As filed with the Securities and Exchange Commission on January 6, 2009
                                                     Registration No. 333-
==============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 ------------

                                    FORM S-8

                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933
                                 ------------

                         Frequency Electronics, Inc.
            (Exact Name of Registrant as Specified in Its Charter)

               Delaware                                 11-1986657
   (State or Other Jurisdiction of         (I.R.S. Employer Identification No.)
    Incorporation or Organization)

                           55 Charles Lindbergh Blvd.
                             Mitchel Field, NY 11553
                                  516-794-4500
               (Address, including Zip Code, and Telephone Number,
        including Area Code, of Registrant's Principal Executive Offices)

                      2008 Employee Stock Purchase Program
                            (Full Title of the Plan)

                                   Alan Miller
                             Chief Financial Officer
                           Frequency Electronics, Inc.
                           55 Charles Lindbergh Blvd.
                             Mitchel Field, NY 11553
                                 (516) 794-4500
            (Name, Address, including Zip Code, and Telephone Number,
                   including Area Code, of Agent For Service)

                                   Copies to:
                              Dennis J. Block, Esq.
                           William P. Mills, III, Esq.
                        Cadwalader, Wickersham & Taft LLP
                           One World Financial Center
                            New York, New York 10281
                                 (212) 504-6000
                               ------------------

      Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See definitions of "large accelerated filer," "accelerated filer" and
"smaller reporting company" in Rule 12b-2 of the Exchange Act.

|_| Large         |_| Accelerated    |_| Non-accelerated   |X| Smaller reporting
    accelerated       filer              filer                 company
    filer
                                         (Do not check if
                                         a smaller
                                         reporting company)

<PAGE>

                         CALCULATION OF REGISTRATION FEE

<TABLE>
<CAPTION>
====================================================================================================================================
   Title of Each Class of Securities        Amount to be   Proposed Maximum Offering       Proposed Maximum          Amount of
            to be Registered               Registered(1)        Price Per Unit         Aggregate Offering Price   Registration Fee
------------------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>                    <C>                       <C>                       <C>
Common Stock, par value $1.00 per share     200,000 (2)            $2.97 (3)                 $594,000(3)               $23.34
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1)   Plus such indeterminate number of shares pursuant to Rule 416 as may be
      issued in respect of stock splits, stock dividends and similar
      transactions.

(2)   Represents the registration of an aggregate of 200,000 shares of common
      stock of Frequency Electronics, Inc. which are to be acquired by certain
      employees of Frequency Electronics, Inc. in open market transactions
      pursuant to the 2008 Employee Stock Purchase Program.

(3)   Estimated solely for the purpose of calculating the registration fee
      pursuant to Rule 457(h) and Rule 457(c) under the Securities Act of 1933,
      as amended, based on the average of the high and low sales prices of the
      common stock as reported on the Nasdaq Global Market on January 2, 2009.

<PAGE>

                                EXPLANATORY NOTE

      Frequency Electronics, Inc. (the "Company") has prepared this Registration
Statement in accordance with the requirements of Form S-8 under the Securities
Act of 1933, as amended (the "Securities Act"), to register the offer and sale
of up to 200,000 shares of Company common stock, par value $1.00 per share
("Common Stock"), that may be acquired by certain of the Company's employees in
open market transactions pursuant to the 2008 Employee Stock Purchase Program.

                                     PART I
              INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

      The documents containing the information required in Part I of this
Registration Statement will be sent or given to employees as specified in Rule
428(b)(1) of the Securities Act and are not filed as part of this Registration
Statement pursuant to the Note to Part I of Form S-8. Those documents and the
documents incorporated by reference into this Registration Statement, taken
together, constitute prospectuses that meet the requirements of Section 10(a) of
the Securities Act.

      The Company will deliver or cause to be delivered promptly, without
charge, to each person to whom information is required to be delivered, upon
written or oral request, a copy of the information that is incorporated by
reference pursuant to Item 3 of this Registration Statement and any other
documents required to be delivered pursuant to Rule 428(b).

