MODELCODE OF ETHICS

1.    Introduction

The Board ofDirectors of Rand Acquisition Corporation has adopted this code ofethics (the "Code"), which is applicable toall directors, officers and employees,to:

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| •  | promote honest and ethicalconduct, including the ethical handling of actual or apparent conflictsof interest between personal and professional relationships; |

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| •  | promote the full, fair, accurate,timely and understandable disclosure in reports and documents that theCompany files with, or submits to, the SEC, as well as in other publiccommunications made by or on behalf of the Company; |

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| •  | promote compliance withapplicable governmental laws, rules and regulations; |

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| •  | deter wrongdoing; and |

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| •  | require prompt internal reportingof breaches of, and accountability for adherence to, this Code. |

This Code may be amended only by resolution of the Company'sBoard of Directors. In this Code, references to the"Company" means Rand Acquisition Corporation(the "Parent") and, in appropriate context,the Parent's subsidiaries.

2.    Honest, Ethical andFair Conduct

Each person owes a duty to the Company to act withintegrity. Integrity requires, among other things, being honest, fairand candid. Deceit, dishonesty and subordination of principle areinconsistent with integrity. Service to the Company never should besubordinated to personal gain and advantage.

Each personmust:

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| •  | Act with integrity,including being honest and candid while still maintaining theconfidentiality of the Company's information where required or inthe Company's interests. |

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| •  | Observe all applicablegovernmental laws, rules and regulations. |

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| •  | Comply with the requirements ofapplicable accounting and auditing standards, as well as Companypolicies, in the maintenance of a high standard of accuracy andcompleteness in the Company's financial records and otherbusiness-related information and data. |

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| •  | Adhere to a high standard ofbusiness ethics and not seek competitive advantage through unlawful orunethical businesspractices. |

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| •  | Deal fairly withthe Company's customers, suppliers, competitors andemployees. |

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| •  | Refrain from takingadvantage of anyone through manipulation, concealment, abuse ofprivileged information, misrepresentation of material facts or anyother unfair-dealingpractice. |

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| •  | Protect the assetsof the Company and ensure their properuse. |

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| •  | Refrain from taking forthemselves personally opportunities that are discovered through the useof corporate assets or using corporate assets, information or positionfor general personal gain outside the scope of employment with theCompany. |

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| •  | Avoid conflicts ofinterest, wherever possible, except under guidelines approved by theBoard of Directors (or the appropriate committee of the Board).Anything that would be a conflict for a person subject to this Codealso will be a conflict if it is related to a member of his or herfamily or a close relative. Examples of conflict of interest situationsinclude, but are not limited to, the following: |

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|  | •  | any significant ownershipinterest in any supplier or customer; |

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|  | •  | any consulting or employmentrelationship with any customer, supplier or competitor; |

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|  | •  | anyoutside business activity that detracts from an individual'sability to devote appropriate time and attention to his or herresponsibilities with the Company; |

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|  | •  | the receipt of any money,non-nominal gifts or excessive entertainment from any company withwhich the Company has current or prospective business dealings; |

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|  | •  | being in the position ofsupervising, reviewing or having any influence on the job evaluation,pay or benefit of any closerelative; |

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|  | •  | selling anything tothe Company or buying anything from the Company, except on the sameterms and conditions as comparable officers or directors are permittedto so purchase or sell;and |

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|  | •  | any other circumstance,event, relationship or situation in which the personal interest of aperson subject to this Code interferes – or even appears tointerfere – with the interests of the Company as a whole. |

3.    Disclosure

The Company strives to ensure that thecontents of and the disclosures in the reports and documents that theCompany files with the Securities and Exchange Commission (the"SEC") and other public communications shallbe full, fair, accurate, timely and understandable in accordance withapplicable disclosure standards, including standards of materiality,where appropriate. Each person must;

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| •  | not knowingly misrepresent, orcause others to misrepresent, facts about the Company to others,whether within or outside the Company, including to the Company'sindependent auditors, governmental regulators, self-regulatingorganizations and other governmental officials, as appropriate;and |

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| •  | in relation to his or herarea of responsibility, properly review and critically analyze proposeddisclosure for accuracy and completeness. |

In addition to theforegoing, the Chief Executive Officer of Parent and each subsidiary ofParent (or similar person performing similar functions), and each otherperson that typically is involved in the financial reporting of theCompany must familiarize himself or herself with the disclosurerequirements applicable to the Company as well as the business andfinancial operations of the Company.

