|  |
|--|
|  |
|  |
|  |
|  |

UNITEDSTATESSECURITIES AND EXCHANGECOMMISSIONWASHINGTON, D.C.20549

FORM 10-QSB

(MarkOne)

|        |                                                                                  |
|--------|----------------------------------------------------------------------------------|
|   | Quarterly report under Section 13 or15(d) of the Securities Exchange Act of 1934 |

|        |                                                  |
|--------|--------------------------------------------------|
|   | Forthe quarterly period ended September  30,2006 |

|        |                                                                |
|--------|----------------------------------------------------------------|
|   | Transition report under Section13 or 15(d) of the Exchange Act |

|        |                                                                                                                                                                                                                                                                                                                                   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | For the transitionperiod from                          to                         |

Commission File Number 000-51240

|                                                                 |  |  |                                     |
|-----------------------------------------------------------------|--|--|-------------------------------------|
| Juniper PartnersAcquisitionCorp.                                |
| (Exact Name ofSmall Business Issuer as Specified in ItsCharter) |
| Delaware                                                        |  |  | 20-2278320                          |
| (Stateor other Jurisdiction of Incorporation orOrganization)    |  |  | (I.R.S. Employer IdentificationNo.) |
| 56 West45th Street, Suite 805, New York, New York10036          |
| (Address of Principal ExecutiveOffice)                          |
| (212)398-3112                                                   |
| (Issuer’s Telephone Number,Including Area Code)           |
|                                                                 |

Check whether the issuer (1)filed all reports required to be filed by Section 13 or 15(d) of theExchange Act during the past 12 months (or for such shorter period thatthe registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days. Yes    No 

Indicate by check mark whether theregistrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).    Yes     No 

As of November 13,2006, 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

|  |
|--|
|  |
|  |
|  |
|  |

----

|                                                                              |  |  |      |  |        |  |
|------------------------------------------------------------------------------|--|--|------|--|--------|--|
|                                                                         |  |  | Page |
| PartI: FinancialInformation:                                                 |  |  |      |  |   |  |
| Item 1– Financial Statements(Unaudited):                               |  |  |      |  |   |  |
| BalanceSheets                                                                |  |  |      |  | 3      |  |
| Statements of Operations                                                     |  |  |      |  | 4      |  |
| Statement of Stockholders’Equity                                       |  |  |      |  | 5      |  |
| Statements of CashFlows                                                      |  |  |      |  | 6      |  |
| Notes to FinancialStatements                                                 |  |  |      |  | 7      |  |
| Item 2 –Management’s Discussion and Analysis or Plan ofOperation |  |  |      |  | 13     |  |
| Item 3 – Controlsand Procedures                                        |  |  |      |  | 15     |  |
| Part II. OtherInformation                                                    |  |  |      |  |   |  |
| Item 2 –Unregistered Sales of Equity Securities and Use ofProceeds     |  |  |      |  | 16     |  |
| Item 6 –Exhibits                                                       |  |  |      |  | 16     |  |
| Signatures                                                                   |  |  |      |  | 17     |  |
|                                                                              |

2

----

Table of Contents

JuniperPartners Acquisition Corp.(a corporation in the developmentstage)

BalanceSheets

|                                                                                                                                                                                    |  |  |                   |   |            |                 |  |  |  |   |            |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|-------------------|---|------------|-----------------|--|--|--|---|------------|--|
|                                                                                                                                                                               |  |  | September30, 2006 |   |            | December31,2005 |
|                                                                                                                                                                               |  |  | (Unaudited)       |   |            |            |
| ASSETS                                                                                                                                                                             |  |  |                   |   |       |                 |  |  |  |   |       |  |
| CurrentAssets:                                                                                                                                                                     |  |  |                   |   |       |                 |  |  |  |   |       |  |
| Cash and cashequivalents                                                                                                                                                           |  |  |                   | $ | 202,649    |                 |  |  |  | $ | 939,203    |  |
| U.S.Government Securities held in Trust Fund (Note1)                                                                                                                               |  |  |                   |   | 15,263,297 |                 |  |  |  |   | 14,746,925 |  |
| Prepaidexpenses                                                                                                                                                                    |  |  |                   |   | 25,933     |                 |  |  |  |   | 54,375     |  |
| Totalcurrentassets                                                                                                                                                                 |  |  |                   |   | 15,491,879 |                 |  |  |  |   | 15,740,503 |  |
| Deferredacquisition costs (Note1)                                                                                                                                                  |  |  |                   |   | 634,709    |                 |  |  |  |   | —    |  |
| Currentand totalassets                                                                                                                                                             |  |  |                   | $ | 16,126,588 |                 |  |  |  | $ | 15,740,503 |  |
| LIABILITIESAND STOCKHOLDERS'EQUITY                                                                                                                                                 |  |  |                   |   |       |                 |  |  |  |   |       |  |
| CurrentLiabilities:                                                                                                                                                                |  |  |                   |   |       |                 |  |  |  |   |       |  |
| Accruedacquisition costs (Note1)                                                                                                                                                   |  |  |                   | $ | 260,420    |                 |  |  |  | $ | —    |  |
| Accountspayable and accruedexpenses                                                                                                                                                |  |  |                   |   | 38,798     |                 |  |  |  |   | 29,346     |  |
| Incometaxes payable (Note5)                                                                                                                                                        |  |  |                   |   | 21,675     |                 |  |  |  |   | 9,400      |  |
| Totalcurrentliabilities                                                                                                                                                            |  |  |                   |   | 320,893    |                 |  |  |  |   | 38,746     |  |
| Commonstock, subject to possible conversion, 574,713 shares at conversionvalue (Note1)                                                                                             |  |  |                   |   | 3,051,133  |                 |  |  |  |   | 2,947,910  |  |
| Commitments(Note6)                                                                                                                                                                 |  |  |                   |   |       |                 |  |  |  |   |       |  |
| Stockholders'Equity (Notes 7 and8):                                                                                                                                                |  |  |                   |   |       |                 |  |  |  |   |       |  |
| Preferred stock, par value$.0001 per share, 5,000 shares authorized, 0 shares issuedandoutstanding                                                                                 |  |  |                   |   | —    |                 |  |  |  |   | —    |  |
| Commonstock, par value $.0001 per share, 20,000,000 shares authorized,548,100 shares issued andoutstanding                                                                         |  |  |                   |   | 55         |                 |  |  |  |   | 55         |  |
| Common stock,Class B, par value $.0001 per share, 5,000,000 sharesauthorized, 2,875,000 shares issued and outstanding (which includes574,713 shares subject to possibleconversion) |  |  |                   |   | 288        |                 |  |  |  |   | 288        |  |
| Additionalpaid-in-capital                                                                                                                                                          |  |  |                   |   | 12,634,197 |                 |  |  |  |   | 12,737,420 |  |
| Earningsaccumulated during the developmentstage                                                                                                                                    |  |  |                   |   | 112,759    |                 |  |  |  |   | 15,161     |  |
| Accumulatedother comprehensiveincome                                                                                                                                               |  |  |                   |   | 7,263      |                 |  |  |  |   | 923        |  |
| Totalstockholders'equity                                                                                                                                                           |  |  |                   |   | 12,754,562 |                 |  |  |  |   | 12,753,847 |  |
| Totalliabilities and stockholders'equity                                                                                                                                           |  |  |                   | $ | 16,126,588 |                 |  |  |  | $ | 15,740,503 |  |
|                                                                                                                                                                                    |

