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<DIV><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
STATES </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
AND EXCHANGE COMMISSION </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>WASHINGTON,
D.C. 20549 </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<HR align=center width="10%" color=#000000 noShade SIZE=1>
&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
8-K </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<HR align=center width="10%" color=#000000 noShade SIZE=1>
&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
REPORT </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Date
of Report (Date of earliest event reported): March 31, 2005
</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif">
<DIV>
<HR align=center width="10%" color=#000000 noShade SIZE=1>
</DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><STRONG>Find/SVP,
Inc. </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(Exact
Name of Registrant as Specified in its Charter) </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<HR align=center width="10%" color=#000000 noShade SIZE=1>
&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=center align=left width="24%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="22%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="23%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="24%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>New
      York</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=middle width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>0-15152</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=middle width="23%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>13-2670985</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="24%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(State
      or Other Jurisdiction</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>of
      Incorporation</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=middle width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(Commission
      File Number)</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=middle width="23%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(IRS
      Employer</STRONG></FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Identification
      No.)</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=center align=left width="37%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="34%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="37%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>625
      Avenue of the Americas, New York, NY </STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=middle width="34%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>10011</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="37%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(Address
      of Principal Executive Offices)</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=middle width="34%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(Zip
      Code)</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Registrant&#8217;s
telephone number, including area code: (212) 645-4500 </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><STRONG>(Former
Name or Former Address, if Changed Since Last Report) </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<HR align=center width="10%" color=#000000 noShade SIZE=1>
&nbsp;<FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>see</EM></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> General
Instruction A.2. below): </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="3%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</FONT></DIV></TD>
    <TD vAlign=top align=left width="69%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425) </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="3%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</FONT></DIV></TD>
    <TD vAlign=top align=left width="69%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12) </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="3%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</FONT></DIV></TD>
    <TD vAlign=top align=left width="69%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b)) </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial Unicode MS Western, sans-serif"></FONT>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="3%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</FONT></DIV></TD>
    <TD vAlign=top align=left width="69%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c)) </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Section
1</STRONG></FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Registrant&#8217;s
Business and Operations</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01</FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Entry
into a Material Definitive Agreement.</U></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>New
Credit Agreement</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On March
31, 2005, the Company entered into a new senior secured credit facility pursuant
to the Credit Agreement, dated as of March 31, 2005 (the &#8220;Credit Agreement&#8221;),
between the Company and Fleet National Bank, a Bank of America company (the
&#8220;Lender&#8221;).</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Credit Agreement establishes a commitment to the Company to provide up to
$9,000,000 in the aggregate of loans and other financial accommodations
consisting of a senior secured term loan facility in an aggregate principal
amount of $4,500,000 (the &#8220;Term Facility&#8221;) and a senior secured revolving credit
facility in an aggregate principal amount of up to $4,500,000 (the &#8220;Revolving
Facility&#8221; and, together with the Term Facility, the &#8220;Senior Secured
Facilities&#8221;). The Revolving Facility includes a sublimit of up to an aggregate
amount of $500,000 in letters of credit.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
1, 2005, the full amount of the Term Facility was drawn in a single drawing and
applied, among other things, to consummate the acquisition (the &#8220;Atlantic
Acquisition&#8221;) of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Atlantic
Research &amp; Consulting, Inc.</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(&#8220;Atlantic&#8221;), consummate the acquisition (the &#8220;Signia Acquisition&#8221;) of Signia
Partners</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
Incorporated</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(&#8220;Signia&#8221;), and pay transaction-related costs and expenses (the &#8220;Debt
Financing&#8221;). </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
&#8220;Acquisition of Atlantic Research &amp; Consulting, Inc.&#8221; and &#8220;Acquisition of
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signia
Partners</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
Incorporated&#8221;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in Item
2.01 of this Current Report.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
aggregate principal amount of the Term Facility is payable in twenty (20)
consecutive quarterly principal installments, the first nineteen (19) of which
are each in the amount of $225,000 and payable on the first day of each January,
April, July and October, commencing July 1, 2005 through and including April 1,
2010, and the final and twentieth (20th) such principal installment is payable
on April 1, 2010 and is in an amount equal to the entire then remaining
outstanding principal balance, together with all accrued and unpaid
interest.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loans
under the Revolving Facility will be made available after April 1, 2005 and
until the earlier of (i) April 1, 2008 and (ii) the date of termination of the
commitment of the Lender to make revolving credit loans and of the obligation of
the Lender to make letter of credit extensions.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">2</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loans
under the Senior Secured Facilities will bear interest, at the option of the
Borrower, at one of the following rates:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif"></FONT>&nbsp;</DIV></TD>
    <TD width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Applicable Rates of .75% and 1.00% related to the Revolving Credit
      Facility and the Term Facility, respectively, plus the Base Rate, each as
      defined in the Credit Agreement, or</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif"></FONT>&nbsp;</DIV></TD>
    <TD width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Applicable Rates of 2.75% and 3.00% related to the Revolving Credit
      Facility and the Term Facility, respectively, plus LIBOR, as defined in
      the Credit Agreement.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
foregoing Applicable Rates are subject to reduction of .25% in the event that
the Company meets certain Reduction Event criteria, as defined in the Credit
Agreement.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Credit Agreement contains certain restrictions on the conduct of the Company&#8217;s
