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UNITEDSTATESSECURITIES AND EXCHANGECOMMISSIONWASHINGTON, D.C.20549

FORM 10-QSB

(MarkOne)

|        |                                                                                  |
|--------|----------------------------------------------------------------------------------|
|   | Quarterly report underSection 13 or 15(d) of the Securities Exchange Act of 1934 |

Forthe quarterly period ended March  31,2006

|        |                                                                |
|--------|----------------------------------------------------------------|
|   | Transition reportunder Section 13 or 15(d) of the Exchange Act |

For the transitionperiod from                              to                        

Commission File Number 000-51240

Juniper Partners AcquisitionCorp.(Exact Name of Small Business Issuer asSpecified in Its Charter)

|                                                              |  |                                     |  |  |  |  |
|--------------------------------------------------------------|--|-------------------------------------|--|--|--|--|
| Delaware                                                     |  | 20-2278320                          |
| (Stateor other Jurisdiction of Incorporation orOrganization) |  | (I.R.S. Employer IdentificationNo.) |
|                                                              |

56 West 45th Street, Suite 805,New York, New York 10036(Address of Principal ExecutiveOffice)

(212) 398-3112(Issuer’s Telephone Number, Including AreaCode)

Check whether the issuer (1) filed all reportsrequired to be filed by Section 13 or 15(d) of the Exchange Act duringthe past 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.  Yes     No

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act). Yes    No 

As of May  12,  2006,548,100 shares of common stock, par value $.0001 per share, and2,875,000 shares of Class B common stock, par value $.0001 per share,were issued and outstanding.

Transitional Small BusinessDisclosure Format (check one):    Yes     No

    

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|                                                                               |  |        |  |  |  |  |
|-------------------------------------------------------------------------------|--|--------|--|--|--|--|
|                                                                          |  | Page   |
| PartI. FinancialInformation:                                                  |  |   |
| Item 1– Financial Statements(Unaudited):                                |  |   |
| Balance Sheets                                                                |  | 2      |
| Statements of Operations                                                      |  | 3      |
| Statement of Stockholders’Equity                                        |  | 4      |
| Statements of CashFlows                                                       |  | 5      |
| Notes to FinancialStatements                                                  |  | 6      |
| Item 2 –Management’s Discussion and Analysis or Plan ofOperations |  | 11     |
| Item 3 – Controlsand Procedures                                         |  | 12     |
| Part II. OtherInformation                                                     |  |   |
| Item 2 –Unregistered Sales of Equity Securities and Use ofProceeds      |  | 13     |
| Item 6 –Exhibits                                                        |  | 13     |
| Signatures                                                                    |  | 14     |
|                                                                               |

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Table of Contents

Juniper PartnersAcquisition Corp.(a corporation in the developmentstage)

Balance Sheets

|                                                                                                                                                                                                                              |  |                            |            |                   |  |        |            |        |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|----------------------------|------------|-------------------|--|--------|------------|--------|--|--|
|                                                                                                                                                                                                                         |  | March  31,2006 (Unaudited) |            | December  31,2005 |
| ASSETS                                                                                                                                                                                                                       |  |                       |       |              |  |   |       |   |
| CurrentAssets:                                                                                                                                                                                                               |  |                       |       |              |  |   |       |   |
| Cashand cashequivalents                                                                                                                                                                                                      |  | $                          | 833,688    |              |  | $      | 939,203    |   |
| U.S.Government Securities held in Trust Fund (Note1)                                                                                                                                                                         |  |                       | 14,899,344 |              |  |   | 14,746,925 |   |
| Prepaidexpenses                                                                                                                                                                                                              |  |                       | 39,592     |              |  |   | 54,375     |   |
| Currentand totalassets                                                                                                                                                                                                       |  | $                          | 15,772,624 |              |  | $      | 15,740,503 |   |
|                                                                                                                                                                                                                         |  |                       |       |              |  |   |       |   |
| LIABILITIESAND STOCKHOLDERS'EQUITY                                                                                                                                                                                           |  |                       |       |              |  |   |       |   |
| CurrentLiabilities:                                                                                                                                                                                                          |  |                       |       |              |  |   |       |   |
| Accountspayable and accruedexpenses                                                                                                                                                                                          |  | $                          | 46,697     |              |  | $      | 29,346     |   |
| Incometaxes payable (Note5)                                                                                                                                                                                                  |  |                       | 13,400     |              |  |   | 9,400      |   |
| Totalcurrentliabilities                                                                                                                                                                                                      |  |                       | 60,097     |              |  |   | 38,746     |   |
|                                                                                                                                                                                                                         |  |                       |       |              |  |   |       |   |
| Commonstock, subject to possible conversion, 574,713 shares at conversionvalue at March  31,  2006 and December  31,2005 (Note1)                                                                                             |  |                       | 2,978,379  |              |  |   | 2,947,910  |   |
|                                                                                                                                                                                                                         |  |                       |       |              |  |   |       |   |
| Commitments(Note6)                                                                                                                                                                                                           |  |                       |       |              |  |   |       |   |
|                                                                                                                                                                                                                         |  |                       |       |              |  |   |       |   |
| Stockholders'Equity (Notes 7 and8):                                                                                                                                                                                          |  |                       |       |              |  |   |       |   |
| Preferred stock, par value$.0001 per share, 5,000 shares authorized, 0  sharesissued and outstanding at March  31,  2006 andDecember  31,2005                                                                           |  |                       | —    |              |  |   | —    |   |
| Common stock,par value $.0001 per share, 20,000,000 shares authorized,548,100 shares issued and outstanding at March  31,2006 and December  31,2005                                                                |  |                       | 55         |              |  |   | 55         |   |
| Common stock, Class B,par value $.0001 per share, 5,000,000 shares authorized, 2,875,000shares issued and outstanding (which includes 574,713 shares subject topossible conversion) at March  31,  2006 andDecember  31,2005 |  |                       | 288        |              |  |   | 288        |   |
| Additionalpaid-in-capital                                                                                                                                                                                                    |  |                       | 12,706,951 |              |  |   | 12,737,420 |   |
| Earningsaccumulated during the developmentstage                                                                                                                                                                              |  |                       | 23,822     |              |  |   | 15,161     |   |
| Accumulatedother comprehensiveincome                                                                                                                                                                                         |  |                       | 3,032      |              |  |   | 923        |   |
|                                                                                                                                                                                                                         |  |                       |       |              |  |   |       |   |
| Totalstockholders'equity                                                                                                                                                                                                     |  |                       | 12,734,148 |              |  |   | 12,753,847 |   |
|                                                                                                                                                                                                                         |  |                       |       |              |  |   |       |   |
| Totalliabilities and stockholders'equity                                                                                                                                                                                     |  | $                          | 15,772,624 |              |  | $      | 15,740,503 |   |
|                                                                                                                                                                                                                              |