SeeNotes to Unaudited Financial Statements

3

----

Table of Contents

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

Statements ofOperations(Unaudited)

|                                                                                       |  |  |                                            |   |           |                                             |  |  |                                           |   |           |                                                     |  |  |                                                      |   |           |   |  |  |  |   |           |   |  |  |  |   |          |   |
|---------------------------------------------------------------------------------------|--|--|--------------------------------------------|---|-----------|---------------------------------------------|--|--|-------------------------------------------|---|-----------|-----------------------------------------------------|--|--|------------------------------------------------------|---|-----------|---|--|--|--|---|-----------|---|--|--|--|---|----------|---|
|                                                                                  |  |  | Forthe threemonths ended September 30,2006 |   |           | For thethree months ended September 30,2005 |  |  | For thenine months endedSeptember 30,2006 |   |           | Frominception(February 3, 2005)to September 30,2005 |  |  | From inception(February 3, 2005) to September30,2006 |
| Revenue                                                                               |  |  |                                            | $ | —   |                                             |  |  |                                           | $ | —   |                                                     |  |  |                                                      | $ | —   |   |  |  |  | $ | —   |   |  |  |  | $ | —  |   |
| Operatingexpenses:                                                                    |  |  |                                            |   |      |                                             |  |  |                                           |   |      |                                                     |  |  |                                                      |   |      |   |  |  |  |   |      |   |  |  |  |   |     |   |
| Generaland administrative expenses (Note 5 and6)                                      |  |  |                                            |   | 121,829   |                                             |  |  |                                           |   | 105,364   |                                                     |  |  |                                                      |   | 378,598   |   |  |  |  |   | 113,813   |   |  |  |  |   | 590,142  |   |
| Lossfromoperations                                                                    |  |  |                                            |   | (121,829  | )                                           |  |  |                                           |   | (105,364  | )                                                   |  |  |                                                      |   | (378,598  | ) |  |  |  |   | (113,813  | ) |  |  |  |   | (590,142 | ) |
| Interestincome                                                                        |  |  |                                            |   | 191,803   |                                             |  |  |                                           |   | 100,671   |                                                     |  |  |                                                      |   | 528,196   |   |  |  |  |   | 100,671   |   |  |  |  |   | 764,301  |   |
| Income(loss) before provision for incometaxes                                         |  |  |                                            |   | 69,974    |                                             |  |  |                                           |   | (4,693    | )                                                   |  |  |                                                      |   | 149,598   |   |  |  |  |   | (13,142   | ) |  |  |  |   | 174,159  |   |
| Provisionfor income taxes (Note5)                                                     |  |  |                                            |   | 24,000    |                                             |  |  |                                           |   | —   |                                                     |  |  |                                                      |   | 52,000    |   |  |  |  |   | —   |   |  |  |  |   | 61,400   |   |
| Netincome(loss)                                                                       |  |  |                                            |   | 45,974    |                                             |  |  |                                           |   | (4,693    | )                                                   |  |  |                                                      |   | 97,598    |   |  |  |  |   | (13,142   | ) |  |  |  |   | 112,759  |   |
| Accretionof Trust Fund relating to Class B common stock subject to possibleconversion |  |  |                                            |   | (37,721   | )                                           |  |  |                                           |   | (19,507   | )                                                   |  |  |                                                      |   | (103,223  | ) |  |  |  |   | (19,507   | ) |  |  |  |   | (148,835 | ) |
| Netincome (loss) attributable to other Class B stockholders and commonstockholders    |  |  |                                            | $ | 8,253     |                                             |  |  |                                           | $ | (24,200   | )                                                   |  |  |                                                      | $ | (5,625    | ) |  |  |  | $ | (32,649   | ) |  |  |  | $ | (36,076  | ) |
| Weightedaverage number of shares outstanding, basic anddiluted                        |  |  |                                            |   | 3,423,100 |                                             |  |  |                                           |   | 2,669,926 |                                                     |  |  |                                                      |   | 3,423,100 |   |  |  |  |   | 1,023,533 |   |  |  |  |   |     |   |
| Netincome (loss) per share, basic anddiluted                                          |  |  |                                            | $ | —   |                                             |  |  |                                           | $ | (0.01     | )                                                   |  |  |                                                      | $ | —   |   |  |  |  | $ | (0.03     | ) |  |  |  |   |     |   |
|                                                                                       |