<PAGE>

                                     PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

      The following documents, as filed with the Securities Exchange Commission
("SEC") by the Company are incorporated herein by reference:

      (i)   the Annual Report on Form 10-K filed with the SEC on July 29, 2008
            and the amendment to Form 10-K filed with the SEC on August 22, 2008
            for the fiscal year ended April 30, 2008;

      (ii)  the Quarterly Reports on Form 10-Q filed with the SEC on September
            15, 2008 and December 15, 2008 for the fiscal quarter ended July 31,
            2008 and October 31, 2008, respectively;

      (iii) the Current Reports on Form 8-K filed on July 22, 2008, August 5,
            2008 and September 15, 2008; and

      (iv)  the description of the Company's Common Stock, par value $1.00 per
            share, contained in the Company's Registration Statement on Form
            8-A12B, filed under the Exchange Act on July 31, 2006, including any
            amendments or reports filed for the purpose of updating such
            description.

      All documents filed by the Company with the SEC pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold or which deregisters
all securities then remaining unsold shall be deemed to be incorporated by
reference in this Registration Statement and to be a part thereof from the date
of filing of such documents.

Item 4. Description of Securities.

      Not applicable.

Item 5. Interests of Named Experts and Counsel.

      None.

Item 6. Indemnification of Directors and Officers.

      Section 145 of the Delaware General Corporation Law permits
indemnification of officers, directors, and other corporate agents under certain
circumstances and subject to certain limitations. The Company's Amended and
Restated Certificate of Incorporation and By-laws provide that the Company will
indemnify its directors and officers, and anyone who is or was serving at the
Company's request as a director, officer, employee, fiduciary, or agent of
another corporation or of a partnership, joint venture, trust or other
enterprise, to the fullest extent permitted under Delaware law. These
indemnification provisions may be sufficiently broad to permit indemnification
of the Company's executive officers and directors for liabilities (including
reimbursement of expenses incurred) arising under the Securities Act.

<PAGE>

      The Company maintains directors' and officers' liability insurance against
any actual or alleged error, misstatement, misleading statement, act, omission,
neglect or breach of duty by any director or officer, excluding certain matters
including fraudulent, dishonest or criminal acts or self dealing.

Item 7. Exemption From Registration Claimed.

      Not applicable.

Item 8. Exhibits.

    4.1    Specimen of Common Stock certificate (Filed as Exhibit 4.1 to the
           Company's Registration Statement on Form S-1, File No. 2-29609).

   *4.2    Summary of 2008 Employee Stock Purchase Program

   *23.1   Consent of Holtz Rubenstein Reminick LLP, independent registered
           public accounting firm.

    *24    Power of Attorney (included on the signature page of this
           Registration Statement).

*  Filed herewith.

Item 9. Undertakings.

      The undersigned registrant hereby undertakes:

      (a)(1) To file, during any period in which offers or sales are being made,
a post-effective amendment to this Registration Statement:

            (i) to include any prospectus required by Section 10(a)(3) of the
    Securities Act of 1933;

            (ii) to reflect in the prospectus any facts or events arising after
    the effective date of this Registration Statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate,
    represent a fundamental change in the information set forth in this
    Registration Statement. Notwithstanding the foregoing, any increase or
    decrease in volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered) and any
    deviation from the low or high end of the estimated maximum offering range
    may be reflected in the form of prospectus filed with the SEC pursuant to
    Rule 424(b) if, in the aggregate, the changes in volume and price represent
    no more than 20 percent change in the maximum aggregate offering price set
    forth in the "Calculation of Registration Fee" table in the effective
    Registration Statement;

            (iii) to include any material information with respect to the plan
    of distribution not previously disclosed in this Registration Statement or
    any material change to such information in this Registration Statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do
not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to
the SEC by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.

         (2) That, for the purpose of determining any liability under the
Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration

<PAGE>

statement relating to the securities offered therein, and the offering of such
securities at that time will be deemed to be the initial bona fide offering
thereof.

         (3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.

      (b) That, for purposes of determining any liability under the Securities
Act, each filing of the registrant's annual report pursuant to Section 13(a) or
15(d) of the Exchange Act that is incorporated by reference in this Registration
Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.

      (c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the provisions referred to in this Registration
Statement, or otherwise, the registrant has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.

<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Mitchel Field, state of New York, on December 18,
2008.

                                          FREQUENCY ELECTRONICS, INC.