SeeNotes to Unaudited Financial Statements

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Table of Contents

Juniper Partners Acquisition Corp.(acorporation in the development stage)

Statements ofOperations(Unaudited)

|                                                                                       |  |                                          |           |                                                  |  |                                                 |         |         |  |        |          |         |  |  |
|---------------------------------------------------------------------------------------|--|------------------------------------------|-----------|--------------------------------------------------|--|-------------------------------------------------|---------|---------|--|--------|----------|---------|--|--|
|                                                                                  |  | Forthe three months ended March 31, 2006 |           | Frominception(February 3, 2005)to March 31, 2005 |  | Frominception(February 3, 2005)to March 31,2006 |
| Revenue                                                                               |  | $                                        | —   |                                             |  | $                                               | — |    |  | $      | —  |    |
| Operatingexpenses:                                                                    |  |                                     |      |                                             |  |                                            |    |    |  |   |     |    |
| Generaland administrative expenses (Note 5 and6)                                      |  |                                     | 145,875   |                                             |  |                                            | 6,200   |    |  |   | 357,419  |    |
| Lossfromoperations                                                                    |  |                                     | (145,875  | )                                           |  |                                            | (6,200  | )  |  |   | (357,419 | )  |
| Interestincome                                                                        |  |                                     | 158,536   |                                             |  |                                            | — |    |  |   | 394,641  |    |
| Income(loss) before provision for incometaxes                                         |  |                                     | 12,661    |                                             |  |                                            | (6,200  | )  |  |   | 37,222   |    |
| Provisionfor income taxes (Note5)                                                     |  |                                     | 4,000     |                                             |  |                                            | — |    |  |   | 13,400   |    |
| Netincome(loss)                                                                       |  |                                     | 8,661     |                                             |  |                                            | (6,200  | )  |  |   | 23,822   |    |
| Accretionof Trust Fund relating to Class B common stock subject to possibleconversion |  |                                     | (30,469   | )                                           |  |                                            | — |    |  |   | (76,081  | )  |
| Netloss attributable to other Class B stockholders and commonstockholders             |  | $                                        | (21,808   | )                                           |  | $                                               | (6,200  | )  |  | $      | (52,259  | )  |
| Weightedaverage number of shares outstanding, basic anddiluted                        |  |                                     | 3,423,100 |                                             |  |                                            | 100     |    |  |   |     |    |
| Netloss per share, basic anddiluted                                                   |  | $                                        | (0.01     | )                                           |  | $                                               | (62.00  | )  |  |   |     |    |
|                                                                                       |

SeeNotes to Unaudited Financial Statements

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Juniper PartnersAcquisition Corp.(a corporation in the developmentstage)

Statement of Stockholders’ EquityFrominception (February 3, 2005) to March  31,  2006

