombe-Francis and Mr. Manno each concentrate in the areas of corporate and securities law, advising public companies on issues including debt and equity financing, registration statements, Securities and Exchange reporting, stock exchange compliance and listing and general corporate matters. They have represented companies in many industries, including biotechnology, telecommunications, healthcare, and entertainment.

Founding partner Gregory Sichenzia said “Andrea, Marcelle and David are very talented attorneys who have helped make SRFF one of the premier corporate and securities firms in the country and we are delighted that they are joining us as partners and look forward to their continued contributions to SRFF.”

Andrea Cataneo, who joined SRFF in 2004 and had been serving as counsel, said “SRFF has become an industry leader, distinguishing itself in the securities and corporate practice areas— and I am truly proud to be on the team as a contributing member of the firm.”

Marcelle Balcombe-Francis, who joined the firm as an as associate in 2005, added that “the firm has established a dynamic securities and corporate practice. I look forward to contributing to the continued growth of our core practice areas in my new capacity as a member of the firm.”

David B. Manno, who joined the firm as an associate in 2006, commented “I am delighted to join the partnership. SRFF has grown a lot in the last few years and I’m excited about being able to contribute to the firm in my new capacity. I enjoy advising clients on securities and corporate matters and I look forward to further developing our securities and corporate practice.”

About Sichenzia Ross Friedman Ference LLP

Sichenzia Ross Friedman Ference LLP provides experienced, professional representation in all matters involving the securities industry, as well as in all general corporate and litigation matters. SRFF’s clients range from start-ups to established, listed companies.

PlacementTracker Publishes 2007 PIPE Market League Tables and Announces Another Record Year in the PIPE Market

San Diego – January 25, 2008 – Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Enable Capital Management ranked as the number one most active institutional investor in the PIPE market in 2007.

Sagient Research further announced that Sichenzia Ross Friedman Ference, LLP ranked as the number one most active issuer counsel and Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel in the PIPE market in 2007.

Sagient Research also announced a record year for financing in the PIPE market with a total of $83.59 Billion raised in 1,434 transactions. 2007 is the fourth consecutive record-setting year in the PIPE market.

PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.

Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, “The PIPE market hit historic levels in 2007. With over $45 Billion raised in the fourth quarter alone, the 2007 full year total exceeded the previous record level of $29.35 Billion set in 2006 by 185%. Contributing significantly to this year’s activity was the series of mega-PIPE transaction undertaken in the second half of the year by financial services firms seeking to bolster their balance sheets in response to subprime debt related write-downs. Excluding these approximately $40 Billion in transactions, 2007 was still a record year for conventional PIPE issuances, exceeding the 2006 total by 50%. Based on the activity this year, this is no longer a question that the PIPE market is a critical component of the corporate financing landscape and we fully expect growth in the market to continue at all levels in 2008. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a tremendous first quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market.”

The 2007 PIPE Market Issuer Counsel League Table

By Number of Transactions:

Legal Counsel Transaction Count Total Amount Advised
Sichenzia Ross Friedman Ference, LLP 60 $366,594,355
Cooley Godward Kronish, LLP 22 $621,830,129
Greenberg Traurig, LLP 22 $236,648,936
Haynes and Boone, LLP 20 $437,863,690
Morgan, Lewis & Bockius, LLP 19 $504,885,447
Vinson & Elkins, LLP 17 $5,674,582,637
Thelen Reid Brown Raysman & Steiner, LLC 16 $303,601,245
Kirkpatrick & Lockhart Preston Gates Ellis, LLP 16 $129,778,983
DLA Piper Rudnick Gray Cary US, LLP 13 $248,532,660
Richardson & Patel, LLP 13 $130,747,432
Gersten Savage, LLP 12 $65,163,548
Skadden, Arps, Slate, Meagher & Flom, LLP 11 $2,155,333,944
Loeb & Loeb, LLP 10 $131,653,747
Wilmer Cutler Pickering Hale & Dorr, LLP 9 $219,626,377
Morrison & Foerster, LLP 9 $86,871,987
Guzof Ofsink, LLC 8 $116,446,295
Lowenstein Sandler, PC 8 $102,451,005
Duane Morris, LLP 8 $87,275,878
Troy & Gould, PC 8 $72,953,015
Clark Wilson, LLP 8 $30,048,383
Latham & Watkins, LLP 7 $1,343,211,587
Wilson Sonsini Goodrich & Rosati 7 $1,135,000,009
Andrews & Kurth, LLP 7 $393,012,437
Maslon Edelman Borman & Brand, LLP 7 $184,589,161
Hogan & Hartson, LLP 7 $109,956,132

Sichenzia Ross Friedman Ference LLP Recognized as America’s Number One PIPE Issuer Law Firm for 2007

New York, NY (January 17, 2008) – Sichenzia Ross Friedman Ference LLP (SRFF) has again earned the title of leading PIPE issuer law firm in the nation, as ranked by the industry-standard PIPEs Report and Placement Tracker. This top position is not new to SRFF, as the close of 2007 marked the 43rd consecutive month the firm has ranked #1.