SeeNotes to Unaudited Financial Statements

4

----

Table of Contents

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

Statement ofStockholders’ EquityFrom inception (February 3, 2005) toSeptember  30,  2006

|                                                                                                                                                                                     |  |  |             |  |         |                      |  |  |                          |   |                     |                                              |  |  |                                     |  |           |       |  |  |  |   |         |  |  |  |  |   |            |   |  |  |  |   |         |  |  |  |  |   |         |  |  |  |  |   |            |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|-------------|--|---------|----------------------|--|--|--------------------------|---|---------------------|----------------------------------------------|--|--|-------------------------------------|--|-----------|-------|--|--|--|---|---------|--|--|--|--|---|------------|---|--|--|--|---|---------|--|--|--|--|---|---------|--|--|--|--|---|------------|---|
|                                                                                                                                                                                |  |  | CommonStock |  |         | Common Stock,Class B |  |  | AdditionalPaid-InCapital |   |                     | Earningsaccumulatedduringthedevelopmentstage |  |  | 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)                                                                                    |  |  |             |  | — |                      |  |  |                          |   | —             |                                              |  |  |                                     |  | —   |       |  |  |  |   | — |  |  |  |  |   | (103,223   | ) |  |  |  |   | — |  |  |  |  |   | — |  |  |  |  |   | (103,223   | ) |
| Netincome for the period(unaudited)                                                                                                                                                 |  |  |             |  | — |                      |  |  |                          |   | —             |                                              |  |  |                                     |  | —   |       |  |  |  |   | — |  |  |  |  |   | —    |   |  |  |  |   | 97,598  |  |  |  |  |   | — |  |  |  |  |   | 97,598     |   |
| Unrealizedgain on available-for-sale securities(unaudited)                                                                                                                          |  |  |             |  | — |                      |  |  |                          |   | —             |                                              |  |  |                                     |  | —   |       |  |  |  |   | — |  |  |  |  |   | —    |   |  |  |  |   | — |  |  |  |  |   | 6,340   |  |  |  |  |   | 6,340      |   |
| Comprehensiveincome(unaudited)                                                                                                                                                      |  |  |             |  |    |                      |  |  |                          |   |                |                                              |  |  |                                     |  |      |       |  |  |  |   |    |  |  |  |  |   |       |   |  |  |  |   |    |  |  |  |  |   |    |  |  |  |  |   | 103,938    |   |
| Balance,September  30,  2006(unaudited)                                                                                                                                             |  |  |             |  | 548,100 |                      |  |  |                          | $ | 55                  |                                              |  |  |                                     |  | 2,875,000 |       |  |  |  | $ | 288     |  |  |  |  | $ | 12,634,197 |   |  |  |  | $ | 112,759 |  |  |  |  | $ | 7,263   |  |  |  |  | $ | 12,754,562 |   |
|                                                                                                                                                                                     |

SeeNotes to Unaudited Financial Statements

5

----

Table of Contents

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

Statements ofCashFlows(Unaudited)

|                                                                                       |  |  |                                          |   |             |                                                   |  |  |                                                    |   |             |   |  |  |  |   |             |   |
|---------------------------------------------------------------------------------------|--|--|------------------------------------------|---|-------------|---------------------------------------------------|--|--|----------------------------------------------------|---|-------------|---|--|--|--|---|-------------|---|
|                                                                                  |  |  | Forthe ninemonths endedSeptember 30,2006 |   |             | Frominception(February 3,2005) toSeptember30,2005 |  |  | From inception(February 3,2005)toSeptember 30,2006 |
| OPERATINGACTIVITIES                                                                   |  |  |                                          |   |        |                                                   |  |  |                                                    |   |        |   |  |  |  |   |        |   |
| Net income(loss) for theperiod                                                        |  |  |                                          | $ | 97,598      |                                                   |  |  |                                                    | $ | (13,142     | ) |  |  |  | $ | 112,759     |   |
| Amortizationof discount on U.S. Government Securities held in TrustFund               |  |  |                                          |   | (510,032    | )                                                 |  |  |                                                    |   | (98,286     | ) |  |  |  |   | (737,283    | ) |
| Changesin operating asset andliabilities:                                             |  |  |                                          |   |        |                                                   |  |  |                                                    |   |        |   |  |  |  |   |        |   |
| Decrease(increase) in prepaidexpenses                                                 |  |  |                                          |   | 28,442      |                                                   |  |  |                                                    |   | (79,465     | ) |  |  |  |   | (25,933     | ) |
| Increasein accounts payable and accruedexpenses                                       |  |  |                                          |   | 9,452       |                                                   |  |  |                                                    |   | 31,675      |   |  |  |  |   | 38,798      |   |
| Increasein income taxespayable                                                        |  |  |                                          |   | 12,275      |                                                   |  |  |                                                    |   | —     |   |  |  |  |   | 21,675      |   |
| Netcash used in operatingactivities                                                   |  |  |                                          |   | (362,265    | )                                                 |  |  |                                                    |   | (159,218    | ) |  |  |  |   | (589,984    | ) |
| INVESTINGACTIVITIES                                                                   |  |  |                                          |   |        |                                                   |  |  |                                                    |   |        |   |  |  |  |   |        |   |
| Purchasesof U.S. Government Securities held in TrustFund                              |  |  |                                          |   | (44,805,382 | )                                                 |  |  |                                                    |   | (14,518,750 | ) |  |  |  |   | (71,949,133 | ) |
| Maturitiesof U.S. Government Securities held in TrustFund                             |  |  |                                          |   | 44,805,382  |                                                   |  |  |                                                    |   | —     |   |  |  |  |   | 57,430,382  |   |
| Deferredacquisitioncosts                                                              |  |  |                                          |   | (374,289    | )                                                 |  |  |                                                    |   | —     |   |  |  |  |   | (374,289    | ) |
| Netcash used in investingactivities                                                   |  |  |                                          |   | (374,289    | )                                                 |  |  |                                                    |   | (14,518,750 | ) |  |  |  |   | (14,893,040 | ) |
| 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     | ) |  |  |  |   | (81,250     | ) |
| Proceedsfrom issuance of underwriter's unit purchaseoption                            |  |  |                                          |   | —     |                                                   |  |  |                                                    |   | 100         |   |  |  |  |   | 100         |   |
| Netproceeds from sale of units through publicoffering                                 |  |  |                                          |   | —     |                                                   |  |  |                                                    |   | 15,603,823  |   |  |  |  |   | 15,603,823  |   |
| Deferredregistrationcosts                                                             |  |  |                                          |   | —     |                                                   |  |  |                                                    |   | 65,172      |   |  |  |  |   | —     |   |
| Netcash provided by financingactivities                                               |  |  |                                          |   | —     |                                                   |  |  |                                                    |   | 15,750,845  |   |  |  |  |   | 15,685,673  |   |
| Netincrease (decrease) in cash and cashequivalents                                    |  |  |                                          |   | (736,554    | )                                                 |  |  |                                                    |   | 1,072,877   |   |  |  |  |   | 202,649     |   |
| Cashand CashEquivalents                                                               |  |  |                                          |   |        |                                                   |  |  |                                                    |   |        |   |  |  |  |   |        |   |
| Beginningofperiod                                                                     |  |  |                                          |   | 939,203     |                                                   |  |  |                                                    |   | —     |   |  |  |  |   | —     |   |
| Endofperiod                                                                           |  |  |                                          | $ | 202,649     |                                                   |  |  |                                                    | $ | 1,072,877   |   |  |  |  | $ | 202,649     |   |
| Supplementaldisclosure of cash flowinformation:                                       |  |  |                                          |   |        |                                                   |  |  |                                                    |   |        |   |  |  |  |   |        |   |
| Cashpaid for incometaxes                                                              |  |  |                                          | $ | 39,725      |                                                   |  |  |                                                    | $ | —     |   |  |  |  | $ | 39,725      |   |
| Supplementaldisclosure of non-cashactivity:                                           |  |  |                                          |   |        |                                                   |  |  |                                                    |   |        |   |  |  |  |   |        |   |
| AccruedRegistrationCosts                                                              |  |  |                                          | $ | —     |                                                   |  |  |                                                    | $ | 65,172      |   |  |  |  | $ | —     |   |
| AccruedAcquisitionCosts                                                               |  |  |                                          | $ | 260,420     |                                                   |  |  |                                                    | $ | —     |   |  |  |  | $ | 260,420     |   |
| Accretionof Trust Fund relating to Class B common stock subject to possibleconversion |  |  |                                          | $ | 103,223     |                                                   |  |  |                                                    | $ | 19,507      |   |  |  |  | $ | 148,835     |   |
|                                                                                       |

