**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549 **

**FORM      10-KSB**
** **

| **x** | **Annual                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934** |
|-------|---------------------------------------------------------------------------------------------------------------------------------------|

**For      the fiscal year ended: March 31, 2006 **

| **o** | **Transition                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934** |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------|

**For      the transition period from ______________to ______________**

**Commission      File Number 000-51546**

**Jaguar      Acquisition Corporation **

| **Delaware**(State                of Incorporation)                                                                                                | **20-2942206**(Small                Business IssuerI.R.S.                Employer I.D. Number) |
|----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|
|                                                                                                                                               |                                                                                           |
| **1200                River Road, Suite 1302****Conshohocken,                Pennsylvania**(Address                of principal executive offices) |  **19428**(zip                code)                                                       |

**(610)      585-0285**

**Securities      registered pursuant to Section 12(b) of the Act:**

**Securities      registered pursuant to Section 12(g) of the Act: **

----

**PART      I**

**ITEM      1. DESCRIPTION OF BUSINESS**

Jaguar      Acquisition Corporation is      a blank      check company formed on June 2, 2005 to effect      a      merger, capital stock exchange, asset acquisition or other similar business      combination with an operating business. Our efforts in identifying a prospective      target business will not be limited to a particular industry, although we are      initially focusing our efforts on seeking a business combination with an      operating company in the financial services industry. For further details      regarding our business, see the section entitled “Proposed Business” contained      in our prospectus dated April 5, 2006 incorporated by reference      herein.

**ITEM      2. DESCRIPTION OF PROPERTY **

 We      maintain our executive offices at 1200 River Road, Suite 1302, Conshohocken,      Pennsylvania pursuant to an agreement with Katalyst LLC, an affiliate of      Jonathan Kalman, our chairman of the board and chief executive officer, C.      Richard Corl, our executive vice president, and James S. Cassano, our executive      vice president, chief financial officer and secretary. We pay Katalyst a monthly      fee of $3,750 for providing us with office space and certain office and      secretarial services. For further details regarding our facilities, see the      section entitled “Proposed Business - Facilities” contained in our prospectus      dated April 5, 2006 incorporated by reference herein.

**ITEM      3. LEGAL PROCEEDINGS **

None.

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS **

**PART      II**

**ITEM      5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS**

**Market      Information **

----

|                           |   |   |   |                        |   |     |   |   |   |
|--------------------------------|--------|--------|--------|-----------------------------|--------|----------|--------|--------|--------|
|                           |   | Units  |   | Common                Stock |   | Warrants |   |
|                           |   | High   |   | Low                         |   | High     |   | Low    |   | High |   | Low |   |
|                           |   |   |   |                        |   |     |   |   |   |   |   |   |   |
| 2006:                          |   |   |   |                        |   |     |   |   |   |   |   |   |   |
| Second                Quarter* |   |   | 6.30   |                        |   | 6.17     |   |   | 5.10   |   |   | 5.10 |   |   | 0.60 |   |   | 0.48 |   |
| First                Quarter   |   |   | 7.455  |                        |   | 6.17     |   |   | 5.10   |   |   | 5.10 |   |   | 0.50 |   |   | 0.47 |   |

**Holders      **

**Dividends      **

We      have      not paid any cash dividends on our common stock to date and do not intend to      pay      cash dividends prior to the completion of a business combination. The payment      of      dividends in the future will be contingent upon our revenues and earnings,      if      any, capital requirements and general financial condition subsequent to      completion of a business combination. The payment of any dividends subsequent      to      a business combination will be within the discretion of our then board of      directors. It is the present intention of our board of directors to retain      all      earnings, if any, for use in our business operations and, accordingly, our      board      does not anticipate declaring any dividends in the foreseeable      future.

**Recent      Sales of Unregistered Securities and Use of Proceeds**

| Stockholders                                   | Number                of Shares |
|------------------------------------------------|---------------------------------|
|                                           |                            |
| Sapphire                Canyon Investments LLC | 150,000                         |
|                                           |                            |
| Corl                LLC                        | 150,000                         |
|                                           |                            |
| JSC                Group Holdings LLC          | 150,000                         |
|                                           |                            |
| FA                Holdings, LLC                | 150,000                         |
|                                           |                            |
| John                Hoey                       | 37,500                          |
|                                           |                            |
| David                W. Tralka                 | 37,500                          |
|                                           |                            |
| Robert                Moreyra                  | 37,500                          |
|                                           |                            |
| Peter                Collins                   | 37,500                          |