|                                                                                                                                                                                      |  |                                                                                     |                          |                                                                                              |  |                           |                          |                                               |  |                                     |                          |        |  |        |                          |        |  |        |                          |         |  |        |                          |        |  |        |                          |        |  |        |            |         |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------------------------------------------------------------------------------------|--------------------------|----------------------------------------------------------------------------------------------|--|---------------------------|--------------------------|-----------------------------------------------|--|-------------------------------------|--------------------------|--------|--|--------|--------------------------|--------|--|--------|--------------------------|---------|--|--------|--------------------------|--------|--|--------|--------------------------|--------|--|--------|------------|---------|--|--|
|                                                                                                                                                                                 |  |             CommonStock |                          |             CommonStock, Class B |  | Additional Paid-InCapital |                          | Earnings accumulatedduringthedevelopmentstage |  | Accumulatedothercomprehensiveincome |                          | Total  |
|                                                                                                                                                                                 |  | Shares                                                                              |                          | Amount                                                                                       |  | Shares                    |                          | Amount                                        |
| Balance,February  3,  2005 (inception)                                                                                                                                               |  |                                                                                | —                  |                                                                                         |  | $                         | —                  |                                          |  |                                | —                  |   |  | $      | —                  |   |  | $      | —                  |    |  | $      | —                  |   |  | $      | —                  |   |  | $      | —    |    |
| Issuanceof Common Stock to initialstockholders                                                                                                                                       |  |                                                                                | 100                      |                                                                                         |  |                      | —                  |                                          |  |                                | —                  |   |  |   | —                  |   |  |   | 500                      |    |  |   | —                  |   |  |   | —                  |   |  |   | 500        |    |
| Issuanceof 1,625,000 Warrants at $0.05 perWarrant                                                                                                                                    |  |                                                                                | —                  |                                                                                         |  |                      | —                  |                                          |  |                                | —                  |   |  |   | —                  |   |  |   | 81,250                   |    |  |   | —                  |   |  |   | —                  |   |  |   | 81,250     |    |
| Saleof 274,000 Series A units and 1,437,500 Series B units andunderwriter's unit purchase option through public offering, netof underwriter's discount and offering expenses (Note2) |  |                                                                                | 548,000                  |                                                                                         |  |                      | 55                       |                                          |  |                                | 2,875,000                |   |  |   | 288                      |   |  |   | 12,701,282               |    |  |   | —                  |   |  |   | —                  |   |  |   | 12,701,625 |    |
| Accretionof Trust Fund relating to Class B common stock subject to possibleconversion                                                                                                |  |                                                                                | —                  |                                                                                         |  |                      | —                  |                                          |  |                                | —                  |   |  |   | —                  |   |  |   | (45,612                  | )  |  |   | —                  |   |  |   | —                  |   |  |   | (45,612    | )  |
| Netincome for theperiod                                                                                                                                                              |  |                                                                                | —                  |                                                                                         |  |                      | —                  |                                          |  |                                | —                  |   |  |   | —                  |   |  |   | —                  |    |  |   | 15,161                   |   |  |   | —                  |   |  |   | 15,161     |    |
| Unrealizedgain on available-for-salesecurities                                                                                                                                       |  |                                                                                | —                  |                                                                                         |  |                      | —                  |                                          |  |                                | —                  |   |  |   | —                  |   |  |   | —                  |    |  |   | —                  |   |  |   | 923                      |   |  |   | 923        |    |
| Comprehensiveincome                                                                                                                                                                  |  |                                                                                |                     |                                                                                         |  |                      |                     |                                          |  |                                |                     |   |  |   |                     |   |  |   |                     |    |  |   |                     |   |  |   |                     |   |  |   | 16,084     |    |
| Balance,December  31,2005                                                                                                                                                            |  |                                                                                | 548,100                  |                                                                                         |  | $                         | 55                       |                                          |  |                                | 2,875,000                |   |  | $      | 288                      |   |  | $      | 12,737,420               |    |  | $      | 15,161                   |   |  | $      | 923                      |   |  | $      | 12,753,847 |    |
| Accretionof Trust Fund relating to Class B common stock subject to possibleconversion(unaudited)                                                                                     |  |                                                                                | —                  |                                                                                         |  |                      | —                  |                                          |  |                                | —                  |   |  |   | —                  |   |  |   | (30,469                  | )  |  |   | —                  |   |  |   | —                  |   |  |   | (30,469    | )  |
| Netincome for the period(unaudited)                                                                                                                                                  |  |                                                                                | —                  |                                                                                         |  |                      | —                  |                                          |  |                                | —                  |   |  |   | —                  |   |  |   | —                  |    |  |   | 8,661                    |   |  |   | —                  |   |  |   | 8,661      |    |
| Unrealizedgain on available-for-sale securities(unaudited)                                                                                                                           |  |                                                                                | —                  |                                                                                         |  |                      | —                  |                                          |  |                                | —                  |   |  |   | —                  |   |  |   | —                  |    |  |   | —                  |   |  |   | 2,109                    |   |  |   | 2,109      |    |
| Comprehensiveincome(unaudited)                                                                                                                                                       |  |                                                                                |      |                                                                                         |  |                      |      |                                          |  |                                |      |   |  |   |      |   |  |   |      |    |  |   |      |   |  |   |      |   |  |   | 10,770     |    |
| Balance,March  31,  2006(unaudited)                                                                                                                                                  |  |                                                                                | 548,100                  |                                                                                         |  | $                         | 55                       |                                          |  |                                | 2,875,000                |   |  | $      | 288                      |   |  | $      | 12,706,951               |    |  | $      | 23,822                   |   |  | $      | 3,032                    |   |  | $      | 12,734,148 |    |
|                                                                                                                                                                                      |

SeeNotes to Unaudited FinancialStatements

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Juniper Partners AcquisitionCorp.(a corporation in the development stage)

Statementsof CashFlows(Unaudited)