                                       By: /s/ Alan Miller
                                          --------------------------------------
                                          Alan Miller
                                          Treasurer and Chief Financial
                                          Officer

   KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Alan Miller his true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to this Registration Statement,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent full power and authority to do and perform such
and every act and thing requisite and necessary to be done, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.

   Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated.

        Signature                     Title                       Date
------------------------  -----------------------------  -----------------------

/s/ Joseph P. Franklin
-----------------------
Joseph P. Franklin        Chairman of the Board            December 21, 2008

/s/ Joel Girsky
-----------------------
Joel Girsky               Director                         December 18, 2008

/s/ E. Donald Shapiro
-----------------------
E. Donald Shapiro         Director                         December 22, 2008

/s/ Richard Schwartz
-----------------------
Richard Schwartz          Director                         December 23, 2008

/s/ Martin B. Bloch
-----------------------
Martin B. Bloch           President, CEO and Director
                          (Principal Executive Officer)    December 18, 2008

/s/ Alan Miller
-----------------------
Alan Miller               Treasurer and Chief Financial
                          Officer (Principal Financial
                          Officer and Principal
                          Accounting Officer)              December 18, 2008

<PAGE>

                                  EXHIBIT INDEX

                                                                Paper (P) or
 Exhibit No.                    Description                     Electronic (E)
------------  ------------------------------------------------  ----------------
     4.1      Specimen of Common Stock certificate (Filed as
              Exhibit 4.1 to the Company's Registration               E
              Statement on Form S-1, File No. 2-29609).

     *4.2     Summary of 2008 Employee Stock Purchase Program         E

    *23.1     Consent of Holtz Rubenstein Reminick LLP,
              independent registered public accounting firm.          E

     *24      Power of Attorney (included on the signature
              page of this Registration Statement).                   E

*  Filed herewith.
[{"type": "S-8", "sequence": "1", "filename": "fe14546635-s8.txt", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 17586}]
{"company-data": {"conformed-name": "FREQUENCY ELECTRONICS INC", "cik": "0000039020", "assigned-sic": "3825", "irs-number": "111986657", "state-of-incorporation": "DE", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-156600", "film-number": "09510736"}, "business-address": {"street1": "55 CHARLES LINDBERGH BLVD", "city": "MITCHEL FIELD", "state": "NY", "zip": "11553", "phone": "5167944500"}, "mail-address": {"street1": "55 CHARLES LINDBERGH BOULEVARD", "city": "MITCHELL FIELD", "state": "NY", "zip": "11553"}}
As filed with the Securities and Exchange Commission on January 6, 2009
                                                     Registration No. 333-
==============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 ------------

                                    FORM S-8

                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933
                                 ------------

                         Frequency Electronics, Inc.
            (Exact Name of Registrant as Specified in Its Charter)

               Delaware                                 11-1986657
   (State or Other Jurisdiction of         (I.R.S. Employer Identification No.)
    Incorporation or Organization)

                           55 Charles Lindbergh Blvd.
                             Mitchel Field, NY 11553
                                  516-794-4500
               (Address, including Zip Code, and Telephone Number,
        including Area Code, of Registrant's Principal Executive Offices)

                      2008 Employee Stock Purchase Program
                            (Full Title of the Plan)

                                   Alan Miller
                             Chief Financial Officer
                           Frequency Electronics, Inc.
                           55 Charles Lindbergh Blvd.
                             Mitchel Field, NY 11553
                                 (516) 794-4500
            (Name, Address, including Zip Code, and Telephone Number,
                   including Area Code, of Agent For Service)

                                   Copies to:
                              Dennis J. Block, Esq.
                           William P. Mills, III, Esq.
                        Cadwalader, Wickersham & Taft LLP
                           One World Financial Center
                            New York, New York 10281
                                 (212) 504-6000
                               ------------------

      Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See definitions of "large accelerated filer," "accelerated filer" and
"smaller reporting company" in Rule 12b-2 of the Exchange Act.

