Summary of Recent Fairness Opinions


Berry GP, Inc. d/b/a Berry Contracting, Inc. – a full service, multi-discipline construction, fabrication and maintenance company serving the refining, chemical and petrochemical manufacturing, gas processing and transmission, offshore exploration and production, power generation, environmental remediation and ore processing sectors. HPLP provided a fairness opinion regarding the organizational restructuring and resulting change of control.

CYNET Incorporated [NASD: CYNE] – an internet business applications solutions provider integrating convergent messaging with internet services. HPLP assisted management in valuing Cynet Interactive a provider of internet storefront utilities, web hosting and web page design services and provided a fairness opinion with respect to an exchange of preferred stock.

Eagle Wireless International, Inc. [AMEX: EGL] - a manufacturer of wireless communications equipment and software for paging, wireless messaging, remote data acquisition and specialized mobile radio (SMR) markets. HPLP provided a fairness opinion regarding the merger with Clearworks.net [AMEX: CLW].

EqualNet [NASD: ENET] – a provider of long distance and telecommunication services. HPLP provided a fairness opinion regarding a convertible debenture offering.

ERHC Energy, Inc. - an oil and gas exploration and energy development company. HPLP provided a fairness opinion regarding a debt to equity conversion.

Estate Cartridge Inc. – a manufacturer and distributor of high-end ammunition and sport shooting products. HPLP provided a fairness opinion regarding a partial redemption of shares involving certain shareholders.

Fleetclean Systems, Inc. – a manufacturer and distributor of industrial cleaning systems and equipment utilized in the transportation and energy industry. HPLP provided a fairness opinion regarding a debt for equity exchange involving management and certain shareholders.

HyperDynamic Corporation [NASD: HYPD] - an information technology service provider in the ecommerce sector. HPLP provided a fairness opinion regarding an exchange offering.

Pharma Frontiers - a drug development company focusing on autologous cellular therapies for the treatment of multiple sclerosis, congestive heart failure, and diabetes. HPLP provided a fairness opinion regarding the acquisition of Opexa Pharmaceuticals, Inc.

SurgiCare, Inc. [AMEX: SRG] – a develop and operator of free-standing, licensed outpatient surgical centers. HPLP provided a fairness opinion regarding a proposed recapitalization and corporate restructuring plan and provided an allocation of purchase price valuation regarding certain intangibles resulting from the restructuring and recapitalization.

Travelers Exploration Company – an energy development and producer of oil and gas. HPLP provided financial advisory services and a fairness opinion regarding formation of a tax-exempt charitable foundation.

Trilogy Systems Corporation - a manufacturer of linear motor components utilizing in the factory automation and logistics market. HPLP served as the fiduciary to the ESOP trustee, in compliance with ERISA, and provided a fairness opinion regarding the sale of the Company.