and its subsidiaries&#8217; businesses, including, among other things, restrictions,
generally, on: </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">creating
      or suffering liens on the Company&#8217;s and its subsidiaries&#8217; assets with
      permitted exceptions; </FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">making
      investments with permitted exceptions; </FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">incurring
      debt with permitted exceptions; </FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">paying
      dividends with permitted exceptions; </FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">transactions
      with affiliates; and </FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">changing
      the nature of the Company&#8217;s business.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Credit Agreement also requires the Company to maintain the following financial
covenants:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company&#8217;s consolidated net worth at any time must be greater than the sum
      of (i) $20,250,000, and (ii) an amount equal to 50% of the cumulative
      positive consolidated net income of the Company and its subsidiaries
      earned in each full fiscal quarter ending after March 31,
      2005;</FONT></DIV></FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company&#8217;s consolidated EBITDA as of the end of three fiscal-quarters of
      the Company during 2005 may not be less than the amount set forth below
      opposite such fiscal-quarter
period:</FONT></DIV></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV></DIV></DIV>
<DIV></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">3</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV>
<DIV align=center>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="60%" border=1>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Four-Quarter
      Period Ending:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minimum
      Consolidated EBITDA</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ccffcc>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=bottom align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
      31, 2005</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ccffcc" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">600,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">June
      30, 2005</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,000,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ccffcc>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=bottom align=left width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September
      30, 2005</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ccffcc" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=bottom align=left width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=bottom align=right width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,100,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company&#8217;s fixed charge coverage ratio as of the end of each fiscal-quarter
      commencing with the December 31, 2005 fiscal quarter may not be less than
      1.25 to 1.00, as determined on a rolling four-quarter
    basis;</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      ratio of the Company&#8217;s consolidated funded debt at the end of the
      following fiscal quarters to consolidated EBITDA for the most recently
      completed four fiscal quarters may not exceed the ratios set forth
      below:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV></DIV></DIV>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="60%" border=1>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=center align=left
      width="50%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Four-Fiscal
      Quarters ending on :</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=center align=left
      width="50%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ratio</FONT></DIV></TD></TR>
  <TR bgColor=#ccffcc>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=center align=left width="50%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
      31, 2005 through December 31, 2005</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ccffcc" vAlign=center align=left width="50%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.0
      to 1.00</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center align=left width="50%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
      31, 2006 and thereafter</FONT></DIV></TD>
    <TD vAlign=center align=left width="50%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.75
      to 1.00</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">;
and</FONT></DIV>
<DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">commencing
      with the quarter ending March 31, 2005, the Company and its subsidiaries
      on a consolidated basis may not have a net loss in any fiscal
      quarter.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
occurrence of certain events or conditions described in the Credit Agreement
(subject to grace periods in certain cases) constitutes an event of default. If
an event of default occurs, the Lender may, among other things, declare the
entire outstanding balance of all monetary obligations under the senior secured
facilities to be immediately due and payable. The events of default include,
among other things:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company&#8217;s failure to pay any principal, interest, obligations under
      letters of credit or other fees on the loans made under the Credit
      Agreement when due; </FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company&#8217;s failure to make payment on certain other material indebtedness
      or contingent liabilities when due or otherwise defaults with respect
      thereto;</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">failure
      to observe certain covenants under the Credit Agreement (including, e.g.,
      the financial covenants);</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">any
      material judgment or order entered against the
Company;</FONT></DIV></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">4</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">any
      inaccuracy in the representations and warranties;</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company incurs certain specified liabilities under the Employee Retirement
      Income Security Act of 1974, as amended;</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">any
      of the loan documents under the Credit Agreement cease to be in full force
      and effect; </FONT></DIV></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      failure of the collateral documents to create a lien on the
      collateral;</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">bankruptcy,
      insolvency or receivership proceedings with respect to the
      Company;</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">a
      change of control of the Company;</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">there
      is a change in management or directorship, as the case may be, with regard
      to any two of the following four individuals: David Walke, Peter Stone,
      Marc Litvinoff and Martin Franklin; and</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company&#8217;s falling out of compliance with a covenant under the Credit
      Agreement as a result of the possible exercise or redemption of any Petra
      Series A Preferred Stock.</FONT></DIV></TD></TR></TABLE></DIV></DIV>
<DIV>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Credit Agreement requires that the Company make certain prepayments of the loans
and other credit extensions made thereunder, including the occurrence of the
following events (subject in each case to certain exceptions contained in the
Credit Agreement):</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company is required, after March 31, 2006, to prepay an amount of the
      loans and other credit extensions equal to the amount by which Total
      Outstandings exceed the lesser of the Borrowing Base or the Aggregate
      Commitment (all as defined in the Credit Agreement).</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company is required to prepay an amount of the loans and other credit
      extensions equal to the amount by which outstanding Revolving Credit Loans
      and L/C Obligations exceed the lesser of the Revolving Borrower Base or
      the Revolving Credit Commitment (all as defined in the Credit Agreement),
      when applicable.</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company is required to prepay an amount of the loans and other credit
      extensions equal to a certain percentage of the Company&#8217;s excess cash flow
      at the end of such fiscal year.</FONT></DIV></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top align=left width="5%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the
      Company is required to prepay an amount of the loans and other credit
      extensions equal to 100% of the net proceeds from certain asset
      dispositions and certain property damage and
