Press Release	Source: Sagient Research Systems

PlacementTracker Publishes 2004 PIPE Market League Tables Wednesday January 26, 8:00 am ET

For the fourth quarter of 2004, Tejas Securities Group, Inc., ranked as the No. 1 investment bank in the PIPE market for total dollars raised, Rodman & Renshaw, LLC ranked as the No. 1 investment bank in the PIPE market for total number of transactions, and Omicron Capital, L.P. topped the list of most active institutional investors.

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, ``2004 was a roller coaster ride in the PIPE market. After a record-setting first quarter, the second and third quarters saw a dramatic drop-off in deal flow. Fortunately, we witnessed a significant rebound in the fourth quarter that propelled us to tremendous results for the full year period. In 2004, we recorded 1,269 PIPE transactions totaling $15.49 billion in equity and equity-linked capital raised (excluding Structured Equity Lines and Canadian domiciled issuers). The total transaction count was the highest in the ten years we have been analyzing this market and total capital raised amount was second only to 2000. As always, we congratulate all of the active agents and investors in the PIPE market for a tremendous 2004, 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 2004 PIPE Market Investment Banking League Table
                          By Dollar Amount Raised:

                                      Transaction      Total Amount
   Placement Agent Name                  Count            Raised
   --------------------               ------------  -----------------
 Roth Capital Partners, LLC               43       $    593,222,313
 Rodman & Renshaw, LLC                    38       $    590,680,776
 Banc of America Securities, LLC          11       $    546,678,880
 SG Cowen & Co., LLC                      16       $    347,035,901
 Tejas Securities Group, Inc.              6       $    346,070,434
 J.P. Morgan Chase & Co.                   8       $    339,998,987
 Sunrise Securities Corp.                  6       $    262,313,691
 CIBC World Markets                        7       $    256,285,358
 Bear, Stearns & Co., Inc.                 3       $    229,242,564
 Lazard Freres & Co., LLC                  4       $    223,090,881
 Lehman Brothers, Inc.                     5       $    197,536,910
 William Blair & Company, LLC              7       $    194,288,780
 C.E. Unterberg, Towbin                   13       $    182,683,070
 UBS Investment Bank                       5       $    182,111,002
 Sterne, Agee & Leach, Inc.                6       $    174,940,679
 ThinkEquity Partners                     11       $    172,791,892
 Legg Mason Wood Walker, Inc.              4       $    147,240,502
 Jefferies & Co., Inc.                     6       $    142,743,563

 RBC Capital Markets, Inc.                 6       $    133,398,224
 Thomas Weisel Partners, LLC               8       $    127,134,871
 Deutsche Bank Securities, Inc.            1       $    125,000,000
 Burnham Hill Partners                    14       $    117,689,862
 The Shemano Group, Inc.                  17       $    115,796,557
 Merriman Curhan Ford & Co.               10       $    113,279,192
 WR Hambrecht + Co., LLC                   5       $    110,917,606

 Investment  Banking rankings exclude all Equity Line of Credit
 transactions and all PIPE  transactions  conducted by Canadian
 domiciled issuers. On transactions where an investment banking
 firm has acted solely as Financial  Advisor,  that transaction
 has  been  excluded  from  that  firm's  ranking.   Co-agented
 transactions  award  full  transaction  credit  to all  agents
 participating   (regardless   of  status  of  lead   agent  or
 co-agent). Data has been updated as of 2/10/05.