SeeNotes to Unaudited FinancialStatements

6

----

Table of Contents

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

NOTE 1 – ORGANIZATIONAND BUSINESS OPERATIONS

Juniper Partners Acquisition Corp. (the‘‘Company’’) was incorporated in Delawareon February  3,  2005 to serve as a vehicle to effect amerger, capital stock exchange, asset acquisition or other similarbusiness combination with a currently unidentified operating business.See Recent Events below.

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 the Offering of 250,000 Series A Units(‘‘Series A Units’’) and 1,250,000 Series BUnits (‘‘Series B Units’’). On July29,  2005, the Company consummated the closing of an additional16,000 Series A Units and 187,500 Series B Units which were subject tothe over-allotment option. On August  26,  2005, theCompany consummated the further closing of an additional 8,000 Series AUnits which were subject to the over-allotment option. The Offeringgenerated total net proceeds of approximately $15.6  million. Ofthis amount, $14,518,750 was placed in trust. The Company'smanagement has broad authority with respect to the application of theproceeds of such Offering although substantially all of the proceeds ofsuch offering are intended to be applied generally toward consummatinga merger with or acquisition of an operating business (a‘‘Business Combination’’). Pending such aBusiness Combination, substantially all of the proceeds of the Offeringare required to be held in trust (‘‘TrustFund’’) to be returned to the holders of Class B commonstock if a Business Combination is not consummated by January20,  2007, (such period being referred to as the‘‘Target Business Acquisition Period’’). Inthe event there is no Business Combination, the Company will dissolveand any remaining net assets, after the distribution of the Trust Fundto Class B stockholders, will be distributed to the holders of commonstock sold in the Offering. The Company has satisfied the extensioncriteria.

The Company, after signing a definitive agreement fora Business Combination, is obliged to submit such transaction forapproval by a majority of the Class B common stockholders of theCompany. Class B stockholders that vote against such proposed BusinessCombination are, under certain conditions, entitled to convert theirshares into a pro-rata distribution from the Trust Fund (the‘‘Conversion Right’’). In this respect,$3,051,133 (including accretion aggregating $148,835 throughSeptember  30,  2006) has been classified as common stocksubject to possible conversion at September  30,  2006. Inthe event that holders of a majority of the outstanding shares of ClassB common stock vote for the approval of the Business Combination andholders owning 20% or more of the outstanding Class B commonstock do not exercise their Conversion Rights, the Business Combinationmay then be consummated. Upon completion of such Business Combinationand the payment of any Conversion Rights (and related cancellation ofClass B common stock), the remaining shares of Class B common stockwould be converted to common stock.

RecentEvents

On August  15,  2006, the Companyentered into a stock purchase agreement to acquire all of theoutstanding shares of common stock of Firestone Communications, Inc.(‘‘Firestone’’) (the‘‘Merger’’). The agreement with Firestonespecifies that the total purchase price for the Firestone shares willbe 2,800,000 shares of common stock, to be adjusted based on the amountof certain Firestone outstanding payables upon consummation of theMerger, and warrants to purchase 250,000 shares of Juniper CommonStock. After giving effect to the Merger and assuming there is nodownward adjustment for trade payables and that no Juniper Class Bcommon stockholder votes against the Merger and converts his or hershares to cash, the existing Juniper stockholders will ownapproximately 55% of the then issued and outstanding commonstock of the combined company. 

7

----

Table of Contents

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

Further contingent consideration may be issuedto Firestone shareholders based on the achievement of certain futuremilestones of the combined company.

The proposed Merger issubject to, among other things, the filing of definitive proxymaterials with the Securities and Exchange Commission and approval ofthe Merger by the Company's Class B stockholders. TheCompany filed a Joint Proxy Statement/Form S-4 Registration Statementon September  21 and an amendment on November  6,2006. There can be no assurance that the Merger will be consummated. Asof September  30,  2006 the Company has incurred anddeferred $634,709 of costs related to the Merger, $260,420 of which wasunpaid as of that date.