losses.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">5</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with entering into the Credit Agreement, the following subsidiaries
have agreed to guarantee the Company&#8217;s obligations under the Credit Agreement
pursuant to a guaranty agreement dated as of April 1, 2005 (the &#8220;Guaranty
Agreement&#8221;): Atlantic Research &amp; Consulting, Inc., Signia Partners
Incorporated, TTech Acquisition Corp., Guideline Research Corp.,
Guideline/Chicago, Inc., Advanced Analytics, Inc., and TABLINE DATA SERVICES,
INC. (collectively, the &#8220;Guarantors&#8221;). </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the Security Agreement, dated as of April 1, 2005 (the &#8220;Security Agreement&#8221;),
entered into by the Company and the Guarantors, all obligations under the Senior
Secured Facilities are secured by a security interest in substantially all of
the personal property, whether owned on the date the Security Agreement was
entered into or acquired in the future, of the Company and the Guarantors,
including the pledge by the Company and the Guarantors generally of 100% of the
voting capital stock and other equity interests in all of their respective
domestic subsidiaries with the exception of certain immaterial
subsidiaries.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copies of
the Credit Agreement, the Security Agreement and the Guaranty Agreement are
attached to this report as Exhibits 10.1 through 10.3 and are incorporated
herein by reference as though fully set forth herein. The foregoing summary
descriptions of the Credit Agreement, the Security Agreement and the Guaranty
Agreement and the transactions contemplated thereby are not intended to be
complete and are qualified in their entirety by the complete text of the Credit
Agreement, the Security Agreement and the Guaranty Agreement.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Employment
Agreements</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
1, 2005, Guideline Research Corp. (&#8220;Guideline Research&#8221;), a subsidiary of the
Company, entered into a First Amendment to Employment Agreement (the &#8220;Amended
Employment Agreement&#8221;) with Robert La Terra. The Amended Employment Agreement
amends the Employment Agreement, dated April 1, 2003, between Guideline Research
and Mr. La Terra. A copy of the Amended Employment Agreement is attached to this
report as Exhibit 10.7 and is incorporated herein by reference as though fully
set forth herein.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Simultaneously
with the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Atlantic
Acquisition and the Signia Acquisition, Atlantic and Signia entered into new
employment agreements with their respective senior executives (see descriptions
under the headings &#8220;Acquisition of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Atlantic
Research &amp; Consulting, Inc.&#8221; and &#8220;Acquisition of Signia Partners
Incorporated&#8221; in Item 2.01 of this Current Report).</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">6</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Section
2</STRONG></FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Financial
Information</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
2.01</FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Completion
of Acquisition or Disposition of Assets</U></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Acquisition
of Atlantic Research &amp; Consulting, Inc.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
1, 2005, the Company acquired all of the capital stock of Atlantic Research
&amp; Consulting, Inc. upon the terms and subject to the conditions contained in
the Stock Purchase Agreement (the &#8220;Atlantic Purchase Agreement&#8221;) between the
Company and Peter Hooper (&#8220;Hooper&#8221;), as the sole stockholder of Atlantic. The
consideration for this acquisition consisted of $3,600,000 in cash paid at
closing, $500,000 of unregistered shares of the Company&#8217;s common stock issued at
closing, which was 312,598 shares of common stock, and an aggregate of up to
$2,250,000 in deferred consideration payable in cash over three years, which
deferred payments are contingent upon Atlantic achieving certain prescribed
amounts of EBITDA (as defined in the Atlantic Purchase Agreement). If EBITDA for
the three year period beginning on May 1, 2005 exceeds $3,300,000, Hooper will
also receive additional deferred consideration equal to the amount of such
excess multiplied by 0.50.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Atlantic,
headquartered in Boston, Massachusetts, is a rapidly growing quantitative and
qualitative custom market research firm, focusing on financial services,
management consulting, health care, and public sectors.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There is
no material relationship, other than in respect of the Atlantic Acquisition,
between Hooper, on the one hand, and the Company or any of its affiliates, or
any director or officer of the Company, or any associate of any such director or
officer, on the other hand.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Simultaneously
with the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Atlantic
Acquisition</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
Atlantic entered into new employment agreements with Hooper and two other senior
executives of Atlantic. A copy of the employment agreement with Hooper is
attached to this report as Exhibit 10.4 and is incorporated herein by reference
as though fully set forth herein.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Atlantic Acquisition was financed at closing with the combination of (i) funds
borrowed upon the closing of the Debt Financing (see descriptions under the
heading &#8220;New Credit Agreement&#8221; in Item 1.01 of this Current Report), and (ii)
cash on hand.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
the Atlantic Purchase Agreement was filed as Exhibit 2.1 to the Company&#8217;s
Current Report on Form 8-K, Date of Event - March 15, 2005, filed with the
Commission on March 15, 2005 (the &#8220;March 2005 Form 8-K&#8221;), and is incorporated
herein by reference as though fully set forth herein. The foregoing summary
description of the Atlantic Acquisition is not intended to be complete and is
qualified in its entirety by the complete text of the Atlantic Purchase
Agreement.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">7</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Acquisition
of Signia Partners Incorporated</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
1, 2005, the Company agreed to acquire all of the capital stock of Signia
Partners Incorporated upon the terms and subject to the conditions contained in
the Stock Purchase Agreement (the &#8220;Signia Purchase Agreement&#8221;) between the
Company and Charles Douglas House (&#8220;House&#8221;), as the sole stockholder of Signia.
The consideration for this acquisition consisted of approximately $3,400,000 in
cash paid at closing (after taking into effect certain closing adjustments),
$300,000 of unregistered shares of the Company&#8217;s common stock issued at
closing,&nbsp;which&nbsp;was 187,559 shares of common stock, and an aggregate of
up to $1,400,000 in deferred consideration payable in cash over three years,
which deferred payments are contingent upon Signia achieving certain prescribed
amounts of Adjusted EBITDA (as defined in the Signia Purchase Agreement). If
aggregate Adjusted EBITDA for the three year period beginning on February 1,
2005 exceeds $2,550,000, House will also receive additional deferred
consideration equal to the amount of such excess multiplied by
0.25.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signia,
headquartered just outside of Washington, D.C., is a leading provider of
in-depth business research and fact-based decision support, focusing on the
financial services, health care and consumer sectors.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There is
no material relationship, other than in respect of the Signia Acquisition,
between House, on the one hand, and the Company or any of its affiliates, or any
director or officer of the Company, or any associate of any such director or
officer, on the other hand.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Simultaneously
with the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signia
Acquisition</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">, Signia
entered into new employment agreements with House and two other senior
executives of Signia. A copy of the employment agreement with House is attached
to this report as Exhibit 10.5 and is incorporated herein by reference as though
fully set forth herein.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Signia Acquisition was financed at closing with the combination of (i) funds
borrowed upon the closing of the Debt Financing (see descriptions under the
heading &#8220;New Credit Agreement&#8221; in Item 1.01 of this Current Report), and (ii)
cash on hand.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
the Signia Purchase Agreement was filed as Exhibit 2.2 to the March 2005 Form
8-K, and is incorporated herein by reference as though fully set forth herein.