----

**Recent      Public Offering**

**ITEM      6. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION**

----

**ITEM      7. FINANCIAL STATEMENTS**

**ITEM      8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL      DISCLOSURE.**

**ITEM      8A. CONTROL AND PROCEDURES**

----

**ITEM      8B. OTHER INFORMATION**

**PART      III**

**ITEM      9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE      WITH      SECTION 16(a) OF THE EXCHANGE ACT.**

**Directors      and Executive Officers**

| Name                            | Age |   | Position                                                                                                |
|---------------------------------|-----|--------|---------------------------------------------------------------------------------------------------------|
| Jonathan                Kalman  | 44  |   | Chairman                of the Board and Chief Executive Officer                                        |
| C.                Richard Corl  | 68  |   | Executive                Vice President and Director                                                    |
| James                S. Cassano | 60  |   | Executive                Vice President, Chief Financial Officer, Secretary and                Director |
| John                J. Hoey     | 66  |   | Director                                                                                                |

***Jonathan      Kalman***

----

***C.      Richard Corl***

***James      S. Cassano***

----

***John      J. Hoey***

**Special      Advisors**

***William      J. Westervelt, Jr.***

***David      W. Tralka***

***Robert      Moreyra***

----

***Peter      Collins***

***Kerry      Propper***

**Section      16(a) Beneficial Ownership Reporting Compliance**

**Code      of Ethics**

** **

----

**ITEM      10. EXECUTIVE COMPENSATION **

**ITEM      11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED      STOCKHOLDER MATTERS**

|   | · | each                person known by us to be the beneficial owner of more than 5% of                our                outstanding shares of common stock; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | each                of our officers and directors; and |
|--|--------|--------------------------------------------------------|

|  | · | all                our officers and directors as a                group. |
|--|--------|--------------------------------------------------------------------------|

| **Name                and Address of Beneficial Owner****(1)**                          |   | **Amount                and Nature of****Beneficial                Ownership** |   | **Percentage                of****Class** |
|-----------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|-------------------------------------------|
| Jonathan                Kalman                                                          |   | 143,889(2)                                                                     |   | 2.5%                                      |
| C.                Richard Corl                                                          |   | 123,334(3)                                                                     |   | 2.2%                                      |
| James                S. Cassano                                                         |   | 102,778(4)                                                                     |   | 1.8%                                      |
| John                Hoey(5)                                                             |   | 30,833(6)                                                                      |   | 0.5%                                      |
| Fir                Tree, Inc.(7)                                                        |   | 400,000(8)                                                                     |   | 7.0%                                      |
| All                directors and executive officers as a group (four individuals)  |   | 400,834(9)                                                                     |   | 7.0%                                      |

| (1) | Unless                otherwise indicated, the business address of each of the individuals                is                1200 River Road, Suite 1302, Conshohocken, Pennsylvania                19428. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | Represents                (i) 116,667 shares of common stock held by Sapphire Canyon Investments                LLC                and (ii) 27,222 shares of common stock held by Jonathan Kalman IRA.                Does                not include 54,444 shares of common stock issuable upon exercise                of                warrants held by Jonathan Kalman IRA which are not exercisable and                will                not become exercisable within 60 days. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Represents                (i) 100,000 shares of common stock held by Corl LLC and (ii) 23,334                shares                of common stock held by C. Richard Corl IRA. Does not include 46,668                shares of common stock issuable upon exercise of warrants held by                C.                Richard Corl IRA which are not exercisable and will not become exercisable                within 60 days. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | These                shares are held by JSC Group Holdings LLC, of which Mr. Cassano is                the                president. Does not include 38,890 shares of common stock issuable                upon                exercise of warrants held by JSC Group Holdings which are not exercisable                and will not become exercisable within 60                days. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The                business address of Mr. Hoey is Beneficial Capital Corp., Post Office                Box                40A, Villanova, Pennsylvania 19085. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Does                not include 11,666 shares of common stock issuable upon exercise                of                warrants which are not exercisable and will not become exercisable                within                60 days. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The                business address of Fir Tree, Inc. is 535 Fifth Avenue, 31st                Floor, New York, New York 10017. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (8) | Represents                (i) 271,760 shares of common stock held by Sapling, LLC and (ii)                128,240                shares of common stock held by Fir Tree Recovery Master Fund, L.P.                Fir                Tree, Inc. is the investment manager of both entities. The foregoing                information was derived from a Schedule 13G filed with the SEC on                April                12, 2006. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Does                not include 151,668 shares of common stock issuable upon exercise                of                warrants which are not exercisable and will not become exercisable                within                60 days. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | April                5, 2009; |
|--------|--------|-------------------------------|

|   | · | our                liquidation; and |
|--------|--------|-------------------------------------|

|   | · | the                consummation of a liquidation, merger, stock exchange or other similar                transaction which results in all of our stockholders having the right                to                exchange their shares of common stock for cash, securities or other                property subsequent to our consummating a business combination with                a                target business. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**ITEM      12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS **

| Name                           | Number                of Shares | Relationship                to Us                                           |
|--------------------------------|---------------------------------|-----------------------------------------------------------------------------|
|                           |                            |                                                                        |
| Sapphire                Canyon |                            |                                                                        |
| Investments                LLC | 150,000                         | Stockholder,                of which Mr. Kalman, our                        |
|                           |                            | chairman                and chief executive officer, is the                 |
|                           |                            | president                                                                   |
| Corl                LLC        | 150,000                         | Stockholder,                of which Mr. Corl, our executive                |
|                           |                            | vice                president and director, is the                president |

| JSC                Group        |    |                                                              |
|---------------------------------|---------|-------------------------------------------------------------------|
| Holdings                LLC     | 150,000 | Stockholder,                of which Mr. Cassano, our             |
|                            |    | executive                vice president, chief financial officer, |
|                            |    | secretary                and director, is the president           |
|                            |    |                                                              |
| FA                Holdings, LLC | 150,000 | Stockholder,                of which Mr. Westervelt, our          |
|                            |    | special                advisor is the president                   |
|                            |    |                                                              |
| John                Hoey        | 37,500  | Director                                                          |
|                            |    |                                                              |
| David                W. Tralka  | 37,500  | Special                Advisor                                    |
|                            |    |                                                              |
| Robert                Moreyra   | 37,500  | Special                Advisor                                    |
|                            |    |                                                              |
| Peter                Collins    | 37,500  | Special                Advisor                                    |

|   | · | April                5, 2009; |
|--------|--------|-------------------------------|

|   | · | our                liquidation; or |
|--------|--------|------------------------------------|

----

|   | · | the                consummation of a liquidation, merger, stock exchange or other similar                transaction which results in all of our stockholders having the right                to                exchange their shares of common stock for cash, securities or other                property subsequent to our consummating a business combination with                a                target business. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | each                agreed to vote all of the initial shares owned by him in accordance                with                the majority of the shares sold in our initial public offering if                we                solicit approval of our stockholders for a business                combination; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | if                we fail to consummate a business combination by October 13,                2007                (or by April 13, 2008 under                certain limited circumstances), each agreed to take all reasonable                actions                within his power to cause us to liquidate as soon as reasonably                practicable; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | each                waived any and all rights he may have to receive any distribution                of cash,                property or other assets as a result of such liquidation with respect                to                his initial shares; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | each                agreed to present to us for our consideration, prior to presentation                to                any other person or entity, any suitable opportunity to acquire an                operating business, until the earlier of our consummation of a business                combination, our liquidation or until such time as he ceases to be                an                officer or director of ours, subject to any pre-existing fiduciary                obligations he might have; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | each                agreed that we could not consummate any business combination which                involves a company which is affiliated with any of the initial                stockholders unless                we obtain an opinion from an independent investment banking firm                reasonably acceptable to EarlyBirdCapital that the business combination                is                fair to our stockholders from a financial                perspective; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | each                agreed that he and his affiliates will not be entitled to receive                and will                not accept any compensation for services rendered to us prior to                the                consummation of our business combination;                and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | each                agreed that he and his affiliates will not be entitled to receive                or                accept a finder’s fee or any other compensation in the event he or his                affiliates originate a business                combination. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM      13. EXHIBITS **

|  | 3.1 | Certificate                of Incorporation. (1) |
|--|-----|--------------------------------------------------|

|  | 3.2 | By-laws.                (1) |
|--|-----|-----------------------------|

|  | 4.1 | Specimen                Unit Certificate. (1) |
|--|-----|-----------------------------------------------|

|  | 4.2 | Specimen                Common Stock Certificate. (1) |
|--|-----|-------------------------------------------------------|

|  | 4.3 | Specimen                Warrant Certificate. (1) |
|--|-----|--------------------------------------------------|

|   | 4.4 |   | Form                of Unit Purchase Option to be granted to Representative.                (1) |
|--------|-----|--------|-------------------------------------------------------------------------------------------------|

|   | 4.5 |   | Form                of Warrant Agreement between Continental Stock Transfer & Trust                Company and the Registrant. (1) |
|--------|-----|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and Jonathan                Kalman. (1) |
|--------|------|--------|----------------------------------------------------------------------------------------------------------------------|