|_| Large         |_| Accelerated    |_| Non-accelerated   |X| Smaller reporting
    accelerated       filer              filer                 company
    filer
                                         (Do not check if
                                         a smaller
                                         reporting company)
CALCULATION OF REGISTRATION FEE
====================================================================================================================================
   Title of Each Class of Securities        Amount to be   Proposed Maximum Offering       Proposed Maximum          Amount of
            to be Registered               Registered(1)        Price Per Unit         Aggregate Offering Price   Registration Fee
------------------------------------------------------------------------------------------------------------------------------------
Common Stock, par value $1.00 per share     200,000 (2)            $2.97 (3)                 $594,000(3)               $23.34
------------------------------------------------------------------------------------------------------------------------------------
(1)   Plus such indeterminate number of shares pursuant to Rule 416 as may be
      issued in respect of stock splits, stock dividends and similar
      transactions.

(2)   Represents the registration of an aggregate of 200,000 shares of common
      stock of Frequency Electronics, Inc. which are to be acquired by certain
      employees of Frequency Electronics, Inc. in open market transactions
      pursuant to the 2008 Employee Stock Purchase Program.

(3)   Estimated solely for the purpose of calculating the registration fee
      pursuant to Rule 457(h) and Rule 457(c) under the Securities Act of 1933,
      as amended, based on the average of the high and low sales prices of the
      common stock as reported on the Nasdaq Global Market on January 2, 2009.
EXPLANATORY NOTE

      Frequency Electronics, Inc. (the "Company") has prepared this Registration
Statement in accordance with the requirements of Form S-8 under the Securities
Act of 1933, as amended (the "Securities Act"), to register the offer and sale
of up to 200,000 shares of Company common stock, par value $1.00 per share
("Common Stock"), that may be acquired by certain of the Company's employees in
open market transactions pursuant to the 2008 Employee Stock Purchase Program.

                                     PART I
              INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

      The documents containing the information required in Part I of this
Registration Statement will be sent or given to employees as specified in Rule
428(b)(1) of the Securities Act and are not filed as part of this Registration
Statement pursuant to the Note to Part I of Form S-8. Those documents and the
documents incorporated by reference into this Registration Statement, taken
together, constitute prospectuses that meet the requirements of Section 10(a) of
the Securities Act.

      The Company will deliver or cause to be delivered promptly, without
charge, to each person to whom information is required to be delivered, upon
written or oral request, a copy of the information that is incorporated by
reference pursuant to Item 3 of this Registration Statement and any other
documents required to be delivered pursuant to Rule 428(b).
PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

      The following documents, as filed with the Securities Exchange Commission
("SEC") by the Company are incorporated herein by reference:

      (i)   the Annual Report on Form 10-K filed with the SEC on July 29, 2008
            and the amendment to Form 10-K filed with the SEC on August 22, 2008
            for the fiscal year ended April 30, 2008;

      (ii)  the Quarterly Reports on Form 10-Q filed with the SEC on September
            15, 2008 and December 15, 2008 for the fiscal quarter ended July 31,
            2008 and October 31, 2008, respectively;

      (iii) the Current Reports on Form 8-K filed on July 22, 2008, August 5,
            2008 and September 15, 2008; and

      (iv)  the description of the Company's Common Stock, par value $1.00 per
            share, contained in the Company's Registration Statement on Form
            8-A12B, filed under the Exchange Act on July 31, 2006, including any
            amendments or reports filed for the purpose of updating such
            description.

      All documents filed by the Company with the SEC pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold or which deregisters
all securities then remaining unsold shall be deemed to be incorporated by
reference in this Registration Statement and to be a part thereof from the date
of filing of such documents.

Item 4. Description of Securities.

      Not applicable.

Item 5. Interests of Named Experts and Counsel.

      None.

Item 6. Indemnification of Directors and Officers.

      Section 145 of the Delaware General Corporation Law permits
indemnification of officers, directors, and other corporate agents under certain
circumstances and subject to certain limitations. The Company's Amended and
Restated Certificate of Incorporation and By-laws provide that the Company will
indemnify its directors and officers, and anyone who is or was serving at the
Company's request as a director, officer, employee, fiduciary, or agent of
another corporation or of a partnership, joint venture, trust or other
enterprise, to the fullest extent permitted under Delaware law. These
indemnification provisions may be sufficiently broad to permit indemnification
of the Company's executive officers and directors for liabilities (including
reimbursement of expenses incurred) arising under the Securities Act.
The Company maintains directors' and officers' liability insurance against
any actual or alleged error, misstatement, misleading statement, act, omission,
neglect or breach of duty by any director or officer, excluding certain matters
including fraudulent, dishonest or criminal acts or self dealing.