The PIPES Report ranking reflects the strong growth SRFF has continued to demonstrate over the past year. In 2007, the firm represented 62 issuers in transactions totaling $346 million for an average of $6.2 million per transaction. When initially ranked #1 in 2004, the firm represented 39 issuers in $155 million of PIPEs transactions averaging $4 million each. Numbers the following year rose to 60 deals totaling $234 million and averaging $4 million, and in 2006, the firm represented 70 issuers in transactions valued at $276 million and averaging $4 million.
This latest year’s growth constitutes a $70 million total increase over 2006 and more than a 50% growth in average deal size from 2006 numbers, exemplifying both the exponential growth of the PIPE industry itself and the firm’s ongoing focus on larger transactions.
“This time last year we were recognizing what at that point was a significant increase in our PIPEs activities,” said Gregory Sichenzia, founding partner of SRFF. “That increase has now been far eclipsed by 2007’s numbers. We are proud of the growth we’ve seen this year in the size and total value of our deals, and we believe it reflects the exceptional legal team that we have built at SRFF.”

In addition to the PIPEs Report’s top standing, SRFF was also ranked 1st out of 882 law firms in 2007 for issuer counsel transactions by PlacementTracker, a project of Sagient Research. Sagient’s rankings also indicate that SRFF has now completed over $1 billion on PIPEs transactions for its clients.
According to Sagient, PIPE transactions overall reached a historic high in 2007, with nearly $40 billion raised in the first three quarters alone, well over 2006’s total numbers. Once the purview primarily of small and mid-cap companies, as the industry has exploded, PIPEs have begun to draw larger companies that are attracted by the cost- and time-effective alternative mechanism for raising capital.
“We view this recognition both as a symbol of our firm’s achievement and as evidence of the trust our clients have placed in us to help them meet their funding needs,” Sichenzia concluded. “As the PIPEs industry continues to expand, we anticipate that 2008 will provide us with further opportunities to help businesses in their capital-raising activities.”

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Sichenzia Ross Friedman Ference LLP (SRFF) provides experienced, professional representation in all matters involving the securities industry, as well as in all general corporate and litigation matters. SRFF’s clients range from start-ups to established, listed companies. They include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also advises institutional investors on transactions involving complex securities law considerations. The firm’s practice includes the representation of clients located in the United States and throughout the world, including Argentina, Austria, Australia, Canada, China, Germany, Hungary, Israel, Korea, Malaysia, Mexico, Switzerland and the United Kingdom. For more information, visit . For interview and media requests, contact Avalanche Strategic Communications at 201-488-0049.

Gregory Sichenzia invited to speak at PIPEs Conference Europe May 18. London U.K

Structuring PIPEs: How to do a Private Placement in a Public Company in Europe

This panel discusses PIPE transactions in Europe including general customs, processes, and regulatory constraints. Panelists cover the advantages that a European deal offers to issuers, and how PIPEs can be structured to best capitalize on European markets. The panel also focuses on how to tailor a placement to a particular exchange or nation’s requirements, along with the costs to the issuers and what kind of discounts are likely to apply in pricing.

MODERATOR: TROY RILLO, Cornell Capital Partners
PANELISTS: PIERS LINNEY, Tower Gate Capital ; JAMES MILLICHAP-MERRICK, Cornell Capital Partners; GREG SICHENZIA, Sichenzia Ross Friedman Ference

Sichenzia Ross Friedman Ference LLP Ranked Number One as Legal Counsel to Public Companies for Three Consecutive Years

NEW YORK, April 9, 2007 (GLOBE NEWSWIRE) — Sichenzia Ross Friedman Ference LLP (www.srff.com) is once again ranked the most active PIPE issuer law firm year-to-date in 2007, making it No. 1 for the 36th consecutive month. This comes on the heels of the firm’s ranking as the most active PIPE issuer law firm in both 2005 and 2006. As of March 31, the firm has been credited with representing 13 issuers in over $120 million of PIPEs transactions, averaging $9.24 million per transaction. For the same period last year the firm represented 19 issuers in over $73 million of PIPEs transactions, averaging $4.0 million per transaction. While the actual number of transactions is fewer, the total dollars advised has increased by over 50%. While the average transaction size has increased Almost 250%.