The foregoing summary description of the Signia Acquisition is not intended to
be complete and is qualified in its entirety by the complete text of the Signia
Purchase Agreement.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Section
3</STRONG></FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Securities
and Trading Markets</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.02</FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Unregistered
Sales of Equity Securities</U></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
described in Item 2.01 of this Current Report on Form 8-K, on April 1, 2005, the
Company issued 312,598 shares of its Common Stock to Peter Hooper in connection
with the Atlantic Acquisition and 187,559 shares of its Common Stock to Charles
Douglas House in connection with the Signia Acquisition. See descriptions under
the headings &#8220;Acquisition of Atlantic Research &amp; Consulting, Inc.&#8221; and
&#8220;Acquisition of Signia Partners Incorporated,&#8221; respectively, in Item 2.01 of
this Current Report. These Securities were issued pursuant to an exemption from
registration provided by Section 4(2) of the Securities Act of 1933, as amended
(the &#8220;Securities Act&#8221;). Each purchaser of the Securities represented to the
Company that such person is an accredited investor as defined in Rule 501(a) of
the Securities Act and that the Securities were acquired for
investment.</FONT></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">8</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01.</FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Financial
Statements and Exhibits.</U></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
Statements of the Businesses Acquired.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
audited balance sheets of Atlantic as of December 31, 2004, 2003 and 2002, and
the audited statements of income, retained earnings and cash flows as of and for
the years ended December 31, 2004, 2003 and 2002, will be filed as an amendment
to this report within 71 days of the filing hereof as permitted by Item 9 of
Form 8-K.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
audited consolidated balance sheets of Signia as of June 30, 2004 and June 30,
2003, and the audited consolidated statements of operations, stockholder&#8217;s
equity and cash flows as of and for the years ended June 30, 2004 and June 30,
2003 will be filed as an amendment to this report within 71 days of the filing
hereof as permitted by Item 9 of Form 8-K.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
unaudited consolidated balance sheets of Signia as of December 31, 2004 and
December 31, 2003, and the unaudited consolidated statements of operations,
stockholder&#8217;s equity, and cash flows as of and for the six months ended December
31, 2004 and December 31, 2003, will be filed as an amendment to this report
within 71 days of the filing hereof as permitted by Item 9 of Form
8-K.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pro Forma
Financial Information.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unaudited
Pro Forma Combined Balance Sheet of Find/SVP, Inc. as of December 31, 2004
giving effect to the acquisitions of Atlantic and Signia as if they had occurred
on December 31, 2004. Unaudited Pro Forma Combined Statement of Operations for
Find/SVP, Inc. for the twelve months ended December 31, 2004 giving effect to
the acquisitions of Atlantic and Signia as if they had occurred on January 1,
2004. This pro forma financial information will be filed as an amendment to this
report within 71 days of the filing hereof as permitted by Item 9 of Form
8-K.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.
The following Exhibit is filed herewith as a part of this report:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV align=left>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Exhibit</U></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Description</U></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.1</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
      Purchase Agreement , dated as of March 14, 2005, by and between Find/SVP,
      Inc. and Peter Hooper (filed as Exhibit 2.1 to the Company&#8217;s Current
      Report on Form 8-K, filed with the Commission on March 15, 2005, and
      incorporated herein by reference).</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.2</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
      Purchase Agreement , dated as of March 14, 2005, by and between Find/SVP,
      Inc. and Charles Douglas House (filed as Exhibit 2.2 to the Company&#8217;s
      Current Report on Form 8-K, filed with the Commission on March 15, 2005,
      and incorporated herein by reference).</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Credit
      Agreement, dated as of March 31, 2005, between FIND/SVP, INC., as the
      borrower and Fleet National Bank, a Bank of America company, as the
      lender.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">9</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Security
      Agreement, dated as of April 1, 2005, by and among FIND/SVP, INC. and the
      several subsidiary guarantors signatories thereto.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty
      Agreement, dated as of April 1, 2005, between Fleet National Bank, a Bank
      of America company, and the several subsidiary guarantors signatories
      thereto.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
      Agreement, dated April 1, 2005, between Peter Hooper and Atlantic Research
      &amp; Consulting, Inc.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
      Agreement, dated April 1, 2005, between Charles Douglas House and Signia
      Partners Incorporated.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
      Agreement, dated April 1, 2003, between Robert La Terra and Guideline
      Research, Corp. (filed as Exhibit 10.4 to the Company&#8217;s Current Report on
      Form 8-K, filed with the Commission on April 16, 2003, and incorporated
      herein by reference).</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
      Amendment to Employment Agreement, dated April 1, 2005, between Robert La
      Terra and Guideline Research, Corp.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release, dated April 4, 2005,</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      of</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIND/SVP,
      INC.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR></TABLE></DIV></DIV>
<DIV>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">10</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center bgColor=#ffffff
border=0>
  <TR vAlign=top bgColor=#ffffff>
    <TD width="50%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="49%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD colSpan=2><FONT face="Times New Roman" size=2>FIND/SVP,
  Inc.</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>Date: April 6, 2005</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>/s/&nbsp;Peter M.