|                                                                                       |  |                                          |             |                                                    |  |                                                    |          |         |  |        |             |         |  |  |
|---------------------------------------------------------------------------------------|--|------------------------------------------|-------------|----------------------------------------------------|--|----------------------------------------------------|----------|---------|--|--------|-------------|---------|--|--|
|                                                                                  |  | Forthe three months ended March 31, 2006 |             | Frominception (February 3, 2005) to March 31, 2005 |  | Frominception (February 3, 2005) to March 31, 2006 |
| OPERATINGACTIVITIES                                                                   |  |                                     |        |                                               |  |                                               |     |    |  |   |        |    |
| Netincome (loss) for theperiod                                                        |  | $                                        | 8,661       |                                               |  | $                                                  | (6,200   | )  |  | $      | 23,822      |    |
| Amortizationof discount on U.S. Government Securities held inTrustFund                |  |                                     | (150,310    | )                                             |  |                                               | —  |    |  |   | (377,562    | )  |
| Changesin operating asset andliabilities:                                             |  |                                     |        |                                               |  |                                               |     |    |  |   |        |    |
| Decrease(increase) in prepaidexpenses                                                 |  |                                     | 14,783      |                                               |  |                                               | —  |    |  |   | (39,592     | )  |
| Increasein accounts payable and accruedexpenses                                       |  |                                     | 17,351      |                                               |  |                                               | 10,000   |    |  |   | 46,697      |    |
| Increasein income taxespayable                                                        |  |                                     | 4,000       |                                               |  |                                               | —  |    |  |   | 13,400      |    |
| Netcash (used in) provided by operatingactivities                                     |  |                                     | (105,515    | )                                             |  |                                               | 3,800    |    |  |   | (333,235    | )  |
| INVESTINGACTIVITIES                                                                   |  |                                     |        |                                               |  |                                               |     |    |  |   |        |    |
| Purchasesof U.S. Government Securites held in TrustFund                               |  |                                     | (14,770,000 | )                                             |  |                                               | —  |    |  |   | (29,288,750 | )  |
| Maturityof U.S. Government Securites held in TrustFund                                |  |                                     | 14,770,000  |                                               |  |                                               | —  |    |  |   | 14,770,000  |    |
| Netcash used in investingactivities                                                   |  |                                     | —     |                                               |  |                                               | —  |    |  |   | (14,518,750 | )  |
| FINANCINGACTIVITIES                                                                   |  |                                     |        |                                               |  |                                               |     |    |  |   |        |    |
| Proceedsfrom issuance of common stock to initialstockholders                          |  |                                     | —     |                                               |  |                                               | 500      |    |  |   | 500         |    |
| Proceedsfrom issuance ofwarrants                                                      |  |                                     | —     |                                               |  |                                               | 81,250   |    |  |   | 81,250      |    |
| Proceedsfrom note payable toaffiliate                                                 |  |                                     | —     |                                               |  |                                               | 81,250   |    |  |   | 81,250      |    |
| Repaymentof note payable toaffiliate                                                  |  |                                     | —     |                                               |  |                                               | —  |    |  |   | (81,250     | )  |
| Proceedsfrom issuance of underwriter's unit purchaseoption                            |  |                                     | —     |                                               |  |                                               | —  |    |  |   | 100         |    |
| Netproceeds from sale of units through publicoffering                                 |  |                                     | —     |                                               |  |                                               | —  |    |  |   | 15,603,823  |    |
| Deferredregistrationcosts                                                             |  |                                     | —     |                                               |  |                                               | (122,955 | )  |  |   | —     |    |
| Netcash provided by financingactivities                                               |  |                                     | —     |                                               |  |                                               | 40,045   |    |  |   | 15,685,673  |    |
| Net(decrease) increase in cash and cashequivalents                                    |  |                                     | (105,515    | )                                             |  |                                               | 43,845   |    |  |   | 833,688     |    |
| Cashand CashEquivalents                                                               |  |                                     |        |                                               |  |                                               |     |    |  |   |        |    |
| Beginningofperiod                                                                     |  |                                     | 939,203     |                                               |  |                                               | —  |    |  |   | —     |    |
| Endofperiod                                                                           |  | $                                        | 833,688     |                                               |  | $                                                  | 43,845   |    |  | $      | 833,688     |    |
| Supplementaldisclosure of non-cashactivity:                                           |  |                                     |        |                                               |  |                                               |     |    |  |   |        |    |
| Accretionof Trust Fund relating to Class B common stock subject to possibleconversion |  | $                                        | 30,469      |                                               |  | $                                                  | —  |    |  | $      | 76,081      |    |
|                                                                                       |

SeeNotes to Unaudited FinancialStatements

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Table of Contents

JuniperPartners Acquisition Corp.(a corporation in the developmentstage)Notes to Unaudited FinancialStatements

NOTE 1 –ORGANIZATION AND BUSINESS OPERATIONS

Juniper PartnersAcquisition Corp. (the "Company") wasincorporated in Delaware on February  3, 2005 to serve as avehicle to effect a merger, capital stock exchange, asset acquisitionor other similar business combination with a currently unidentifiedoperating business.

The Company is considered to be adevelopment stage company and as such the financial statementspresented herein are presented in accordance with Statement ofFinancial Accounting Standards ("SFAS") No.7.

The registration statement for the Company's initialpublic offering ("Offering") was declaredeffective July 13, 2005. On July 20, 2005, the Company consummated theOffering of 250,000 Series A Units ("Series AUnits") and 1,250,000 Series B Units ("SeriesB Units"). On July 29, 2005, the Company consummated theclosing of an additional 16,000 Series A Units and 187,500 Series BUnits which were subject to the over-allotment option. On August 26,2005, the Company consummated the further closing of an additional8,000 Series A Units which were subject to the over-allotment option.The Offering generated total net proceeds of approximately $15.6million. Of this amount, $14,518,750 was placed in trust. TheCompany's management has broad authority with respect to theapplication of the proceeds of such Offering although substantially allof the proceeds of such offering are intended to be applied generallytoward consummating a merger with or acquisition of an operatingbusiness (a "Business Combination"). Pendingsuch a Business Combination, substantially all of the proceeds of theOffering are required to be held in trust ("TrustFund") to be returned to the holders of Class B commonstock if a Business Combination is not contracted in 12 months, orconsummated in 18 months, subsequent to the initial public offering(the "Target Business Acquisition Period").In the event there is no Business Combination, the Company willdissolve and any remaining net assets, after the distribution of theTrust Fund to Class B stockholders, will be distributed to the holdersof common stock sold in the Offering.

The Company, after signinga definitive agreement for a Business Combination, is obliged to submitsuch transaction for approval by a majority of the Class B commonstockholders of the Company. Class B stockholders that vote againstsuch proposed Business Combination are, under certain conditions,entitled to convert their shares into a pro-rata distribution from theTrust Fund (the "Conversion Right"). In thisrespect, $2,978,379 has been classified as common stock subject topossible conversion at March 31, 2006 (including accretion aggregating$76,081 through March 31, 2006). In the event that holders of amajority of the outstanding shares of Class B common stock vote for theapproval of the Business Combination and holders owning 20% ormore of the outstanding Class  B common stock do not exercisetheir Conversion Rights, the Business Combination may then beconsummated. Upon completion of such Business Combination and thepayment of any Conversion Rights (and related cancellation of Class Bcommon stock), the remaining shares of Class  B common stockwould be converted to common stock.