Each person must promptlybring to the attention of the Chairman of the Audit Committee ofParent's Board of Directors (or the Chairman of theParent's Board of Directors if no Audit Committee exists) anyinformation he or she may have concerning (a) significant deficienciesin the design or operation of internal and/or disclosure controls whichcould adversely affect the Company's ability to record, process,summarize and report financial data or (b) any fraud, whether or notmaterial, that involves management or other employees who have asignificant role in the Company's financial reporting,disclosures or internal controls.

4.    Compliance

Itis the Company's obligation and policy to comply with allapplicable governmental laws, rules and regulations. It is the personalresponsibility of each person to, and each person must, adhere to thestandards and restrictions imposed by those laws, rules andregulations, including those relating to accounting and auditingmatters.

5.    Reporting and Accountability

The Boardof Directors or Audit Committee, if one exists, of the Parent isresponsible for applying this Code to specific situations in whichquestions are presented to it and has the authority to interpret thisCode in any particular situation. Any person who becomes aware of anyexisting or potential breach of this Code is required to notify theChairman of the Board of Directors or Audit Committee promptly. Failureto do so is itself a breach of this Code.

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Specifically, each person must:

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| •  | Notify the Chairman promptly ofany existing or potential violation of this Code. |

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| •  | Not retaliate against any otherperson for reports of potential violations that are made in goodfaith. |

The Company will follow the following procedures ininvestigating and enforcing this Code and in reporting on the Code:

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| •  | The Board of Directors or AuditCommittee, if one exists, will take all appropriate action toinvestigate any breaches reported to it. |

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| •  | If the Audit Committee, if oneexists, determines (by majority decision) that a breach has occurred,it will inform the Board of Directors. |

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| •  | Upon being notified that a breachhas occurred, the Board (by majority decision) will take or authorizesuch disciplinary or preventive action as it deems appropriate, afterconsultation with the Audit Committee (if one exists) and/or GeneralCounsel, up to and including dismissal or, in the event of criminal orother serious violations of law, notification of the SEC or otherappropriate law enforcement authorities. |

No person following theabove procedure shall, as a result of following such procedure, besubject by the Company or any officer or employee thereof to discharge,demotion suspension, threat, harassment or, in any manner,discrimination against such person in terms and conditions ofemployment.

6.    Waivers and Amendments

Any waiver(defined below) or an implicit waiver (defined below) from a provisionof this Code for the principal executive officer, principal financialofficer, principal accounting officer or controller, and personsperforming similar functions or any amendment (as defined below) tothis Code is required to be disclosed in the Company's AnnualReport on Form 10-KSB or in a Current Report on Form 8-K filed with theSEC.

A "waiver" means the approval bythe Company's Board of Directors of a material departure from aprovision of the Code. An "implicit waiver"means the Company's failure to take action within a reasonableperiod of time regarding a material departure from a provision of theCode that has been made known to an executive officer of the Company.An "amendment" means any amendment to thisCode other than minor technical, administrative or othernon-substantive amendments hereto.

All persons should note thatit is not the Company's intention to grant or to permitwaivers from the requirements of this Code. The Company expects fullcompliance with this Code.

7.    Other Policies andProcedures

Any other policy or procedure set out by the Companyin writing or made generally known to employees, officers or directorsof the Company prior to the date hereof or hereafter are separaterequirements and remain in full force and effect.

8.    Inquiries

All inquiries and questions in relationto this Code or its applicability to particular people or situationsshould be addressed to the Parent'sSecretary.

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