  Stone</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD align=left>
      <HR align=left width="80%" color=#000000 noShade SIZE=2>
    </TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2>&nbsp;</TD>
    <TD><FONT size=2>Name: Peter M. Stone</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>Title: Chief Financial
      Officer</FONT></TD></TR></TABLE></DIV><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">11</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
INDEX</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>&nbsp;</DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Exhibit</U></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Description</U></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.1</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
      Purchase Agreement, dated as of March 14, 2005, by and between Find/SVP,
      Inc. and Peter Hooper (filed as Exhibit 2.1 to the Company&#8217;s Current
      Report on Form 8-K, filed with the Commission on March 15, 2005, and
      incorporated herein by reference).</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.2</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
      Purchase Agreement, dated as of March 14, 2005, by and between Find/SVP,
      Inc. and Charles Douglas House (filed as Exhibit 2.2 to the Company&#8217;s
      Current Report on Form 8-K, filed with the Commission on March 15, 2005,
      and incorporated herein by reference).</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Credit
      Agreement, dated as of April 1, 2005, between FIND/SVP, INC., as the
      borrower and Fleet National Bank, a Bank of America company, as the
      lender.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Security
      Agreement, dated as of April 1, 2005, by and among FIND/SVP, INC and the
      several subsidiary guarantors signatories thereto.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty
      Agreement, dated as of April 1, 2005, between Fleet National Bank, a Bank
      of America company, and the several subsidiary guarantors signatories
      thereto.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
      Agreement, dated April 1, 2005, between Peter Hooper and Atlantic Research
      &amp; Consulting, Inc.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
      Agreement, dated April 1, 2005, between Charles Douglas House and Signia
      Partners Incorporated.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
      Agreement, dated April 1, 2003, between Robert La Terra and Guideline
      Research, Corp. (filed as Exhibit 10.4 to the Company&#8217;s Current Report on
      Form 8-K, filed with the Commission on April 16, 2003, and incorporated
      herein by reference).</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</FONT></DIV></TD>
    <TD vAlign=top width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
      Amendment to Employment Agreement, dated April 1, 2005, between Robert La
      Terra and Guideline Research, Corp.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top width="90%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</FONT></DIV></TD>
    <TD vAlign=top align=left width="90%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release, dated April 4, 2005,</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      of</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIND/SVP,
      INC.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="90%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman">12</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
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{"company-data": {"conformed-name": "FIND SVP INC", "cik": "0000801338", "assigned-sic": "8700", "irs-number": "132670985", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-75828", "film-number": "05736108"}, "business-address": {"street1": "625 AVE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10011", "phone": "2126454500"}}
Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): March 31, 2005
Find/SVP,
Inc.
(Exact
Name of Registrant as Specified in its Charter)
New
      York
0-15152
13-2670985
(State
      or Other Jurisdiction
of
      Incorporation
(Commission
      File Number)
(IRS
      Employer
Identification
      No.)
625
      Avenue of the Americas, New York, NY
10011
(Address
      of Principal Executive Offices)
(Zip
      Code)
Registrant's
telephone number, including area code: (212) 645-4500
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General
Instruction A.2. below):
¨
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
¨
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
¨
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
¨
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Section
1
Registrant's
Business and Operations
Item
1.01
Entry
into a Material Definitive Agreement.
New
Credit Agreement
On March
31, 2005, the Company entered into a new senior secured credit facility pursuant
to the Credit Agreement, dated as of March 31, 2005 (the "Credit Agreement"),
between the Company and Fleet National Bank, a Bank of America company (the
"Lender").
The
Credit Agreement establishes a commitment to the Company to provide up to
$9,000,000 in the aggregate of loans and other financial accommodations
consisting of a senior secured term loan facility in an aggregate principal
amount of $4,500,000 (the "Term Facility") and a senior secured revolving credit
facility in an aggregate principal amount of up to $4,500,000 (the "Revolving
Facility" and, together with the Term Facility, the "Senior Secured
Facilities"). The Revolving Facility includes a sublimit of up to an aggregate
amount of $500,000 in letters of credit.
On April
1, 2005, the full amount of the Term Facility was drawn in a single drawing and
applied, among other things, to consummate the acquisition (the "Atlantic
Acquisition") of
Atlantic
Research & Consulting, Inc.
("Atlantic"), consummate the acquisition (the "Signia Acquisition") of Signia
Partners
Incorporated
("Signia"), and pay transaction-related costs and expenses (the "Debt
Financing").
See
"Acquisition of Atlantic Research & Consulting, Inc." and "Acquisition of
Signia
Partners
Incorporated"
in Item
2.01 of this Current Report.
The
aggregate principal amount of the Term Facility is payable in twenty (20)
consecutive quarterly principal installments, the first nineteen (19) of which
are each in the amount of $225,000 and payable on the first day of each January,
April, July and October, commencing July 1, 2005 through and including April 1,
2010, and the final and twentieth (20th) such principal installment is payable
on April 1, 2010 and is in an amount equal to the entire then remaining
outstanding principal balance, together with all accrued and unpaid
interest.
Loans
under the Revolving Facility will be made available after April 1, 2005 and
until the earlier of (i) April 1, 2008 and (ii) the date of termination of the
commitment of the Lender to make revolving credit loans and of the obligation of
the Lender to make letter of credit extensions.
2
Loans
under the Senior Secured Facilities will bear interest, at the option of the
Borrower, at one of the following rates:
·
the
      Applicable Rates of .75% and 1.00% related to the Revolving Credit
      Facility and the Term Facility, respectively, plus the Base Rate, each as
      defined in the Credit Agreement, or
·
the
      Applicable Rates of 2.75% and 3.00% related to the Revolving Credit
      Facility and the Term Facility, respectively, plus LIBOR, as defined in
      the Credit Agreement.
The
foregoing Applicable Rates are subject to reduction of .25% in the event that
the Company meets certain Reduction Event criteria, as defined in the Credit
Agreement.
The
Credit Agreement contains certain restrictions on the conduct of the Company's
and its subsidiaries' businesses, including, among other things, restrictions,
generally, on:
·
creating
      or suffering liens on the Company's and its subsidiaries' assets with
      permitted exceptions;
·
making
      investments with permitted exceptions;
·
incurring
      debt with permitted exceptions;
·
paying
      dividends with permitted exceptions;
·
transactions
      with affiliates; and
·
changing
      the nature of the Company's business.