NOTE 2 –OFFERING

In its initial public offering, effective July13, 2005, the Company sold to the public an aggregate of 274,000 SeriesA Units and 1,437,500 Series B Units at a price of $10.50 and $10.10per unit, respectively. Proceeds from the initial public offering,totaled approximately $15.6 million, which was net of $1,791,927 inunderwriting and other expenses. Each Series A Unit consists of twoshares of the Company's common stock, five Class W RedeemableWarrants (a "Class W Warrant"), and fiveClass  Z Redeemable Warrants (a "Class ZWarrant"). Each Series B unit consists of two shares ofthe Company's Class B common stock, one Class W Warrant, and oneClass Z Warrant.

Both the Company's common stock and ClassB common stock have one vote per share. However, the Class Bstockholders may, and the common stockholders may not, vote inconnection 

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JuniperPartners Acquisition Corp.(a corporation in the developmentstage)Notes to Unaudited FinancialStatements

with a Business Combination. Further, should aBusiness Combination not be consummated during the Target BusinessAcquisition Period, the Trust Fund would be distributed pro-rata to allof the Class B common stockholders and their Class B common shareswould be cancelled and returned to the status of authorized butunissued shares.

Each Class W Warrant entitles the holder topurchase from the Company one share of common stock at an exerciseprice of $5.00, commencing on the later of (a) July 13, 2006 or (b) thecompletion of a business combination with a target business, or thedistribution of the Trust Fund to the Class B stockholders.

TheClass W Warrants will expire on July 13, 2010 or earlier uponredemption. Each Class Z Warrant entitles the holder to purchase fromthe Company one share of common stock at an exercise price of $5.00,commencing on the later of (a) July 13, 2006 or (b) the earlier of thecompletion of a business combination with a target business, or thedistribution of the Trust Fund to the Class B stockholders. The Class ZWarrants will expire on July 13, 2012 or earlier upon redemption. TheCompany may redeem the outstanding Class W Warrants and/or Class ZWarrants with the prior consent of HCFP/Brenner Securities LLC("HCFP"), the representative of theunderwriters of the Offering, in whole and not in part, at a price of$.05 per warrant at any time after the warrants become exercisable,upon a minimum of 30 days' prior written notice of redemption,and if, and only if, the last sale price of the Company's commonstock equals or exceeds $7.50 per share and $8.75 per share, for aClass W Warrant and Class Z Warrant, respectively, for any 20 tradingdays within a 30 trading day period ending three business days beforethe Company sent the notice of redemption.

The Company has alsosold to HCFP, as representative for the underwriters, for $100, anoption (the "Underwriter's PurchaseOption" or "UPO") to purchase upto a total of 12,500 additional Series  A Units and/or 62,500additional Series B Units (see Note 8). The Series A Units and Series BUnits issuable upon exercise of this option are identical to those inthe Offering, except that the exercise price of the warrants includedin the units are $5.50 per share (110% of the exercise price ofthe warrants included in the units sold to the public) and the Class ZWarrants shall be exercisable by HCFP for a period of only five yearsfrom the date of the Offering. The UPO is exercisable at $17.325 perSeries A Unit and $16.665 per Series B Unit commencing on the later of(a) July 13, 2006 or (b)  the completion of a businesscombination with a target business, and expires on July 12, 2010.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

Interim Financial Statements – Theaccompanying unaudited condensed financial statements have beenprepared pursuant to the rules and regulations of the Securities andExchange Commission ("SEC") and should beread in conjunction with the Company's audited financialstatements and footnotes thereto for the period from inception(February 3, 2005) to December 31, 2005 included in the Company'sForm 10-KSB filed on March 30, 2006. Certain information and footnotedisclosures normally included in financial statements prepared inaccordance with accounting principles generally accepted in the UnitedStates of America have been omitted pursuant to such rules andregulations. However, the Company believes that the disclosures areadequate to make the information presented not misleading. Thefinancial statements reflect all adjustments (primarily only of normalrecurring adjustments) that are, in the opinion of management necessaryfor a fair presentation of the Company's financial position andresults of operations. The operating results for the three months endedMarch 31, 2006 are not necessarily indicative of the results to beexpected for any other interim period of any future year.

Cash and Cash Equivalents – Included in cash and cashequivalents are deposits with financial institutions as well asshort-term money market instruments with maturities of three months orless when purchased.

Investments – U.S. GovernmentSecurities held in Trust Fund, with maturities exceeding three monthshave been accounted for in accordance with Statement of FinancialAccounting Standards 

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JuniperPartners Acquisition Corp.(a corporation in the developmentstage)Notes to Unaudited FinancialStatements

(SFAS)  No.  115,"Accounting for Certain Investments in Debt and EquitySecurities". The Company classifies all debt securitiesand all investments in equity securities that have readily determinablefair values as available-for-sale, as the sale of such securities maybe required prior to maturity to implement management strategies. Suchsecurities are reported at fair value, with unrealized gains or lossesexcluded from earnings and included in other comprehensive income, netof applicable taxes.

The Company's investment held intrust at March 31, 2006 consists of an investment in United States ofAmerica government treasury securities, with a maturity date of April20, 2006. The fair market value of the investment was $14,899,344 as ofMarch 31, 2006, including $3,032 of unrealized income, which isreported as a component of other comprehensive income as ofMarch  31, 2006. The Company recognized interest income of$377,562 from amortization of the discount on the investment during theperiod from inception (February 3, 2005) to March 31, 2006 and $150,310for the three months ended March 31, 2006, which is included ininterest income on the accompanying statements of operations.

