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Disclaimer and Privacy Statement

Dramatic changes are imminent for issuers who have their common stock traded on the Over the Counter Bulletin Board (OTCBB). Beginning in January of 2003, NASDAQ has proposed to the U.S. Securities and Exchange Commission to phase out the OTCBB and implement a new exchange offering an electronic trading system. This new exchange will be known as the Bulletin Board Exchange or the BBX. To be listed on this new exchange, the existing requirement that an issuer must file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act will remain; however, unlike the current OTCBB requirements, issuers must meet certain qualitative listing requirements and comply with other newly established rules and standards that are summarized below. Issuers not meeting the new listing requirements for the BBX will have their common stock demoted to the National Quotation Bureau's pink sheets.

Endeavoring to make a smooth transition to the BBX, the Interim Bulletin Board and BBX will operate in tandem for six months, from January 2003 to June 2003. During this interim period, issuers trading on the BBX will be distinguished from issuers who are trading on the OTCBB; BBX issuer symbols will begin with the letters "XB," and, unlike in the current OTCBB, issuer will be able to choose their own three-letter market symbol to follow the two-letter prefix (i.e., XBWMTG). After this interim period, the Interim Bulletin Board will end its operations and the BBX will be fully operational.

OTCBB Issuers will be potentially harmed by the implementation of the BBX if they fail to make the listing requirements and their securities are demoted to the pink sheets. Suitable issuers who qualify for BBX listing will reap potential benefits, including the stature of trading on a listed market, increased liquidity for their securities, potential increased ability to raise capital and access to more reliable trading data.

As proposed, the BBX will be an electronic trading system to allow order negotiation and automatic execution of trades. In the current OTCBB system, market participants must execute customer orders over the telephone causing slow trading time and has made obtaining executions ineffective, difficult and untimely during periods of heavy market activity.

Listing on the BBX.

The BBX will have the following requirements:

• Shareholder Requirements:
  Issuers will be required to have 100 shareholders owning at least 100 shares each;

• Float Requirements:
  Issuers will be required to have 200,000 shares in their public float;

• Directors:
  Issuers will be required to have a minimum of one outside director;

• Independent Audit Committee:
  Each issuer will be subject to an independent Audit committee with a majority of independent directors;

• Listing Fees:
  Issuers will be required to pay listing fees;

• Auditors:
  Auditors performing audits on behalf of issuers must be subject to peer review;

• Annual Reports:
  Issuers must issue an annual report to their Shareholders;

• Shareholder Meetings:
  Issuers must have annual shareholder meetings with proxies and a quorum of at least 1/3 of the shareholders present in person or by proxy; and

• Shareholder Approval of Corporate Actions:
  Issuers must have shareholder approval of certain corporate actions, such as stock grants and stock options to officers or directors, the issuance of large, below-market blocks of stock, and changes of control.

The BBX listing standards will not include minimum share price, income, or asset requirements.

Many websites are under construction that will detail specific information for issuers seeking to comply with the listing requirements of the BBX. These are www.bbxlaws.com, www.bbxquote.com, www.bbxtrading.com, and www.bbxon-line.com. Additionally, the official website for the BBX, www.bbxchange.com is expected to be operational by mid May of 2002.