The
Credit Agreement also requires the Company to maintain the following financial
covenants:
·
the
      Company's consolidated net worth at any time must be greater than the sum
      of (i) $20,250,000, and (ii) an amount equal to 50% of the cumulative
      positive consolidated net income of the Company and its subsidiaries
      earned in each full fiscal quarter ending after March 31,
      2005;
·
the
      Company's consolidated EBITDA as of the end of three fiscal-quarters of
      the Company during 2005 may not be less than the amount set forth below
      opposite such fiscal-quarter
period:
3
Four-Quarter
      Period Ending:
Minimum
      Consolidated EBITDA
March
      31, 2005
$
600,000
June
      30, 2005
$
1,000,000
September
      30, 2005
$
1,100,000
·
the
      Company's fixed charge coverage ratio as of the end of each fiscal-quarter
      commencing with the December 31, 2005 fiscal quarter may not be less than
      1.25 to 1.00, as determined on a rolling four-quarter
    basis;
·
the
      ratio of the Company's consolidated funded debt at the end of the
      following fiscal quarters to consolidated EBITDA for the most recently
      completed four fiscal quarters may not exceed the ratios set forth
      below:
Four-Fiscal
      Quarters ending on :
Ratio
March
      31, 2005 through December 31, 2005
2.0
      to 1.00
March
      31, 2006 and thereafter
1.75
      to 1.00
;
and
·
commencing
      with the quarter ending March 31, 2005, the Company and its subsidiaries
      on a consolidated basis may not have a net loss in any fiscal
      quarter.
The
occurrence of certain events or conditions described in the Credit Agreement
(subject to grace periods in certain cases) constitutes an event of default. If
an event of default occurs, the Lender may, among other things, declare the
entire outstanding balance of all monetary obligations under the senior secured
facilities to be immediately due and payable. The events of default include,
among other things:
·
the
      Company's failure to pay any principal, interest, obligations under
      letters of credit or other fees on the loans made under the Credit
      Agreement when due;
·
the
      Company's failure to make payment on certain other material indebtedness
      or contingent liabilities when due or otherwise defaults with respect
      thereto;
·
failure
      to observe certain covenants under the Credit Agreement (including, e.g.,
      the financial covenants);
·
any
      material judgment or order entered against the
Company;
4
·
any
      inaccuracy in the representations and warranties;
·
the
      Company incurs certain specified liabilities under the Employee Retirement
      Income Security Act of 1974, as amended;
·
any
      of the loan documents under the Credit Agreement cease to be in full force
      and effect;
·
the
      failure of the collateral documents to create a lien on the
      collateral;
·
bankruptcy,
      insolvency or receivership proceedings with respect to the
      Company;
·
a
      change of control of the Company;
·
there
      is a change in management or directorship, as the case may be, with regard
      to any two of the following four individuals: David Walke, Peter Stone,
      Marc Litvinoff and Martin Franklin; and
·
the
      Company's falling out of compliance with a covenant under the Credit
      Agreement as a result of the possible exercise or redemption of any Petra
      Series A Preferred Stock.
The
Credit Agreement requires that the Company make certain prepayments of the loans
and other credit extensions made thereunder, including the occurrence of the
following events (subject in each case to certain exceptions contained in the
Credit Agreement):
·
the
      Company is required, after March 31, 2006, to prepay an amount of the
      loans and other credit extensions equal to the amount by which Total
      Outstandings exceed the lesser of the Borrowing Base or the Aggregate
      Commitment (all as defined in the Credit Agreement).
·
the
      Company is required to prepay an amount of the loans and other credit
      extensions equal to the amount by which outstanding Revolving Credit Loans
      and L/C Obligations exceed the lesser of the Revolving Borrower Base or
      the Revolving Credit Commitment (all as defined in the Credit Agreement),
      when applicable.
·
the
      Company is required to prepay an amount of the loans and other credit
      extensions equal to a certain percentage of the Company's excess cash flow
      at the end of such fiscal year.
·
the
      Company is required to prepay an amount of the loans and other credit
      extensions equal to 100% of the net proceeds from certain asset
      dispositions and certain property damage and
losses.
5
In
connection with entering into the Credit Agreement, the following subsidiaries
have agreed to guarantee the Company's obligations under the Credit Agreement
pursuant to a guaranty agreement dated as of April 1, 2005 (the "Guaranty
Agreement"): Atlantic Research & Consulting, Inc., Signia Partners
Incorporated, TTech Acquisition Corp., Guideline Research Corp.,
Guideline/Chicago, Inc., Advanced Analytics, Inc., and TABLINE DATA SERVICES,
INC. (collectively, the "Guarantors").
Pursuant
to the Security Agreement, dated as of April 1, 2005 (the "Security Agreement"),
entered into by the Company and the Guarantors, all obligations under the Senior
Secured Facilities are secured by a security interest in substantially all of
the personal property, whether owned on the date the Security Agreement was
entered into or acquired in the future, of the Company and the Guarantors,
including the pledge by the Company and the Guarantors generally of 100% of the
voting capital stock and other equity interests in all of their respective
domestic subsidiaries with the exception of certain immaterial
subsidiaries.
Copies of
the Credit Agreement, the Security Agreement and the Guaranty Agreement are
attached to this report as Exhibits 10.1 through 10.3 and are incorporated
herein by reference as though fully set forth herein. The foregoing summary
descriptions of the Credit Agreement, the Security Agreement and the Guaranty
Agreement and the transactions contemplated thereby are not intended to be
complete and are qualified in their entirety by the complete text of the Credit
Agreement, the Security Agreement and the Guaranty Agreement.
Employment
Agreements
On April
1, 2005, Guideline Research Corp. ("Guideline Research"), a subsidiary of the
Company, entered into a First Amendment to Employment Agreement (the "Amended
Employment Agreement") with Robert La Terra. The Amended Employment Agreement
amends the Employment Agreement, dated April 1, 2003, between Guideline Research
and Mr. La Terra. A copy of the Amended Employment Agreement is attached to this
report as Exhibit 10.7 and is incorporated herein by reference as though fully
set forth herein.