----

|   | 10.2 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and C. Richard                Corl. (1) |
|--------|------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | 10.3 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and James                S.                Cassano.(1) |
|--------|------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and John J.                Hoey.                (1) |
|--------|------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | 10.5 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and William                J.                Westervelt, Jr. (1) |
|--------|------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.6 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and David                W.                Tralka.(1) |
|--------|------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.7 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and Robert                Moreyra.(1) |
|--------|------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | 10.8 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and Peter                Collins.(1) |
|--------|------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | 10.9 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and Sapphire                Canyon                Investments LLC.(1) |
|--------|------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.10 | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and Corl                LLC.(1) |
|--|-------|--------------------------------------------------------------------------------------------------------------|

|   | 10.11 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and JSC Group                Holdings LLC.(1) |
|--------|-------|--------|----------------------------------------------------------------------------------------------------------------------------|

|   | 10.12 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and FA Holdings,                LLC.(1) |
|--------|-------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | 10.13 |   | Investment                Management Trust Agreement between Continental Stock Transfer & Trust                Company and the Registrant. (1) |
|--------|-------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.14 |   | Form                of Stock Escrow Agreement between the Registrant, Continental Stock                Transfer & Trust Company and the Initial                Stockholders.(1) |
|--------|-------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.15 |   | Form                of Promissory Note, dated June 29, 2005, issued to each of Jonathan                Kalman, James S. Cassano, C. Richard Corl, John J. Hoey, Robert Moreyra,                David W. Tralka, Peter Collins and FA Holdings,                LLC.(1) |
|--------|-------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.16 |   | Form                of Registration Rights Agreement among the Registrant and the Initial                Stockholders.(1) |
|--------|-------|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | 10.17 |   | Form                of Warrant Purchase Agreements among EarlyBirdCapital, Inc. and each                of                Kerry Propper and YMBB, LLC.(1) |
|--------|-------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.18 |   | Form                of Letter Agreement between Katalyst LLC and Registrant regarding                administrative support.(1) |
|--------|-------|--------|---------------------------------------------------------------------------------------------------------------------------------|

|   | 10.19 |   | Letter                Agreement, dated September 28, 2005, among the Registrant and the                Initial                Stockholders.(1) |
|--------|-------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 10.20 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and YMBB,                LLC.(1) |
|--------|-------|--------|---------------------------------------------------------------------------------------------------------------|

|   | 10.21 |   | Letter                Agreement among the Registrant, EarlyBirdCapital, Inc. and Kerry                Propper.(1) |
|--------|-------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | 10.22 |   | Form                of Subscription Agreements among the Registrant and each of Jonathan                Kalman IRA, C. Richard Corl IRA, JSC Group Holdings LLC, FA Holdings,                LLC,                John J. Hoey, David W. Tralka and Moreco Partners                LLC.(1) |
|--------|-------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.23 |   | Letter                Agreement, dated March 3, 2006, among the Registrant and Jonathan                Kalman,                C. Richard Corl, James S. Cassano, John J. Hoey, Sapphire Canyon                Investments LLC, Corl LLC, JSC Group Holdings LLC, FA Holdings LLC,                David                W. Tralka, YMBB, LLC, Robert Moreyra, Peter Collins, Moreco Partners,                LLC,                Kerry Propper, Jonathan Kalman IRA and C. Richard Corl                IRA.(1) |
|--------|-------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 31.1 | Certification                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | 31.2 | Certification                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002 |
|--|------|----------------------------------------------------------------------------------------------------------------------------------|

|  | 32 | Certification                of Chief Executive Officer and Chief Financial Officer pursuant to                Section                906 of the Sarbanes-Oxley Act of                2002. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**ITEM      14. PRINCIPAL ACCOUNTING FEES AND SERVICES.**

**Audit      Fees**

**Audit-Related      Fees**

**Tax      Fees**

**All      Other Fees**

**Audit      Committee Approval**

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**Jaguar        Acquisition Corporation**

**(a        corporation in the development stage)**

| **Report                  of Independent Registered Public Accounting Firm** |   |   | F-2                                |   |
|------------------------------------------------------------------------------|--------|--------|------------------------------------|--------|
|                                                                         |   |   |                               |   |
|                                                                         |   |   |                               |   |
| **Financial                  statements**                                    |   |   |                               |   |
|                                                                         |   |   |                               |   |
| Balance                  Sheet                                               |   |   | F-3                                |   |
| Statement                  of Operations                                     |   |   | F-4                                |   |
| Statement                  of Stockholders’ Equity                     |   |   | F-5                                |   |
| Statement                  of Cash Flows                                     |   |   | F-6                                |   |
|                                                                         |   |   |                               |   |
| **Summary                  of Significant Accounting Policies**              |   |   | F-7                                |   |
|                                                                         |   |   |                               |   |
| **Notes                  to Financial Statements**                           |   |   | F-8 -                    F-11 |   |