Concentration of Credit Risk – Financial instrumentsthat potentially subject the Company to a significant concentration ofcredit risk consist primarily of cash and cash equivalents. The Companymaintains deposits in federally insured financial institutions inexcess of federally insured limits. However, management believes theCompany is not exposed to significant credit risk due to the financialposition of the depository institutions in which those deposits areheld.

Net Loss Per Share – Net loss per share iscomputed based on the weighted average number of shares of common stockand Class B common stock outstanding.

Basic earnings (loss) pershare excludes dilution and is computed by dividing income (loss)available to common stockholders by the weighted average common sharesoutstanding for the period. Diluted earnings per share reflects thepotential dilution that could occur if securities or other contracts toissue common stock were exercised or converted into common stock orresulted in the issuance of common stock that then shared in theearnings of the entity. Since the effect of outstanding warrants topurchase common stock is antidilutive, they have been excluded from theCompany's computation of net loss per share. Therefore, basic anddiluted loss per share were the same for the three months ended March31, 2006 and for the period from inception (February 3, 2005) to March31, 2005.

Fair Value of Financial Instruments – Thefair values of the Company's assets and liabilities that qualifyas financial instruments under SFAS No. 107 approximate their carryingamounts presented in the balance sheet at March 31, 2006.

Useof Estimates – The preparation of financial statements inaccordance with accounting principles generally accepted in the UnitedStates of America requires management to make estimates and assumptionsthat affect certain reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of thefinancial statements and the reported amounts of revenue and expensesduring the reporting period. Actual results could differ from thoseestimates.

Income Taxes – Deferred income taxassets and liabilities are computed for differences between thefinancial statement and tax bases of assets and liabilities that willresult in future taxable or deductible amounts and are based on enactedtax laws and rates applicable to the periods in which the differencesare expected to affect taxable income. Valuation allowances areestablished when necessary to reduce deferred income tax assets to theamount expected to be realized.

Accumulated OtherComprehensive Income – Accumulated Other Comprehensive Incomeincludes unrealized gains on U.S. Government Securities held in TrustFund.

New Accounting Pronouncements – The Companydoes not believe that any recently issued, but not yet effective,accounting standards if currently adopted would have a material effecton the accompanying financial statements.

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JuniperPartners Acquisition Corp.(a corporation in the developmentstage)Notes to Unaudited FinancialStatements

NOTE 4 – NOTE PAYABLE TOAFFILIATE

In February 2005, the Company issued an $81,250non-interest bearing, unsecured note payable to an affiliate of itsstockholder. This note was repaid in full on July 21, 2005 from theproceeds of the Offering.

NOTE 5 – INCOMETAXES

Provision for income taxes consistsof:

|          |  |                                          |        |                                                    |  |                                                   |                                 |        |  |        |        |        |  |  |
|----------|--|------------------------------------------|--------|----------------------------------------------------|--|---------------------------------------------------|---------------------------------|--------|--|--------|--------|--------|--|--|
|     |  | Forthe three months ended March 31, 2006 |        | Frominception (February 3, 2005) to March 31, 2005 |  | Frominception (February 3, 2005) to March 31,2006 |
| Current: |  |                                     |   |                                               |  |                                              |                            |   |  |   |   |   |
| Federal  |  | $                                        | 4,000  |                                               |  | $                                                 | —                         |   |  | $      | 13,400 |   |
|     |  | $                                        | 4,000  |                                               |  | $                                                 |     — |   |  | $      | 13,400 |   |
|          |

Noprovision for state and local income taxes has been made since theCompany was formed as a vehicle to effect a Business Combination and,as a result does not conduct operations and is not engaged in a tradeor business in any state. The Company is incorporated in Delaware andaccordingly is subject to franchise taxes. Delaware franchise taxexpense of $7,000 for the three months ended March 31, 2006 and $33,151for the period from inception (February 3, 2005) to March 31, 2006 areincluded as part of general and administrative expenses in theaccompanying statements of operations.

NOTE 6 –COMMITMENTS

The Company pays an affiliate of astockholder, $7,500 per month, commencing on the effective date of theOffering, for office, secretarial and administrative services. Amountsof $22,500 for the three months ended March 31, 2006, and $67,500 forthe period from inception (February 3, 2005) to March 31, 2006 werepaid by the Company for such services.

HCFP has been engaged bythe Company to act as the Company's non-exclusive investmentbanker in connection with a proposed Business Combination (Note 1). Forassisting the Company in structuring and negotiating the terms of aBusiness Combination, the Company is obligated to pay HCFP a cashtransaction fee equal to 5% of the first $5 million of totalconsideration, as defined in the Underwriting Agreement, and 4%of total consideration paid over $5 million, with a maximum fee to bepaid of $400,000.

NOTE 7 – PREFERRED STOCK

TheCompany is authorized to issue up to 5,000 shares of Preferred Stockwith such designations, voting, and other rights and preferences as maybe determined from time to time by the Board of Directors.

NOTE8 – WARRANTS AND OPTION TO PURCHASE COMMON STOCK

InFebruary 2005, the Company issued Class W warrants to purchase 812,500shares of the Company's common stock, and Class Z warrants topurchase 812,500 shares of the Company's common stock, for anaggregate purchase price of $81,250, or $0.05 per warrant.

TheClass W warrants and Class Z warrants outstanding prior to theOffering, all of which are held by the Company's initialsecurityholders or their affiliates, shall not be redeemable by theCompany as long as such warrants continue to be held by such initialsecurityholders or their affiliates.

