J.V. Delaney & Associates    Federal Hall, 28 Wall Street  J.V. Delaney & Associates (JVD&A) is a member firm of the National Association of Securities Dealers, Inc. (NASD) and is a registered broker-dealer with the Securities and Exchange Commission. JVD&A was formed in late 1981 by Joseph V. Delaney.         The firm originates and funds Initial Public Offerings (IPO's), private and public placements, and advises other financial services firms. The Travelers Inc. was its first advisory client with respect to due diligence procedures and marketing of investment products. JVD&A assists companies seeking financing in several ways:

* Structuring the transaction to be in tune        with the capital markets:

* Advising on the format of a client's business plan;

* Making certain the client has accountants,        attorneys and other professionals involved, thus adding        credibility to their offering;

* Recruiting directors to add strength and prestige        to the board of directors.

JVD&A calls this process putting an offering in             "Wall Street shape."

Next, J.V.Delaney & Associates tries to secure a major firm to become the dealer-manager of the offering. Paine Webber, Drexel Burnham Lambert, Boettcher & Company and Rotan Mosle, Inc. are some of the firms that have acted as dealer-managers in JVD&A-originated transactions. In the event a major Wall Street firm cannot be found, JVD&A acts as dealer-manager.         JVD&A affiliates are, or have been, general partners in over $25 million of real estate investments.         In 1987 JVD&A became primarily involved in merchant/investment banking working on leveraged buyouts (LBO's) in the late 1980's through an affiliated investment fund and its own capital. The largest amount of financing arranged was about $650 million.         JVD&A's research is or has been carried on First Call, Zack's Investment Research, Nelson's and Bloomberg where it is or was a contributing broker.

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DISCLAIMER:  J.V. Delaney & Associates (JVD&A) and Joseph V. Delaney offer service and investments only where licensed and Blue Skied. The investments offered comply with all applicable laws where offered. In addition, J.V. Delaney & Associates, Joseph.V. Delaney, and personnel or affiliates may have positions in the investments recommended.

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