----

**Report        of Independent Registered Public Accounting Firm**

----

**Jaguar        Acquisition Corporation**

**(a        corporation in the development stage)**

**Balance        Sheets**

----

|                                                              |   | March                  31, |    |
|-------------------------------------------------------------------|--------|----------------------------|---------|
|                                                              |   | 2006                       |    |
|                                                              |   |                       |    |
| **Assets**                                                        |   |                       |    |
| Current                  assets:                                  |   |                       |    |
| Cash                                                              |   | $                          | 470     |   |
| Total                  current assets                             |   |                       | 470     |   |
| Deferred                  offering costs                          |   |                       | 110,330 |   |
| Total                  assets                                     |   | $                          | 110,800 |   |
|                                                              |   |                       |    |   |
| **Liabilities                  and Stockholders’ Equity**   |   |                       |    |   |
| Current                  liabilities:                             |   |                       |    |   |
| Accrued                  offering costs                           |   |                       | 12,000  |   |
| Note                  payable, stockholders                       |   |                       | 75,000  |   |
| Total                  current liabilities                        |   |                       | 87,000  |   |
|                                                              |   |                       |    |   |
| Commitments                                                       |   |                       |    |   |
|                                                              |   |                       |    |   |
| Stockholders’                  equity                       |   |                       |    |   |
| Preferred                  stock, $.0001 par value, Authorized    |   |                       |    |   |
| 1,000,000                  shares; none issued                    |   |                       | ---     |   |
| Common                  stock, $.0001 par value                   |   |                       |    |   |
| Authorized                  20,000,000 shares                     |   |                       |    |   |
| Issued                  and outstanding 1,000,000 shares          |   |                       | 100     |   |
| Additional                  paid-in capital                       |   |                       | 24,900  |   |
| Deficit                  accumulated during development stage     |   |                       | (1,200  | ) |
|                                                              |   |                       |    |   |
| Total                  stockholders’ equity                 |   |                       | 23,800  |   |
| Total                  liabilities and stockholders’ equity |   | $                          | 110,800 |   |

*See        summary of significant accounting policies and accompanying notes to financial        statements.*

----

**Jaguar                Acquisition Corporation**

**(a                corporation in the development stage)**

**Statement                of Operations**

----

|                                                    |   | Period                  from    |      |
|---------------------------------------------------------|--------|---------------------------------|-----------|
|                                                    |   | June                  2, 2005   |      |
|                                                    |   | (inception)                  to |      |
|                                                    |   | March                  31, 2006 |      |
|                                                    |   |                            |      |
|                                                    |   |                            |      |
|                                                    |   |                            |      |
| General,                  administrative                |   |                            |      |
| and                  formation expenses                 |   | $                               | (1,200    | ) |
|                                                    |   |                            |      |   |
|                                                    |   |                            |      |   |
| Net                  loss for the period                |   | $                               | (1,200    | ) |
|                                                    |   |                            |      |   |
|                                                    |   |                            |      |   |
| Weighted                  average number of             |   |                            |      |   |
| shares                  outstanding                     |   |                            | 1,000,000 |   |
|                                                    |   |                            |      |   |
| Net                  loss per share - basic and diluted |   | $                               | (.00      | ) |

*See        summary of significant accounting policies and accompanying notes to financial        statements.*

----

**Jaguar                  Acquisition Corporation**

**(a                  corporation in the development stage)**

**Statement                  of Stockholders’ Equity**

----

|                                                          |   |                                      |      |    |   | Additional                  |   | Deficit                  accumulated |   |   |   |
|---------------------------------------------------------------|--------|-------------------------------------------|-----------|---------|--------|-----------------------------|--------|--------------------------------------|--------|--------|--------|
|                                                          |   |  Common                  Stock  |      | Paid-In |   | during                  the |   |                                 |   |
|                                                          |   | Shares                                    |      | Amount  |   | Capital                     |   | development                  stage   |   | Total  |   |
|                                                          |   |                                      |      |    |   |                        |   |                                 |   |   |   |
| Balance,                  June 2, 2005 (inception)            |   |                                      | ---       |    | $      | ---                         |   | $                                    | ---    |   | $      | --- |   | $ | --- |   |
|                                                          |   |                                      |      |    |   |                        |   |                                 |   |   |   |   |   |   |   |   |
| Common                  shares issued to initial stockholders |   |                                      | 1,000,000 |    |   | 100                         |   |                                 | 24,900 |   |   | --- |   |   | 25,000 |   |
|                                                          |   |                                      |      |    |   |                        |   |                                 |   |   |   |   |   |   |   |   |
| Net                  loss for the period                      |   |                                      | ----      |    |   | ---                         |   |                                 | ----   |   |   | (1,200 | ) |   | (1,200 | ) |
|                                                          |   |                                      |      |    |   |                        |   |                                 |   |   |   |   |   |   |   |   |
| Balance,                  March 31, 2006                      |   |                                      | 1,000,000 |    |   | 100                         |   |                                 | 24,900 |   |   | (1,200 | ) |   | 23,800 |   |

*See        summary of significant accounting policies and accompanying notes to financial        statements.*