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JuniperPartners Acquisition Corp.(a corporation in the developmentstage)Notes to Unaudited FinancialStatements

The Class W warrants entitle the holder topurchase shares at $5.00, subject to adjustment in certaincircumstances, for a period commencing on the later of: (a) completionof the Business Combination and (b) July 13, 2006, and ending July 12,2010.

The Class Z warrants entitle the holder to purchase sharesat $5.00, subject to adjustment in certain circumstances, for a periodcommencing on the later of: (a) completion of the Business Combinationand (b) July 13, 2006, and ending July 12, 2012.

The Company hasissued an option, for $100, to HCFP/Brenner Securities LLC, therepresentative of the underwriters in the public offering, to purchaseup to 12,500 Series A units at an exercise price of $17.325 per unitand/or up to 62,500 Series B units at an exercise price of $16.665 perunit. The Series A Units and Series B Units underlying the UPO will beexercisable in whole or in part solely at HCFP's discretion,commencing on the later (i) July 13, 2006 and (ii) the consummation ofa Business Combination and expire on July 12, 2010. The fair value ofthe option, inclusive of the receipt of the $100 cash payment, wasaccounted as an expense of the public offering resulting in a chargedirectly to stockholders' equity. The option may be exercised forcash or on a "cashless" basis, at theholder's option, such that the holder may use the appreciatedvalue of the option (the difference between the exercise prices of theoption and the underlying warrants and the market price of the unitsand underlying securities) to exercise the option without the paymentof any cash. Each of the Series A Units and Series B Units areidentical to the Series A Units and Series B Units sold in theOffering, except that the exercise price of the Class W Warrants andClass Z Warrants underlying the Series A Units and Series B Units shallonly be exercisable until July 12,2010.

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ITEM2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OFOPERATIONS

The following discussion should be read inconjunction with the Company's Unaudited Financial Statements andfootnotes thereto contained in this report.

FORWARD LOOKINGSTATEMENTS

The statements discussed in this Report includeforward looking statements that involve risks and uncertaintiesdetailed from time to time in the Company's reports filed withthe Securities and Exchange Commission.

PLAN OFOPERATIONS

We were formed on February  3,  2005, toserve as a vehicle to effect a merger, capital stock exchange, assetacquisition or other similar business combination with an operatingbusiness. We intend to utilize cash derived from the proceeds of ourrecently completed public offering, our capital stock, debt or acombination of cash, capital stock and debt, in effecting a businesscombination.

Net income for the three months ended March31,  2006 of $8,661 consisted of interest income on the TrustFund investment of $150,310 and interest on cash and cash equivalentsof $8,226, offset by general and administrative expenses of $145,875,which includes $7,000 related to Delaware Franchise tax and $22,500related to an administrative services agreement with an affiliate of astockholder, and income tax expense of $4,000.

Net loss for theperiod from inception (February 3, 2005) to March  31,2005 of $6,200 consisted of formation and operating costs.

Netincome for the period from inception (February 3, 2005) throughMarch  31,  2006 of $23,822 consisted of interest income onthe Trust Fund investment of $377,562 and interest on cash and cashequivalents of $17,079, offset by general and administrative expensesof $357,419, which includes $33,151 related to Delaware Franchise taxand $67,500 related to an administrative services agreement with anaffiliate of a stockholder and income tax expense of $13,400.

Weconsummated our initial public offering of 250,000 Series A units and1,250,000 Series B units on July  20,  2005. On July29,  2005, we consummated the closing of an additional 16,000Series A Units and 187,500 Series B Units that were subject to theover-allotment option. On August  26,  2005, we consummatedthe closing of an additional 8,000 Series A Units that were subject tothe over-allotment option. Proceeds from our initial public offeringwere $15,603,823, net of underwriting and other expenses of $1,761,927,of which $14,518,750 was deposited into the Trust Fund. The remainingproceeds are available to be used by us to provide for business, legaland accounting due diligence on prospective acquisitions and continuinggeneral and administrative expenses. We will use substantially all ofthe net proceeds of this offering to acquire a target business,including identifying and evaluating prospective acquisitioncandidates, selecting the target business, and structuring, negotiatingand consummating the business combination. To the extent that ourcapital stock is used in whole or in part as consideration to effect abusiness combination, the proceeds held in the Trust Fund as well asany other net proceeds not expended will be used to finance theoperations of the target business. We believe we will have sufficientavailable funds outside of the Trust Fund to operate throughJanuary  13,  2007, assuming that a business combination isnot consummated during that time. From July  13,  2005through January  13,  2007, we anticipate approximately$135,000 for the administrative fee payable to an affiliate of astockholder ($7,500 per month), $500,000 for expenses for the duediligence and investigation of a target business, $50,000 of expensesin legal and accounting fees relating to our SEC reporting obligationsand $350,000 for general working capital that will be used formiscellaneous expenses and reserves, including approximately $85,000for director and officer liability insurance premiums. We do notbelieve we will need to raise additional funds following this offeringin order to meet the expenditures required for operating our business.However, we may need to raise additional funds through a privateoffering of debt or equity securities if such funds are required toconsummate a business combination that is presented to us. We wouldonly consummate such a financing simultaneously with the consummationof a business combination.

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Commencing on July  13,  2005and ending upon the acquisition of a target business, we beganincurring a fee from Hidden Treasures, Inc., an affiliate of StuartRekant, our chairman of the board and chief executive officer, and PaulKramer, a member of our Board of Directors, of $7,500 per month forproviding us with office space and certain general and administrativeservices. In addition, in February  2005, the Company issued a$81,250 non-interest bearing, unsecured note payable to HiddenTreasures, Inc. The note was repaid in full on July  21,2005 from the proceeds of the offering.