NOTE 2 –OFFERING

In its initial public offering, effectiveJuly  13,  2005, the Company sold to the public anaggregate of 274,000 Series A Units and 1,437,500 Series B Units at aprice of $10.50 and $10.10 per unit, respectively. Proceeds from theinitial public offering, totaled approximately $15.6  million,which was net of $1,791,927 in underwriting and other expenses. EachSeries A Unit consists of two shares of the Company's commonstock, five Class W Redeemable Warrants (a ‘‘Class WWarrant’’), and five Class Z Redeemable Warrants (a‘‘Class Z Warrant’’). Each Series B unitconsists of two shares of the Company's Class B common stock, oneClass W Warrant, and one Class Z Warrant.

Both theCompany’s common stock and Class B common stock have one voteper share. However, the Class B stockholders may, and the commonstockholders may not, vote in connection with a Business Combination.Further, should a Business Combination not be consummated during theTarget Business Acquisition Period, the Trust Fund would be distributedpro-rata to all of the Class B common stockholders and their Class Bcommon shares would be cancelled and returned to the status ofauthorized but unissued shares.

Each Class W Warrant entitles theholder to purchase from the Company one share of common stock at anexercise price of $5.00, commencing on the completion of a BusinessCombination. The Class W Warrants will expire on July  13,2010 or earlier upon redemption. Each Class Z Warrant entitles theholder to purchase from the Company one share of common stock at anexercise price of $5.00, commencing on the completion of a BusinessCombination with a target business. The Class Z Warrants will expire onJuly  13,  2012 or earlier upon redemption. The Company mayredeem the outstanding Class W Warrants and/or Class Z Warrants withthe 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$0.05 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’’) topurchase up to a total of 12,500 additional Series A Units and/or62,500 additional Series B Units (see Note 8). The Series A Units andSeries B Units issuable upon exercise of this option are identical tothose in the Offering, except that the exercise price of the warrantsincluded in the units are $5.50 per share (110% of the exerciseprice of the warrants included in the units sold to the public) and theClass Z Warrants shall be exercisable by HCFP for a period of only fiveyears from the date of the Offering. The UPO is exercisable at$17.325 per Series A Unit and $16.665 per Series B Unitcommencing on completion of a Business Combination, and expires onJuly  12,  2010.

NOTE 3– SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES 

Interim Financial Statements– The accompanying unaudited condensed financial statements havebeen prepared pursuant to the rules and regulations of the Securitiesand Exchange Commission 

8

----

Table of Contents

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

(‘‘SEC’’) andshould be read in conjunction with the Company's auditedfinancial statements and footnotes thereto for the period frominception (February 3, 2005) to December  31,  2005included in the Company's Form 10-KSB filed on March30,  2006. Certain information and footnote disclosures normallyincluded in financial statements prepared in accordance with accountingprinciples generally accepted in the United States of America have beenomitted pursuant to such rules and regulations. However, the Companybelieves that the disclosures are adequate to make the informationpresented not misleading. The financial statements reflect alladjustments (consisting primarily of normal recurring adjustments) thatare, in the opinion of management, necessary for a fair presentation ofthe Company's financial position and results of operations. Theoperating results for the three and nine months ended September30,  2006 are not necessarily indicative of the results to beexpected for any other interim period of any future year.

Cashand Cash Equivalents – Included in cash and cash equivalentsare deposits with financial institutions as well as short-term moneymarket instruments with maturities of three months or less whenpurchased.

Investments – U.S. Government Securitiesheld in Trust Fund, with maturities exceeding three months have beenaccounted for in accordance with Statement of Financial AccountingStandards (SFAS) No. 115, ‘‘Accounting for CertainInvestments in Debt and Equity Securities’’. The Companyclassifies all debt securities and all investments in equity securitiesthat have readily determinable fair values as available-for-sale, asthe sale of such securities may be required prior to maturity toimplement management strategies. Such securities are reported at fairvalue, with unrealized gains or losses excluded from earnings andincluded in other comprehensive income, net of applicabletaxes.

The Company's investment held in trust atSeptember  30,  2006 consists of an investment in UnitedStates of America government treasury securities, with a maturity dateof October  19,  2006. The fair market value of theinvestment was $15,263,297 as of September  30,  2006,including $7,263 of unrealized income, which is reported as a componentof other comprehensive income as of September  30,  2006.The Company recognized interest income of $189,061 and $510,032 fromamortization of the discount on the investment during the three andnine months ended September  30,  2006, respectively, whichis included in interest income on the accompanying statements ofoperations.

The Company’s restricted investment held intrust at December  31,  2005 consisted of an investment inUnited States of America government treasury securities, with amaturity date of January  19,  2006. The fair market valueof the restricted investment was $14,746,925 as of December31,  2005, including $923 of unrealized income, which is reportedas a component of other comprehensive income as of December31,  2005.

Concentration of Credit Risk –Financial instruments that potentially subject the Company to asignificant concentration of credit risk consist primarily of cash andcash equivalents. The Company maintains deposits in federally insuredfinancial institutions in excess of federally insured limits. However,management believes the Company is not exposed to significant creditrisk due to the financial position of the depository institutions inwhich those deposits are held.

Net Income (Loss) Per Share– Net income (loss) per share is computed based on the weightedaverage number of shares of common stock and Class B common stockoutstanding.

Basic earnings (loss) per share excludes dilutionand is computed by dividing income (loss) available to commonstockholders by the weighted average common shares outstanding for theperiod. Diluted earnings per share reflects the potential dilution thatcould occur if securities or other contracts to issue common stock wereexercised or converted into common stock or resulted in the issuance ofcommon stock that then shared in the earnings of the entity. Since theeffect of outstanding warrants to purchase common stock and the UPO isantidilutive as their exercise prices 

9

----

Table of Contents

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

are greater than the average market price ofthe underlying securities during the period, they have been excludedfrom the Company's computation of net income per share.Therefore, basic and diluted income (loss) per share were the same forthe three and nine months ended September  30,  2006 andfor the three months ended September  30,  2005 and for theperiod from inception (February 3, 2005) to September  30,2005.