“We continue to see strong growth in the PIPEs market in part because larger companies are seeking financing in this area,” said Gregory Sichenzia founding Partner of Sichenzia Ross Friedman Ference LLP. “Additionally, we have been able to clarify the issues that the SEC has raised concerning these financings and do not view them as an impediment to the future of the PIPEs market. Our firm has capitalized on the trend towards larger PIPE deals by increasing our average deal size by more than 250%. Still, even with the larger PIPE deals, our firm remains dedicated to helping micro-cap companies raise the funding they need and we continue to provide clients of all sizes with the high level of service they have come to expect of us.”

SRFF’s increase in PIPEs transactions is representative of an industry that continues to demonstrate explosive growth. Upwards of $12.5 billion has been raised through March 31 of this year, more than 50% more than the $9 billion raised at this point in 2006 (according to the PIPEs Report).

“I believe that the market sector will continue to grow as more mainstream companies seek financing through PIPEs,” said Sichenzia. “This is not just for small- and mid-cap companies anymore. In fact, much of the current growth in the PIPEs industry stems from large-cap companies who are increasingly turning to PIPEs for financing.”

Sichenzia Ross Friedman Ference LLP (SRFF) provides experienced, professional representation in all matters involving the securities industry, as well as in all general corporate and litigation matters. SRFF’s clients range from start-ups to established, listed companies. They include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also advises institutional investors on transactions involving complex securities law considerations. The firm’s practice includes the representation of clients located in the United States and throughout the world, including Argentina, Austria, Australia, Canada, China, Germany, Hungary, Israel, Korea, Malaysia, Mexico, Switzerland and the United Kingdom. For more information, visit www.srff.com. For interview and media requests, contact Avalanche Strategic Communications at 201-488-0049.

* PIPEs Rankings are measured by the number of placements advised according to The PIPEs Report and Privateraise.com. The rankings include only PIPE transactions that have a value of at least $1.0 million. For more information about PIPE rankings, go to www.privateraise.com.

Richard Friedman to Moderate Panel on Regulatory Issues Relating to PIPE Financing Transactions

David Lynn of the SEC to Join Panel for Discussion of Registration Statements in Accordance With Rule 415

NEW YORK, Jan. 11, 2007 (GLOBE NEWSWIRE) — Richard Friedman, founding member of Sichenzia Ross Friedman Ference LLP (SRFF), will present and moderate a panel discussion on “Registration Statements: Regulatory Landmines in PIPE Transactions” on January 26 at the 6th Annual Summit on PIPEs in New York. This panel will assess the latest developments in the SEC’s application and interpretation of regulations when reviewing registration statements covering the proposed resale on a secondary basis of PIPE financings in connection with Rule 415, and will discuss the impact of the SEC’s evolving position on this rule.

“The SEC’s current position that the investors in certain PIPE financings may be deemed affiliates of the Company and that the resale registration statements are really primary offerings which are not permitted by Rule 415 has had a chilling effect on PIPE financings,” explains Friedman. “Approximately 52 percent of the companies utilizing PIPE financing have a market capitalization of under $50 million. It is these companies that are primarily being hurt by this position, as they are left with little or no ability to raise much needed capital, and, as a result, may be forced out of business.”

Mr. Friedman recently met with senior SEC officials in an effort to clarify their evolving position on the use of resale registration statements in connection with PIPE financings.

“We are pleased that David Lynn, Esq., Chief Counsel of the Division of Corporation Finance of the Securities and Exchange Commission, has agreed to join this forum to discuss the SEC’s position on Rule 415 with practitioners for the first time,” said Friedman.

In addition to a discussion about the potential changes to Rule 415, Mr. Friedman and the panel will address hot-button topics including:

— How EITF-0019 has affected micro-cap companies
— Other current SEC regulatory issues affecting small public companies’ ability to secure financing and/or go public in the current economic climate
— What funds are doing in response to the emerging and evolving regulatory issues

Appearing on the panel with Friedman and Lynn are David Skrilloff, Head of Investments of Vision Capital Advisors, Richard Smithline, Chairman & CEO of CentreCourt Asset Management, and Peter Stefanou, a Partner of Russell Bedford Stefanou Mirchandani.

As a founding member and the managing partner of Sichenzia Ross Friedman Ference LLP (SRFF), Mr. Friedman counsels public and private companies in a wide range of Corporate and Securities Law matters. He represents clients in a wide variety of corporate transactions, including mergers and acquisitions, secured and unsecured private equity financing transactions (PIPE’s), joint ventures, employment and shareholder agreements, as well as with the formation of private equity hedge funds. He also represents publicly held companies with their 1934 Act reporting obligations, and with NASDAQ, AMEX and other exchange listing and compliance matters.

For more information on the firm, visit www.srff.com. For interview requests, call at 201-488-0049.