         The 2004 PIPE Market Investment Banking League Table
                      By Number of Transactions:

                                     Transaction     Total Amount
   Placement Agent Name                 Count            Raised
   --------------------              -----------    -----------------
 Roth Capital Partners, LLC               43       $    593,222,313
 Rodman & Renshaw, LLC                    38       $    590,680,776
 H.C. Wainwright & Co., Inc.              25       $     71,095,641
 Duncan Capital, LLC                      18       $     68,381,104
 The Shemano Group, Inc.                  17       $    115,796,557
 SG Cowen & Co., LLC                      16       $    347,035,901
 Burnham Hill Partners                    14       $    117,689,862
 C.E. Unterberg, Towbin                   13       $    182,683,070
 HPC Capital Management Corp.             12       $     97,263,021
 Banc of America Securities, LLC          11       $    546,678,880
 ThinkEquity Partners                     11       $    172,791,892
 Merriman Curhan Ford & Co.               10       $    113,279,192
 Maxim Group, LLC                         10       $     42,253,101
 C.K. Cooper & Company, Inc.               9       $     78,196,444
 J.P. Morgan Chase & Co.                   8       $    339,998,987
 Thomas Weisel Partners, LLC               8       $    127,134,871
 Stonegate Securities, Inc.                8       $     52,282,540
 Westminster Securities Corporation        8       $     34,792,000
 JPC Capital Partners, Inc.                8       $     31,099,087
 Ascendiant Securities, LLC                8       $     21,500,000
 CIBC World Markets                        7       $    256,285,358
 William Blair & Company, LLC              7       $    194,288,780

 Emerging Growth Equities, Ltd.            7       $    109,950,001

 Sanders Morris Harris, Inc.               7       $    108,842,442
 SCO Financial Group, LLC                  7       $    104,861,088
 
 Investment  Banking rankings exclude all Equity Line of Credit
 transactions and all PIPE  transactions  conducted by Canadian
 domiciled issuers. On transactions where an investment banking
 firm has acted solely as Financial  Advisor,  that transaction
 has  been  excluded  from  that  firm's  ranking.   Co-agented
 transactions  award  full  transaction  credit  to all  agents
 participating   (regardless   of  status  of  lead   agent  or
 co-agent). Data has been updated as of 2/10/05.




     The 2004 PIPE Market Institutional Investor League Table
                     By Number of Transactions:

                                    Transaction      Total Amount
        Investor Name                   Count           Invested
        -------------              -------------   ------------------
 Omicron Capital, L.P.                   110       $    136,600,939
 LH Financial Services Corporation       103       $     50,246,218
 Vertical Ventures Investments, LLC       97       $     66,520,760
 Highbridge International, LLC            94       $    338,650,948
 Laurus Family of Funds                   85       $    299,950,000
 Downsview Capital, Inc.                  82       $     58,661,857
 Bristol Capital Advisors, LLC            77       $     40,461,443
 Canaccord Capital Corporation            73       $     34,643,821

 Ramius Capital Group, LLC                72       $    116,446,725

 Staro Asset Management, LLC              70       $    101,862,227
 SRG Capital, LLC                         63       $     11,387,808
 Heights Capital Management, Inc.         54       $     80,780,665
 Kingsport Capital Partners, LLC          54       $     69,819,452
 GreenLight (Switzerland) S.A.            50       $     21,743,083
 DKR Management Company, Inc.             49       $     36,437,730
 Alexandra Investment Management          47       $    117,956,724
 Titan Capital Management                 46       $      8,474,377

 Atoll Asset Management, LLC              45       $     27,902,602

 Enable Growth Partners, L.P.             45       $     12,961,173
 BayStar Capital, L.P.                    44       $     56,081,876
 Basso Capital Management, L.P.           43       $     23,976,596
 Gryphon Partners, L.P.                   40       $     31,964,949
 Bluegrass Growth Fund Partners, LLC      38       $     20,608,649
 Rock Hill Investment Management, L.P.    37       $     14,475,950
 Balyasny Asset Management, L.P.          34       $     46,618,410

 Investor rankings exclude all Equity Line of Credit transactions
 and all PIPE  transactions  conducted by Canadian domiciled
 issuers. Investors classified as Corporate Investors and Insurance
 companies have been excluded from this ranking. Data has been

 updated as of 2/10/05.

About Sagient Research Systems

Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. For more information, please visit the Sagient Research Systems website at http://www.sagientresearch.com.

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