Fair Value of Financial Instruments – The fairvalues of the Company's assets and liabilities that qualify asfinancial instruments under SFAS No. 107 approximate their carryingamounts presented in the balance sheet at September  30,2006.

Use of Estimates – The preparation offinancial statements in accordance with accounting principles generallyaccepted in the United States of America requires management to makeestimates and assumptions that affect certain reported amounts ofassets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reportedamounts of revenue and expenses during the reporting period. Actualresults could differ from those estimates.

Income Taxes– Deferred income tax assets and liabilities are computed fordifferences between the financial statement and tax bases of assets andliabilities that will result in future taxable or deductible amountsand are based on enacted tax laws and rates applicable to the periodsin which the differences are expected to affect taxable income.Valuation allowances are established when necessary to reduce deferredincome tax assets to the amount expected to berealized.

Accumulated Other Comprehensive Income –Accumulated Other Comprehensive Income includes unrealized gains onU.S. Government Securities held in Trust Fund.

New AccountingPronouncements – The Company does not believe that anyrecently issued, but not yet effective, accounting standards ifcurrently adopted would have a material effect on the accompanyingfinancial statements.

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 the proceeds of the Offering.

NOTE5 – INCOME TAXES

Provision for incometaxes consistsof:

|          |  |  |                                            |   |        |                                           |  |  |                                          |   |                                 |                                                   |  |  |                                                   |   |        |  |  |  |  |   |                                 |  |  |  |  |   |        |  |
|----------|--|--|--------------------------------------------|---|--------|-------------------------------------------|--|--|------------------------------------------|---|---------------------------------|---------------------------------------------------|--|--|---------------------------------------------------|---|--------|--|--|--|--|---|---------------------------------|--|--|--|--|---|--------|--|
|     |  |  | Forthe threemonths endedSeptember 30, 2006 |   |        | For thethreemonths endedSeptember 30,2005 |  |  | For theninemonths endedSeptember 30,2006 |   |                                 | Frominception(February 3,2005) toSeptember30,2005 |  |  | From inception(February 3,2005)toSeptember30,2006 |
| Current: |  |  |                                            |   |   |                                           |  |  |                                          |   |                            |                                                   |  |  |                                                   |   |   |  |  |  |  |   |                            |  |  |  |  |   |   |  |
| Federal  |  |  |                                            | $ | 24,000 |                                           |  |  |                                          | $ |     — |                                                   |  |  |                                                   | $ | 52,000 |  |  |  |  | $ |     — |  |  |  |  | $ | 61,400 |  |
|     |  |  |                                            | $ | 24,000 |                                           |  |  |                                          | $ | —                         |                                                   |  |  |                                                   | $ | 52,000 |  |  |  |  | $ | —                         |  |  |  |  | $ | 61,400 |  |
|          |

TheCompany's activities since inception have not given rise to thestate or local income taxes as the Company has not been engaged in atrade or business in any state and therefore does not have activitiesassociated with the incurrence of state or local income taxes,considering, among other factors that the Company is a vehicle toeffect a Business Combination, does not have any employees, does notcompensate its officers and does not have a lease or incur rent foroffice space. Accordingly no provision for such state or local incometaxes has been made on the accompanying financial statements. Uponconsummation of a Business Combination the Company will evaluate itsstate and local income tax requirements based on the businessactivities at such time.

10

----

Table of Contents

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

The Company is incorporated in Delawareand accordingly is subject to franchise taxes which are included ingeneral and administrative expenses. During the three and nine monthsended September  30,  2006 Delaware franchise tax expenseof $7,000 and $22,000, respectively, was incurred. During the threemonths ended September  30,  2005 and for the period frominception (February 3, 2005) to September  30,  2005,$19,000 of Delaware franchise tax expense was incurred. Cumulatively,for the period from inception (February 3, 2005) to September30,  2006, $48,151 of Delaware franchise tax expense wasincurred.

NOTE 6 –COMMITMENTS

The Company pays an affiliateof a stockholder, $7,500 per month, commencing on the effective date ofthe Offering, for office, secretarial and administrative services whichis included in general and administrative expenses on the accompanyingstatements of operations. Amounts of $22,500 and $67,500 for the threeand nine months ended September  30,  2006, respectively,were incurred. For the three months ended September  30,2005 and for the period from inception (February 3, 2005) toSeptember  30,  2005 $22,500 was incurred. Cumulatively,$112,500 for the period from inception (February 3, 2005) toSeptember  30,  2006 was incurred.

The Company hasengaged HCFP, on a non-exclusive basis, to act as its agent for thesolicitation of the exercise of the Company’s Class W Warrantsand Class Z Warrants. In consideration for solicitation services, theCompany has agreed to pay HCFP a commission equal to 5% of theexercise price for each Class W Warrant and Class Z Warrant exercisedmore than one year after the date of the Offering if the exercise issolicited by HCFP. No solicitation services were provided by HCFP sinceinception (February 3, 2005) to September  30,  2006.

HCFP has been engaged by the Company to act as the Company'snon-exclusive investment banker in connection with a proposed BusinessCombination (Note 1). For assisting the Company in structuring andnegotiating the terms of a Business Combination, the Company isobligated to pay HCFP a cash transaction fee equal to 5% of thefirst $5  million of total consideration, as defined in theUnderwriting Agreement, and 4% of total consideration paid over$5  million, with a maximum fee to be paid of $400,000. Therecognition and payment of such fee is contingent upon consummation ofthe Merger and as a result no amounts for such fees are accrued atSeptember  30,  2006.

NOTE 7 –PREFERRED STOCK 

The Company is authorized toissue up to 5,000 shares of Preferred Stock with such designations,voting, and other rights and preferences as may be determined from timeto time by the Board of Directors.

NOTE 8 – WARRANTS ANDOPTION TO PURCHASE COMMON STOCK

In February  2005, theCompany issued Class W Warrants to purchase 812,500 shares of theCompany’s common stock, and Class Z Warrants to purchase 812,500shares of the Company’s common stock, for an aggregate purchaseprice of $81,250, or $0.05 per warrant.