----

**Jaguar                Acquisition Corporation**

**(a                corporation in the development stage)**

**Statement                of Cash Flows**

----

|                                                                                                       |   | Period                  from    |    |
|------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|
|                                                                                                       |   | June                  2, 2005   |    |
|                                                                                                       |   | (inception)                  to |    |
|                                                                                                       |   | March                  31, 2006 |    |
|                                                                                                       |   |                            |    |
| **Cash                  Flows from Operating Activities**                                                  |   |                            |    |
| Net                  loss; net cash used in operating activities                                           |   | $                               | (1,200  | ) |
|                                                                                                       |   |                            |    |   |
| **Cash                  Flows from Financing Activities**                                                  |   |                            |    |   |
| Proceeds                  from notes payable, stockholders                                                 |   |                            | 75,000  |   |
| Proceeds                  from issuance of shares of common stock to initial                  stockholders |   |                            | 25,000  |   |
| Payment                  of costs of initial public offering                                               |   |                            | (98,330 | ) |
|                                                                                                       |   |                            |    |   |
| Net                  cash provided by financing activities                                                 |   |                            | 1,670   |   |
|                                                                                                       |   |                            |    |   |
| Net                  increase in cash                                                                      |   |                            | 470     |   |
| Cash                  at beginning of the period                                                           |   |                            | ---     |   |
| Cash                  at end of the period                                                                 |   | $                               | 470     |   |
|                                                                                                       |   |                            |    |   |
| Supplemental                  disclosure of non-cash financing activities:                                 |   |                            |    |   |
|                                                                                                       |   |                            |    |   |
| Accrued                  offering costs                                                                    |   |                            | 12,000  |   |

*See        summary of significant accounting policies and accompanying notes to financial        statements*

----

**Jaguar                Acquisition Corporation**

**(a                corporation in the development stage)**

**Summary                of Significant Accounting Policies**

----

|   | **Income                  taxes**            | The                  Company follows Statement of Financial Accounting Standards No.                  109 (“SFAS                  No. 109”), “Accounting for Income Taxes” which is an asset and liability                  approach that requires the recognition of deferred tax assets and                  liabilities for the expected future tax consequences of events                  that have                  been recognized in the Company’s financial statements or tax returns. The                  Company has a net operating loss carryforward of approximately                  $1,200                  available to reduce any future income taxes. The tax benefit of                  this loss,                  approximately $480, has been fully offset by a valuation allowance                  due to                  the uncertainty of its realization.  |
|--------|-------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | **Use                of                estimates**          | The                  preparation of financial statements in conformity with accounting                  principles generally accepted in the United States of America requires                  management to make estimates and assumptions that affect the reported                  amounts of assets and liabilities at the date of the financial                  statements                  and the reported amounts of expenses during the reporting period.                  Actual                  results could differ from those estimates.                                                                                                                                                                                                                                                                                                                                                                 |
|   | **Cash                and cash                equivalents** | The                  Company considers all highly liquid investments with original maturities                  of three months or less to be cash equivalents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | **Loss                per common                share**     | Loss                  per share is computed by dividing net loss applicable to common                  stockholders by the weighted average number of common shares outstanding                  for the period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | **Recently                  issued accounting standards**   | Management                  does not believe that any recently issued, but not yet effective,                  accounting standards, if currently adopted, would have a material                  effect                  on the accompanying financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | **Deferred                offering costs**                  | Deferred                offering                costs consist principally of legal, audit and underwriting fees incurred                through the balance sheet date that were charged to capital upon                receipt                of the proceeds from the offering during April                2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

----

**Jaguar            Acquisition Corporation**

**(a            corporation in the development stage)**

**Notes            to Financial Statements**

----

| **1.** | **Organization****and****Business****Operations** | Jaguar                  Acquisition Corporation (the “Company”) was incorporated in Delaware on                  June 2, 2005 as a blank check company whose objective is to acquire                  an                  operating business.  All                  activity from June 2, 2005 (inception) through March 31, 2006 (its                  fiscal                  year end) relates to the Company’s formation and initial public offering                  described below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                              | As                  described in Note 6, the registration statement for the Company’s initial                  public offering (“Offering”) was declared effective April 5, 2006. The                  Company consummated the offering on April 13, 2006. The Company’s                  management has broad discretion with respect to the specific application                  of the net proceeds of this Offering, although substantially all                  of the                  net proceeds of this Offering are intended to be generally applied                  toward                  consummating a business combination with an operating business                  (“Business                  Combination”). Furthermore, there is no assurance that the Company will be                  able to successfully effect a Business Combination.                                                                                                                                                                                                                                                                                                                                       |
|   |                                              | All                  of the Company’s stockholders prior to the Offering, including all of the                  officers and directors of the Company (“Initial Stockholders”), have                  agreed to vote their 1,000,000 founding shares of common stock                  in                  accordance with the vote of the majority in interest of all other                  stockholders of the Company (“Public Stockholders”) with respect to any                  Business Combination. After consummation of a Business Combination,                  these                  voting safeguards will no longer be applicable. The                  Company, after signing a definitive agreement for the acquisition                  of a                  target business, will submit such transaction for stockholder approval.                  In                  the event that stockholders owning 20% or more of the shares sold                  in the                  Offering vote against the Business Combination and exercise their                  conversion rights described below, the Business Combination will                  not be                  consummated. |