In connection with ourinitial public offering, we issued an option, for $100, to HCFP/BrennerSecurities LLC to purchase up to 12,500 Series A units at an exerciseprice of $17.325 per unit and/or up to 62,500 Series B units at anexercise price of $16.665 per unit. The Series A units and Series Bunits included in this option were identical to the units issued in ourinitial public offering except that the exercise price of the warrantsincluded in the units is $5.50 per share and the Class Z warrants shallbe exercisable by the holder until July  12,  2010. Weaccounted for the fair value of the option, inclusive of the receipt ofthe $100 cash payment, as an expense of the offering resulting in acharge directly to stockholders' equity. We estimated that thefair value of this option was approximately $220,000 using aBlack-Scholes option-pricing model. The fair value of the optiongranted was estimated as of the date of grant using the followingassumptions: (1) expected volatility of 44.5%, (2) risk-freeinterest rate of 3.89% and (3) contractual life of 5 years. Theoption may be exercised for cash or on a‘‘cashless’’ basis, at the holder'soption, such that the holder may use the appreciated value of theoption (the difference between the exercise prices of the option andthe underlying warrants and the market price of the units andunderlying securities) to exercise the option without the payment ofany cash.

ITEM 3.    CONTROLS ANDPROCEDURES.

Disclosure controls and procedures are controls andother procedures that are designed to ensure that information requiredto be disclosed in company reports filed or submitted under theSecurities Exchange Act of 1934 (the ‘‘ExchangeAct’’) is recorded, processed, summarized and reported,within the time periods specified in the Securities and ExchangeCommission’s rules and forms. Disclosure controls and proceduresinclude, without limitation, controls and procedures designed to ensurethat information required to be disclosed in company reports filed orsubmitted under the Exchange Act is accumulated and communicated tomanagement, including our chief executive officer and treasurer, asappropriate to allow timely decisions regarding requireddisclosure.

As required by Rules 13a-15 and 15d-15 under theExchange Act, our chief executive officer and chief financial officercarried out an evaluation of the effectiveness of the design andoperation of our disclosure controls and procedures as of March31,  2006. Based upon their evaluation, they concluded that ourdisclosure controls and procedures were effective.

Our internalcontrol over financial reporting is a process designed by, or under thesupervision of, our chief executive officer and chief financial officerand effected by our board of directors, management and other personnel,to provide reasonable assurance regarding the reliability of ourfinancial reporting and the preparation of our financial statements forexternal purposes in accordance with generally accepted accountingprinciples. Internal control over financial reporting includes policiesand procedures that pertain to the maintenance of records that inreasonable detail accurately and fairly reflect the transactions anddispositions of our assets; provide reasonable assurance thattransactions are recorded as necessary to permit preparation of ourfinancial statements in accordance with generally accepted accountingprinciples, and that our receipts and expenditures are being made onlyin accordance with the authorization of our board of directors andmanagement; and provide reasonable assurance regarding prevention ortimely detection of unauthorized acquisition, use or disposition of ourassets that could have a material effect on our financialstatements.

During the most recently completed fiscal quarter,there has been no change in our internal control over financialreporting that has materially affected, or is reasonably likely tomaterially affect, our internal control over financialreporting.

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PART II.

OTHER INFORMATION

ITEM 2:    UNREGISTERED SALES OF EQUITYSECURITIES AND USE OF PROCEEDS

On July  20,  2005,we consummated our initial public offering of 250,000 Series A units,with each Series A unit consisting of two shares of our common stock,five Class W warrants and five Class Z warrants, each to purchase oneshare of our common stock at an exercise price of $5.00 per share, and1,250,000 Series B units, with each Series B unit consisting of twoshares of our Class B common stock, one Class W warrant and one Class Zwarrant. On July  29,  2005, we closed on an additional16,000 Series A units and 187,500 Series B units that were subject tothe over-allotment option. On August  26,  2005, weconsummated the closing of an additional 8,000 Series A Units that weresubject to the over-allotment option. The Series A Units were sold atan offering price of $10.50 per Series A Unit and the Series B Unitswere sold at an offering price of $10.10 per Series B Unit, generatingtotal gross proceeds of $17,395,750. HCFP/Brenner Securities LLC actedas representative of the underwriters for the initial public offering.The securities sold in the offering were registered under theSecurities Act of 1933 on a registration statement on Form S-1 (No.333-123050). The Securities and Exchange Commission declared theregistration statement effective on July  13,2005.

We paid a total of $1,726,755 in underwriting discounts andcommissions, and approximately $65,172 has been or will be paid forcosts and expenses related to the offering.

After deducting theunderwriting discounts and commissions and the offering expenses, thetotal net proceeds to us from the offering were approximately$15,603,823, of which $14,518,750 was deposited into the trust accountand the remaining proceeds are available to be used to provide forbusiness, legal and accounting due diligence on prospective businesscombinations and continuing general and administrative expenses.

For a description of the use of the proceeds generated in ourinitial public offering, see Part I, Item 2 of this Form10-QSB.

ITEM6:    EXHIBITS

(a)    Exhibits:

31.1– Section 302 Certification by CEO

31.2 –Section 302 Certification by CFO

32.1 –Section 906 Certification by CEO

32.2 – Section906 Certification by CFO

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SIGNATURES

Inaccordance with the requirements of the Exchange Act, the registrantcaused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

|  | JUNIPERPARTNERSACQUISITION CORP. |
|--|----------------------------------|

Dated:May  12,  2006

|  | /s/ Stuart B.RekantStuart B. RekantChairman of the Board and ChiefExecutive Officer |
|--|-------------------------------------------------------------------------------------|

|  | /s/ Robert B.BeckerRobert B. BeckerChief Financial Officer, Treasurerand Secretary |
|--|------------------------------------------------------------------------------------|

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