The Class W Warrants andClass Z Warrants outstanding prior to the Offering, all of which areheld by the Company’s initial securityholders or theiraffiliates, shall not be redeemable by the Company as long as suchwarrants continue to be held by such initial securityholders or theiraffiliates.

The Class W Warrants entitle the holder to purchaseshares at $5.00, subject to adjustment in certain circumstances, for aperiod commencing on the completion of a Business Combination andending July  12,  2010.

The Class Z Warrants entitlethe holder to purchase shares at $5.00, subject to adjustment incertain circumstances, for a period commencing on the completion of aBusiness Combination and ending July  12,2012.

11

----

Table of Contents

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

The Company has issued an option, for$100, to HCFP/Brenner Securities LLC, the representative of theunderwriters in the Offering, to purchase up to 12,500 Series A Unitsat an exercise price of $17.325 per unit and/or up to 62,500 Series BUnits at an exercise price of $16.665 per unit. The Series A Units andSeries B Units underlying the UPO will be exercisable in whole or inpart solely at HCFP's discretion, commencing on the consummationof a Business Combination and will expire on July  12,2010. The fair value of the option, inclusive of the receipt of the$100 cash payment, was accounted as an expense of the Offeringresulting in a charge directly to stockholders' equity. 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. Each of the Series A Units and Series B Units are identicalto the Series A Units and Series B Units sold in the Offering, exceptthat the exercise price of the Class W Warrants and Class Z Warrantsunderlying the Series A Units and Series B Units shall only beexercisable until July  12,2010.

12

----

Table of Contents

ITEM2 – MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OFOPERATION

The following discussion should be read in conjunctionwith the Company's Unaudited Financial Statements and footnotesthereto 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.

ORGANIZATION

Wewere formed on February  3,  2005, to serve as a vehicle toeffect a merger, capital stock exchange, asset acquisition or othersimilar business combination with an operating business. We intend toutilize cash derived from the proceeds of our public offering, ourcapital stock, debt or a combination of cash, capital stock and debt,in effecting a business combination.

RecentEvents

On August  15,  2006, we entered into astock purchase agreement to acquire all of the outstanding shares ofcommon stock of Firestone Communications, Inc.(‘‘Firestone’’) (the‘‘Merger’’). The agreement with Firestonespecifies that the total purchase price for the Firestone shares willbe 2,800,000 shares of common stock, to be adjusted based on the amountof certain Firestone outstanding payables upon consummation of theMerger, and warrants to purchase 250,000 shares of Juniper CommonStock. After giving effect to the Merger and assuming there is nodownward adjustment for trade payables and that no Juniper Class Bcommon stockholder votes against the Merger and converts his or hershares to cash, the existing Juniper stockholders will ownapproximately 55% of the then issued and outstanding commonstock of the combined company. Further contingent consideration may beissued to Firestone shareholders based on the achievement of certainfuture milestones of the combined company.

The proposed Merger issubject to, among other things, the filing of definitive proxymaterials with the Securities and Exchange Commission and approval ofthe Merger by our Class B stockholders. We filed a Joint ProxyStatement/Form S-4 Registration Statement with the SEC onSeptember  21,  2006 and an amendment to such filing onNovember  6,  2006. There can be no assurance that theMerger will be consummated.

RESULTS OF OPERATIONS

Netincome for the three months ended September  30,  2006 of$45,974 consisted of interest income on the Trust Fund investment of$189,061 and interest on cash and cash equivalents of $2,742, offset bygeneral and administrative expenses of $121,829 which includes $7,000related to Delaware Franchise tax, $22,500 related to an administrativeservices agreement with an affiliate of a stockholder, $41,425 ofprofessional fees, insurance expense of $22,065 and other expenses of$28,839, and $24,000 for income taxes.

Net loss for the threemonths ended September  30,  2005 of $(4,693) consisted ofinterest income on the Trust Fund investment of $98,286 and interest oncash and cash equivalents of $2,385, offset by general andadministrative expenses of $105,364, which includes $19,000 related toDelaware Franchise tax and $22,500 related to an administrativeservices agreement with an affiliate of a stockholder, $17,708 ofinsurance expense and other expenses of $46,156.

Net income forthe nine months ended September  30,  2006 of $97,598consisted of interest income on the Trust Fund investment of $510,032and interest on cash and cash equivalents of $18,164, offset by generaland administrative expenses of $378,598 which includes $22,000 relatedto Delaware Franchise tax, $67,500 related to an administrativeservices agreement with an affiliate of a stockholder, $143,674 ofprofessional fees, insurance expense of $64,565 and other expenses of$80,859, and $52,000 for income taxes.

13

----

Table of Contents

Net loss for the period fromFebruary  3,  2005 (inception) through September30,  2005 of $(13,142) consisted of interest income on the TrustFund investment of $98,286 and interest on cash and cash equivalents of2,385, offset by general and administrative expenses of $113,813, whichincludes $19,000 related to Delaware Franchise tax and $22,500 relatedto an administrative services agreement with an affiliate of astockholder, insurance expense of $17,708 and other expenses of$54,605.

Net income for the period from February  3,2005 (inception) through September  30,  2006 of $112,759consisted of interest income on the Trust Fund investment of $737,283and interest on cash and cash equivalents of $27,018, offset by generaland administrative expenses of $590,142, which includes $48,151 relatedto Delaware Franchise tax, $112,500 related to an administrativeservices agreement with an affiliate of a stockholder, $199,588 ofprofessional fees, insurance expense $103,523 and other expenses of$126,380, and $61,400 for income taxes.

We consummated ourinitial public offering of 250,000 Series A units and 1,250,000 SeriesB units on July  20,  2005. On July  29,  2005,we consummated the closing of an additional 16,000 Series A Units and187,500 Series B Units that were subject to the over-allotment option.On August  26,  2005, we consummated the closing of anadditional 8,000 Series A Units that were subject to the over-allotmentoption. Proceeds from our initial public offering were $15,603,823, netof underwriting and other expenses of $1,791,927, of which $14,518,750was deposited into the Trust Fund. The remaining proceeds are availableto be used by us to provide for business, legal and accounting duediligence on prospective acquisitions and continuing general andadministrative expenses. We may use substantially all of the netproceeds of our initial public 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.