----

**Jaguar                Acquisition Corporation**

**(a                corporation in the development stage)**

**Notes                to Financial Statements**

----

|   |   | With                  respect to a Business Combination which is approved and consummated,                  any                  Public Stockholder who voted against the Business Combination may                  demand                  that the Company convert his shares. The per share conversion price                  will                  equal the amount in the Trust Account, calculated as of two business                  days                  prior to the consummation of the proposed Business Combination,                  divided by                  the number of shares of common stock held by Public Stockholders                  at the                  consummation of the Proposed Offering. Accordingly, Public Stockholders                  holding 19.99% of the aggregate number of shares owned by all Public                  Stockholders may seek conversion of their shares in the event of                  a                  Business Combination. Such Public Stockholders are entitled to                  receive                  their per share interest in the Trust Account computed without                  regard to                  the shares held by Initial Stockholders.  The                  Company’s Certificate of Incorporation provides for mandatory liquidation                  of the Company in the event that the Company does not consummate                  a                  Business Combination within 18 months from the date of the consummation                  of                  the Offering, or 24 months from the consummation of the Offering                  if                  certain extension criteria have been satisfied. In the event of                  liquidation, it is likely that the per share value of the residual                  assets                  remaining available for distribution (including Trust Account assets)                  will                  be less than the initial public offering price per share in the                  Offering                  due to costs related to the Offering and since no value would be                  attributed to the Warrants contained in the Units sold                  (Note 6). |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.** | **Commitments**                      | The                  Company presently occupies office space provided by an affiliate                  of the                  Company’s executive officers. Such affiliate has agreed that, until the                  acquisition of a target business by the Company, it will make such                  office                  space, as well as certain office and secretarial services, available                  to                  the Company, as may be required by the Company from time to time.                  The                  Company has agreed to pay such affiliate $3,750 per month for such                  services commencing after the Offering.  The                  Initial Stockholders will be entitled to registration rights with                  respect                  to their founding shares pursuant to an agreement dated April 5,                  2006. The                  holders of the majority of these shares are entitled to make up                  to two                  demands that the Company register these shares at any time commencing                  three months prior to the third anniversary of the effective date                  of the                  Offering. In addition, the Initial Stockholders have certain "piggy-back"                  registration rights on registration statements filed subsequent                  to the                  third anniversary of the effective date of the Offering.  |
|--------|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **3.** | **Preferred                  Stock** | The                  Company is authorized to issue 1,000,000 shares of preferred stock                  with                  such designations, voting and other rights and preferences as may                  be                  determined from time to time by the Board of                  Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

| **4.** | **Common                  Stock**                | Effective                  February 6, 2006, the Company’s Board of Directors authorized a stock                  dividend of approximately 0.333333 shares of common stock for each                  outstanding share of common stock. All references in the accompanying                  financial statements to the number of shares of stock have been                  retroactively restated to reflect this transaction.  |
|--------|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **5.** | **Notes                  Payable, Stockholders** | In                  June 2005, the Company issued an aggregate of $75,000 unsecured                  promissory                  notes to its Initial Stockholders. The notes are non interest-bearing                  and were paid following the consummation of the Offering from the net                  proceeds of such Offering.                                                                                           |