Simultaneously
with the
Atlantic
Acquisition and the Signia Acquisition, Atlantic and Signia entered into new
employment agreements with their respective senior executives (see descriptions
under the headings "Acquisition of
Atlantic
Research & Consulting, Inc." and "Acquisition of Signia Partners
Incorporated" in Item 2.01 of this Current Report).
6
Section
2
Financial
Information
Item
2.01
Completion
of Acquisition or Disposition of Assets
Acquisition
of Atlantic Research & Consulting, Inc.
On April
1, 2005, the Company acquired all of the capital stock of Atlantic Research
& Consulting, Inc. upon the terms and subject to the conditions contained in
the Stock Purchase Agreement (the "Atlantic Purchase Agreement") between the
Company and Peter Hooper ("Hooper"), as the sole stockholder of Atlantic. The
consideration for this acquisition consisted of $3,600,000 in cash paid at
closing, $500,000 of unregistered shares of the Company's common stock issued at
closing, which was 312,598 shares of common stock, and an aggregate of up to
$2,250,000 in deferred consideration payable in cash over three years, which
deferred payments are contingent upon Atlantic achieving certain prescribed
amounts of EBITDA (as defined in the Atlantic Purchase Agreement). If EBITDA for
the three year period beginning on May 1, 2005 exceeds $3,300,000, Hooper will
also receive additional deferred consideration equal to the amount of such
excess multiplied by 0.50.
Atlantic,
headquartered in Boston, Massachusetts, is a rapidly growing quantitative and
qualitative custom market research firm, focusing on financial services,
management consulting, health care, and public sectors.
There is
no material relationship, other than in respect of the Atlantic Acquisition,
between Hooper, on the one hand, and the Company or any of its affiliates, or
any director or officer of the Company, or any associate of any such director or
officer, on the other hand.
Simultaneously
with the
Atlantic
Acquisition
,
Atlantic entered into new employment agreements with Hooper and two other senior
executives of Atlantic. A copy of the employment agreement with Hooper is
attached to this report as Exhibit 10.4 and is incorporated herein by reference
as though fully set forth herein.
The
Atlantic Acquisition was financed at closing with the combination of (i) funds
borrowed upon the closing of the Debt Financing (see descriptions under the
heading "New Credit Agreement" in Item 1.01 of this Current Report), and (ii)
cash on hand.
A copy of
the Atlantic Purchase Agreement was filed as Exhibit 2.1 to the Company's
Current Report on Form 8-K, Date of Event - March 15, 2005, filed with the
Commission on March 15, 2005 (the "March 2005 Form 8-K"), and is incorporated
herein by reference as though fully set forth herein. The foregoing summary
description of the Atlantic Acquisition is not intended to be complete and is
qualified in its entirety by the complete text of the Atlantic Purchase
Agreement.
7
Acquisition
of Signia Partners Incorporated
On April
1, 2005, the Company agreed to acquire all of the capital stock of Signia
Partners Incorporated upon the terms and subject to the conditions contained in
the Stock Purchase Agreement (the "Signia Purchase Agreement") between the
Company and Charles Douglas House ("House"), as the sole stockholder of Signia.
The consideration for this acquisition consisted of approximately $3,400,000 in
cash paid at closing (after taking into effect certain closing adjustments),
$300,000 of unregistered shares of the Company's common stock issued at
closing, which was 187,559 shares of common stock, and an aggregate of
up to $1,400,000 in deferred consideration payable in cash over three years,
which deferred payments are contingent upon Signia achieving certain prescribed
amounts of Adjusted EBITDA (as defined in the Signia Purchase Agreement). If
aggregate Adjusted EBITDA for the three year period beginning on February 1,
2005 exceeds $2,550,000, House will also receive additional deferred
consideration equal to the amount of such excess multiplied by
0.25.
Signia,
headquartered just outside of Washington, D.C., is a leading provider of
in-depth business research and fact-based decision support, focusing on the
financial services, health care and consumer sectors.
There is
no material relationship, other than in respect of the Signia Acquisition,
between House, on the one hand, and the Company or any of its affiliates, or any
director or officer of the Company, or any associate of any such director or
officer, on the other hand.
Simultaneously
with the
Signia
Acquisition
, Signia
entered into new employment agreements with House and two other senior
executives of Signia. A copy of the employment agreement with House is attached
to this report as Exhibit 10.5 and is incorporated herein by reference as though
fully set forth herein.
The
Signia Acquisition was financed at closing with the combination of (i) funds
borrowed upon the closing of the Debt Financing (see descriptions under the
heading "New Credit Agreement" in Item 1.01 of this Current Report), and (ii)
cash on hand.
A copy of
the Signia Purchase Agreement was filed as Exhibit 2.2 to the March 2005 Form
8-K, and is incorporated herein by reference as though fully set forth herein.
The foregoing summary description of the Signia Acquisition is not intended to
be complete and is qualified in its entirety by the complete text of the Signia
Purchase Agreement.
Section
3
Securities
and Trading Markets
Item
3.02
Unregistered
Sales of Equity Securities
As
described in Item 2.01 of this Current Report on Form 8-K, on April 1, 2005, the
Company issued 312,598 shares of its Common Stock to Peter Hooper in connection
with the Atlantic Acquisition and 187,559 shares of its Common Stock to Charles
Douglas House in connection with the Signia Acquisition. See descriptions under
the headings "Acquisition of Atlantic Research & Consulting, Inc." and
"Acquisition of Signia Partners Incorporated," respectively, in Item 2.01 of
this Current Report. These Securities were issued pursuant to an exemption from
registration provided by Section 4(2) of the Securities Act of 1933, as amended
(the "Securities Act"). Each purchaser of the Securities represented to the
Company that such person is an accredited investor as defined in Rule 501(a) of
the Securities Act and that the Securities were acquired for
investment.