Our current cash position isapproximately $203,000. We have outstanding payables, accruedacquisition costs and other accrued expenses of approximately $321,000at September  30,  2006, and accordingly our short termliabilities exceed our available cash position by approximately$118,000. We have reached agreement with certain service providers ondeferral of payment of fees until the closing of the Merger. If theMerger is not approved by our Class B stockholders and accordingly theentire Trust Fund is distributed to such Class B stockholders, we maynot have sufficient funds available to satisfy all of ourobligations.

Commencing on July  13,  2005 and endingupon the acquisition of a target business, we began incurring a feefrom Hidden Treasures, Inc., an affiliate of Stuart Rekant, ourchairman of the board and chief executive officer, and Paul Kramer, amember of our Board of Directors, of $7,500 per month for providing uswith office space and certain general and administrative services. Inaddition, in February  2005, the Company issued a $81,250non-interest bearing, unsecured note payable to Hidden Treasures, Inc.The note was repaid in full on July  21,  2005 from theproceeds of the offering.

In connection with our initial publicoffering, we issued an option, for $100, to HCFP/Brenner Securities LLCto purchase up to 12,500 Series A units at an exercise price of $17.325per unit and/or up to 62,500 Series B units at an exercise price of$16.665 per unit. The Series A units and Series B units included inthis option were identical to the units issued in our initial publicoffering except that the exercise price of the warrants included in theunits is $5.50 per share and the Class Z warrants shall be exercisableby the holder until July  12,  2010. We accounted for thefair value of the option, inclusive of the receipt of the $100 cashpayment, as an expense of the offering resulting in a charge directlyto stockholders' equity. We estimated that the fair value of thisoption was approximately $220,000 using a Black-Scholes option-pricingmodel. The fair value of the option granted was estimated as of thedate of grant using the following assumptions: (1) expected volatilityof 44.5%, (2) risk-free interest rate of 3.89%and (3) contractual life of 5 years. The option may be exercised forcash or on a ‘‘cashless’’ basis, at theholder's option, such that the holder may use the appreciated

14

----

Table of Contents

value of the option (the difference betweenthe exercise prices of the option and the underlying warrants and themarket price of the units and underlying securities) to exercise theoption without the payment of any cash.

ITEM 3.    CONTROLSAND PROCEDURES.

Disclosure controls and procedures are controlsand other procedures that are designed to ensure that informationrequired to be disclosed in company reports filed or submitted underthe Securities 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 ofSeptember  30,  2006. Based upon their evaluation, theyconcluded that our disclosure controls and procedures wereeffective.

Our internal control over financial reporting is aprocess designed by, or under the supervision of, our chief executiveofficer and chief financial officer and effected by our board ofdirectors, management and other personnel, to provide reasonableassurance regarding the reliability of our financial reporting and thepreparation of our financial statements for external purposes inaccordance with generally accepted accounting principles. Internalcontrol over financial reporting includes policies and procedures thatpertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of ourassets; provide reasonable assurance that transactions are recorded asnecessary to permit preparation of our financial statements inaccordance with generally accepted accounting principles, and that ourreceipts and expenditures are being made only in accordance with theauthorization of our board of directors and management; and providereasonable assurance regarding prevention or timely detection ofunauthorized acquisition, use or disposition of our assets that couldhave a material effect on our financial statements.

During themost recently completed fiscal quarter, there has been no change in ourinternal control over financial reporting that has materially affected,or is reasonably likely to materially affect, our internal control overfinancial reporting.

15

----

Table of Contents

PARTII.

OTHER INFORMATION

ITEM 2:    UNREGISTERED SALESOF EQUITY SECURITIES AND USE OF PROCEEDS

On July20,  2005, we consummated our initial public offering of 250,000Series A units, with each Series A unit consisting of two shares of ourcommon stock, five Class W warrants and five Class Z warrants, each topurchase one share of our common stock at an exercise price of $5.00per share, and 1,250,000 Series B units, with each Series B unitconsisting of two shares of our Class B common stock, one Class Wwarrant and one Class Z warrant. On July  29,  2005, weclosed on an additional 16,000 Series A units and 187,500 Series Bunits that were subject to the over-allotment option. On August26,  2005, we consummated the closing of an additional 8,000Series A Units that were subject to the over-allotment option. TheSeries A Units were sold at an offering price of $10.50 per Series AUnit and the Series B Units were sold at an offering price of $10.10per Series B Unit, generating total gross proceeds of $17,395,750.HCFP/Brenner Securities LLC acted as representative of the underwritersfor the initial public offering. The securities sold in the offeringwere registered under the Securities Act of 1933 on a registrationstatement on Form S-1 (No. 333-123050). The Securities and ExchangeCommission declared the registration statement effective on July13,  2005.

We paid a total of $1,791,927 in underwritingdiscounts and commissions related to the offering.

Afterdeducting the underwriting discounts and commissions and the offeringexpenses, the total net proceeds to us from the offering wereapproximately $15,603,823, of which $14,518,750 was deposited into thetrust account and the remaining proceeds are available to be used toprovide for business, legal and accounting due diligence on prospectivebusiness combinations and continuing general and administrativeexpenses.

For a description of the use of the proceeds generatedin our initial 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 – Section906 Certification by CEO

32.2 – Section 906Certification by CFO

16

----

Table of Contents

SIGNATURES

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

|                        |  |  |                                                                  |
|------------------------|--|--|------------------------------------------------------------------|
|                   |  |  | JUNIPER PARTNERSACQUISITION CORP.                                |
| Dated: November13,2006 |  |  |                                                             |
|                   |  |  | /s/Stuart B. Rekant                                              |
|                   |  |  | Stuart B.RekantChairman of the Board and Chief Executive Officer |
|                   |  |  | /s/Robert B. Becker                                              |
|                   |  |  | Robert B.BeckerChief Financial Officer, Treasurer andSecretary   |
|                        |

17

----