----

**Jaguar                  Acquisition Corporation**

**(a                  corporation in the development stage)**

**Notes                  to Financial Statements**

----

| **6.** | **Subsequent                  Event; Initial Public Offering** | The                  registration statement for the Company’s initial public offering                  (“Offering”) was declared effective April 5, 2006. The Company consummated                  the offering on April 13, 2006 and received net proceeds of approximately                  $21,600,000 from the sale of 4,000,000 units and $700,000 from                  the sale of                  Insider Units (Note 7). On April 18, 2006 the Company consummated                  the                  closing of an additional 600,000 units subject to the over-allotment                  option and received net proceeds of approximately $3,300,000.  The                  Company’s management has broad discretion with respect to the specific                  application of the net proceeds of this Offering, although substantially                  all of the net proceeds of this Offering are intended to be generally                  applied toward consummating a business combination with an operating                  business (“Business Combination”). Furthermore, there is no assurance that                  the Company will be able to successfully effect a Business Combination.                  An                  amount of $25,098,002 (including $700,002 of proceeds from the                  Insider                  Units discussed in Note 7) was placed in an interest-bearing trust                  account                  (“Trust Account”) until the earlier of (i) the consummation of a Business                  Combination or (ii) liquidation of the Company. The remaining net                  proceeds                  (not held in the Trust Account) may be used to pay for business,                  legal and                  accounting due diligence on prospective acquisitions and continuing                  general and administrative expenses. The                  Company sold an aggrgate of 4,600,000 units (“Units”) in the Offering.                  Each Unit consists of one share of the Company’s common stock, $.0001 par                  value, and two Redeemable Common Stock Purchase Warrants (“Warrants”).                  Each Warrant entitles the holder to purchase from the Company one                  share of                  common stock at an exercise price of $5.00 commencing the later                  of the                  completion of a Business Combination or one year from the effective                  date                  of the Offering and expiring four years from the effective date                  of the                  Offering. The Warrants will be redeemable, upon prior written consent                  of                  EarlyBirdCapital, Inc. (“Representative”), at a price of $.01 per Warrant                  upon 30 days’ notice after the Warrants become exercisable, only in the                  event that the last sale price of the common stock is at least                  $8.50 per                  share for any 20 trading days within a 30 trading day period ending                  on the                  third day prior to the date on which notice of redemption is given.                  The                  Company paid the underwriters in the Offering an underwriting discount                  of                  7% of the gross proceeds of the Offering and a non-accountable                  expense                  allowance of 1% of the gross proceeds of the Offering.  In                  connection with the Offering, the Company also issued an option,                  for $100,                  to the Representative to purchase 350,000 Units at an exercise                  price of                  $9.10 per Unit. At March 31, 2006, the Company estimated that the                  fair                  value of this unit purchase option was approximately $766,500 ($2.19                  per                  Unit) using a Black-Scholes option-pricing model. The fair value                  of the                  unit purchase option granted to the Representative was estimated                  using the                  following assumptions: (1) expected volatility of 48.97%, (2) risk-free                  interest rate of 4.82% and (3) expected life of 5 years. The Company                  will                  account for the fair value of the unit purchase option as an expense                  of                  the public offering resulting in a charge directly to stockholders'                  equity. The unit purchase option may be exercised for cash or on                  a                  "cashless" basis, at the holder's option, such that the holder                  may use the                  appreciated value of the unit purchase option (the difference between                  the                  exercise prices of the unit purchase option and the underlying                  Warrants                  and the market price of the Units and underlying securities) to                  exercise                  the unit purchase option without the payment of any cash. In addition,                  the                  warrants underlying such Units are exercisable at $5.00 per                  share. |
|--------|----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Jaguar                  Acquisition Corporation**

**(a                  corporation in the development stage)**

**Notes                  to Financial Statements**

----

| **7.** | **Insider                  Units** | Simultaneously                  with the consummation of the Offering on April 13, 2006, certain                  of the                  Initial Stockholders and their affiliates purchased an aggregate                  of                  116,667 Units (“Insider Units”) at $6.00 per unit (for an aggregate                  purchase price of $700,002) privately from the Company. All of                  the                  proceeds received from these purchases were placed in the Trust                  Account.                  The Insider Units are identical to the Units offered in the Offering                  except that the Warrants underlying such Units may be exercisable                  on a                  cashless basis so long as such Warrants are held by the Initial                  Stockholders or their affiliates. Additionally, the purchasers                  have waived                  their right to receive distributions upon the Company’s liquidation prior                  to a Business Combination with respect to the securities underlying                  these                  Insider Units. The purchasers have further agreed that the Insider                  Units                  and underlying securities will not be sold or transferred by them                  until                  after the Company has completed a Business Combination. |
|--------|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES      **

|   | **JAGUAR                ACQUISITION CORPORATION**     |
|--------|-------------------------------------------------------|
|   |                                                  |
|   |                                                  |
|   |                                                  |
|   | By:                /s/                Jonathan Kalman |
|   | Jonathan                Kalman                        |
|   | Chairman                and Chief Executive Officer   |

| Name                                            |   | Title                                                                                                                                                      | Date                                     |
|-------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|
|  /s/                Jonathan Kalman        |   | Chairman                of the Board and Chief Executive Officer (Principal Executive                Officer)                                              |  July                12, 2006       |
| Jonathan                Kalman                  |   |                                                                                                                                                       |                                     |
|   /s/                James S. Cassano |   |  Executive                Vice President, Chief Financial Officer, Secretary and Director (Principal                Accounting and Financial Officer) |   July                12, 2006 |
| James                S. Cassano                 |   |                                                                                                                                                       |                                     |
|  /s/                C. Richard Corl        |   |  Executive                Vice President and Director                                                                                                 |  July                12, 2006       |
| C.                Richard Corl                  |   |                                                                                                                                                       |                                     |
|   /s/                John J. Hoey     |   |   Director                                                                                                                                       |   July                12, 2006 |
| John                J. Hoey                     |   |                                                                                                                                                       |                                     |