8
Item
9.01.
Financial
Statements and Exhibits.
(a)
Financial
Statements of the Businesses Acquired.
The
audited balance sheets of Atlantic as of December 31, 2004, 2003 and 2002, and
the audited statements of income, retained earnings and cash flows as of and for
the years ended December 31, 2004, 2003 and 2002, will be filed as an amendment
to this report within 71 days of the filing hereof as permitted by Item 9 of
Form 8-K.
The
audited consolidated balance sheets of Signia as of June 30, 2004 and June 30,
2003, and the audited consolidated statements of operations, stockholder's
equity and cash flows as of and for the years ended June 30, 2004 and June 30,
2003 will be filed as an amendment to this report within 71 days of the filing
hereof as permitted by Item 9 of Form 8-K.
The
unaudited consolidated balance sheets of Signia as of December 31, 2004 and
December 31, 2003, and the unaudited consolidated statements of operations,
stockholder's equity, and cash flows as of and for the six months ended December
31, 2004 and December 31, 2003, will be filed as an amendment to this report
within 71 days of the filing hereof as permitted by Item 9 of Form
8-K.
(b)
Pro Forma
Financial Information.
Unaudited
Pro Forma Combined Balance Sheet of Find/SVP, Inc. as of December 31, 2004
giving effect to the acquisitions of Atlantic and Signia as if they had occurred
on December 31, 2004. Unaudited Pro Forma Combined Statement of Operations for
Find/SVP, Inc. for the twelve months ended December 31, 2004 giving effect to
the acquisitions of Atlantic and Signia as if they had occurred on January 1,
2004. This pro forma financial information will be filed as an amendment to this
report within 71 days of the filing hereof as permitted by Item 9 of Form
8-K.
(c)
Exhibits.
The following Exhibit is filed herewith as a part of this report:
Exhibit
Description
2.1
Stock
      Purchase Agreement , dated as of March 14, 2005, by and between Find/SVP,
      Inc. and Peter Hooper (filed as Exhibit 2.1 to the Company's Current
      Report on Form 8-K, filed with the Commission on March 15, 2005, and
      incorporated herein by reference).
2.2
Stock
      Purchase Agreement , dated as of March 14, 2005, by and between Find/SVP,
      Inc. and Charles Douglas House (filed as Exhibit 2.2 to the Company's
      Current Report on Form 8-K, filed with the Commission on March 15, 2005,
      and incorporated herein by reference).
10.1
Credit
      Agreement, dated as of March 31, 2005, between FIND/SVP, INC., as the
      borrower and Fleet National Bank, a Bank of America company, as the
      lender.
9
10.2
Security
      Agreement, dated as of April 1, 2005, by and among FIND/SVP, INC. and the
      several subsidiary guarantors signatories thereto.
10.3
Guaranty
      Agreement, dated as of April 1, 2005, between Fleet National Bank, a Bank
      of America company, and the several subsidiary guarantors signatories
      thereto.
10.4
Employment
      Agreement, dated April 1, 2005, between Peter Hooper and Atlantic Research
      & Consulting, Inc.
10.5
Employment
      Agreement, dated April 1, 2005, between Charles Douglas House and Signia
      Partners Incorporated.
10.6
Employment
      Agreement, dated April 1, 2003, between Robert La Terra and Guideline
      Research, Corp. (filed as Exhibit 10.4 to the Company's Current Report on
      Form 8-K, filed with the Commission on April 16, 2003, and incorporated
      herein by reference).
10.7
First
      Amendment to Employment Agreement, dated April 1, 2005, between Robert La
      Terra and Guideline Research, Corp.
99.1
Press
      Release, dated April 4, 2005,
of
FIND/SVP,
      INC.
10
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
FIND/SVP,
  Inc.
Date: April 6, 2005
By:
/s/ Peter M.
  Stone
Name: Peter M. Stone
Title: Chief Financial
      Officer
11
EXHIBIT
INDEX
Exhibit
Description
2.1
Stock
      Purchase Agreement, dated as of March 14, 2005, by and between Find/SVP,
      Inc. and Peter Hooper (filed as Exhibit 2.1 to the Company's Current
      Report on Form 8-K, filed with the Commission on March 15, 2005, and
      incorporated herein by reference).
2.2
Stock
      Purchase Agreement, dated as of March 14, 2005, by and between Find/SVP,
      Inc. and Charles Douglas House (filed as Exhibit 2.2 to the Company's
      Current Report on Form 8-K, filed with the Commission on March 15, 2005,
      and incorporated herein by reference).
10.1
Credit
      Agreement, dated as of April 1, 2005, between FIND/SVP, INC., as the
      borrower and Fleet National Bank, a Bank of America company, as the
      lender.
10.2
Security
      Agreement, dated as of April 1, 2005, by and among FIND/SVP, INC and the
      several subsidiary guarantors signatories thereto.
10.3
Guaranty
      Agreement, dated as of April 1, 2005, between Fleet National Bank, a Bank
      of America company, and the several subsidiary guarantors signatories
      thereto.
10.4
Employment
      Agreement, dated April 1, 2005, between Peter Hooper and Atlantic Research
      & Consulting, Inc.
10.5
Employment
      Agreement, dated April 1, 2005, between Charles Douglas House and Signia
      Partners Incorporated.
10.6
Employment
      Agreement, dated April 1, 2003, between Robert La Terra and Guideline
      Research, Corp. (filed as Exhibit 10.4 to the Company's Current Report on
      Form 8-K, filed with the Commission on April 16, 2003, and incorporated
      herein by reference).
10.7
First
      Amendment to Employment Agreement, dated April 1, 2005, between Robert La
      Terra and Guideline Research, Corp.
99.1
Press
      Release, dated April 4, 2005,
of
FIND/SVP,
      INC.
12