Item 7. Exemption From Registration Claimed.

      Not applicable.

Item 8. Exhibits.

    4.1    Specimen of Common Stock certificate (Filed as Exhibit 4.1 to the
           Company's Registration Statement on Form S-1, File No. 2-29609).

   *4.2    Summary of 2008 Employee Stock Purchase Program

   *23.1   Consent of Holtz Rubenstein Reminick LLP, independent registered
           public accounting firm.

    *24    Power of Attorney (included on the signature page of this
           Registration Statement).

*  Filed herewith.

Item 9. Undertakings.

      The undersigned registrant hereby undertakes:

      (a)(1) To file, during any period in which offers or sales are being made,
a post-effective amendment to this Registration Statement:

            (i) to include any prospectus required by Section 10(a)(3) of the
    Securities Act of 1933;

            (ii) to reflect in the prospectus any facts or events arising after
    the effective date of this Registration Statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate,
    represent a fundamental change in the information set forth in this
    Registration Statement. Notwithstanding the foregoing, any increase or
    decrease in volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered) and any
    deviation from the low or high end of the estimated maximum offering range
    may be reflected in the form of prospectus filed with the SEC pursuant to
    Rule 424(b) if, in the aggregate, the changes in volume and price represent
    no more than 20 percent change in the maximum aggregate offering price set
    forth in the "Calculation of Registration Fee" table in the effective
    Registration Statement;

            (iii) to include any material information with respect to the plan
    of distribution not previously disclosed in this Registration Statement or
    any material change to such information in this Registration Statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do
not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to
the SEC by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.

         (2) That, for the purpose of determining any liability under the
Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time will be deemed to be the initial bona fide offering
thereof.

         (3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.

      (b) That, for purposes of determining any liability under the Securities
Act, each filing of the registrant's annual report pursuant to Section 13(a) or
15(d) of the Exchange Act that is incorporated by reference in this Registration
Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.

      (c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the provisions referred to in this Registration
Statement, or otherwise, the registrant has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
SIGNATURES

      Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Mitchel Field, state of New York, on December 18,
2008.

                                          FREQUENCY ELECTRONICS, INC.

                                       By: /s/ Alan Miller
                                          --------------------------------------
                                          Alan Miller
                                          Treasurer and Chief Financial
                                          Officer

   KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Alan Miller his true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to this Registration Statement,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent full power and authority to do and perform such
and every act and thing requisite and necessary to be done, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.

   Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated.

        Signature                     Title                       Date
------------------------  -----------------------------  -----------------------

/s/ Joseph P. Franklin
-----------------------
Joseph P. Franklin        Chairman of the Board            December 21, 2008

/s/ Joel Girsky
-----------------------
Joel Girsky               Director                         December 18, 2008

/s/ E. Donald Shapiro
-----------------------
E. Donald Shapiro         Director                         December 22, 2008

/s/ Richard Schwartz
-----------------------
Richard Schwartz          Director                         December 23, 2008

/s/ Martin B. Bloch
-----------------------
Martin B. Bloch           President, CEO and Director
                          (Principal Executive Officer)    December 18, 2008

/s/ Alan Miller
-----------------------
Alan Miller               Treasurer and Chief Financial
                          Officer (Principal Financial
                          Officer and Principal
                          Accounting Officer)              December 18, 2008
EXHIBIT INDEX

                                                                Paper (P) or
 Exhibit No.                    Description                     Electronic (E)
------------  ------------------------------------------------  ----------------
     4.1      Specimen of Common Stock certificate (Filed as
              Exhibit 4.1 to the Company's Registration               E
              Statement on Form S-1, File No. 2-29609).

     *4.2     Summary of 2008 Employee Stock Purchase Program         E

    *23.1     Consent of Holtz Rubenstein Reminick LLP,
              independent registered public accounting firm.          E

     *24      Power of Attorney (included on the signature
              page of this Registration Statement).                   E

*  Filed herewith.