UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. 3)(1)
Shells Seafood Restaurants, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
822809109
--------------------------------------------------------------------------------
(CUSIP Number)
Jay Wolf
c/o Trinad Capital Master Fund, Ltd.
2121 Avenue of the Stars, Suite 1650
Los Angeles, California 90067
(310) 601-2500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 25, 2006
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(c), 13d-1(f) or 13d-1(g), check the following
box.
[--]
Note. Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 822809109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad Capital Master Fund, Ltd. 98-0447604
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) (b)X (joint filers)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING ------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
2,971,548
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,971,548
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,971,548
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X] (1)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(1) Does not include 22,270 shares of Series B Convertible Preferred Stock which
is convertible into 445,400 shares of Common Stock.
CUSIP No. 822809109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad Management, LLC 20-0591302
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) (b)X (joint filers)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING ------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
2,971,548
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,971,548
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,971,548
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X] (1)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
--------------------------------------------------------------------------------
(1) Does not include 22,270 shares of Series B Convertible Preferred Stock which
is convertible into 445,400 shares of Common Stock.
CUSIP No. 822809109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad Capital LP 20-0593276
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)X (joint filers)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING ------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
2,867,544
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,867,544
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,867,544
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X] (1)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) Does not include 22,270 shares of Series B Convertible Preferred Stock which
is convertible into 445,400 shares of Common Stock.
CUSIP No. 822809109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad Advisors GP, LLC 20-0591650
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) (b)X (joint filers)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING ------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
2,867,544
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,867,544
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,867,544
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X] (1)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
(1) Does not include 22,270 shares of Series B Convertible Preferred Stock which
is convertible into 445,400 shares of Common Stock.
CUSIP No. 822809109
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Robert S. Ellin
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) (b)X (joint filers)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING ------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
2,971,548
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,971,548
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,971,548
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X] (1)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) Does not include 22,270 shares of Series B Convertible Preferred Stock which
is convertible into 445,400 shares of Common Stock.
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Jay Wolf
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) (b)X (joint filers)
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING ------------------------------------------------------------
PERSON WITH 8 SHARED VOTING POWER
2,971,548
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,971,548
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,971,548
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[X] (1)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
CUSIP No. 822809109
Introductory Statement
This Amendment No. 3 ("Amendment") to the Statement on Schedule 13D, filed on
June 1, 2004, relates to shares of the Common Stock (the "Shares") of Shells
Seafood Restaurant, Inc., a Delaware corporation (the "Issuer"), as amended by
Amendment No.1 to such filing, filed on June 25, 2004 and Amendment No. 2 to
such filing, filed on December June 14, 2005.
This Amendment relates to the common stock, $.01 par value per share, (the
"Common Stock") of Shells Seafood Restaurants, Inc., a Delaware corporation (the
"Company"). The principal executive offices of the Company are located at 16313
North Dale Mabry Highway, Suite 100, Tampa FL 33618.
Except as otherwise described herein, the information contained in the Schedule
13D, as amended, remains in effect, and all capitalized terms not otherwise
defined herein shall have the meanings previously ascribed to them. Information
given in response to each item in the Schedule 13D, as amended, shall be deemed
incorporated by reference in all other items.
Item 2. Identity and Background.
(a), (c)
This Schedule is being filed by:
(i) Trinad Capital Master Fund, Ltd., a Cayman Islands corporation, which
is a hedge fund dedicated to investing in micro-cap companies, with
respect to shares directly and beneficially owned by Trinad Capital
Master Fund, Ltd.
(ii) Trinad Capital LP, a Delaware limited partnership, which is principally
engaged in investing in Trinad Capital Master Fund, Ltd., with respect
to shares indirectly and beneficially owned by Trinad Capital LP. As of
the date hereof, Trinad Capital LP is the owner of 96.5% of the issued
and outstanding shares of the Trinad Capital Master Fund, Ltd.
(iii) Trinad Management, LLC, a Delaware limited liability company, which is
principally engaged in the business of managing the investments of the
Trinad Capital Master Fund, Ltd. and Trinad Capital LP, with respect to
the shares directly and beneficially owned by Trinad Capital Master
Fund, Ltd.
(iv) Trinad Advisors GP, LLC, a Delaware limited liability company and the
general partner of Trinad Capital LP, which is principally engaged in
serving as the general partner of Trinad Capital LP, with respect to
the shares directly and beneficially owned by Trinad Capital LP.
(v) Robert S. Ellin, an individual, whose principal occupation is to serve
as portfolio manager and the managing member of Trinad Advisors GP,
LLC, the general partner of Trinad Capital LP, a principal stockholder
of Trinad Capital Master Fund, Ltd., and the managing member of Trinad
Management, LLC, the manager of the Trinad Capital Master Fund, Ltd.
(vi) Jay Wolf, an individual and a director of the issuer. Mr Wolf's
principal occupation is to serve as portfolio manager and member of
Trinad Management, LLC, the manager of the Trinad Capital Master Fund,
Ltd. and a member of Trinad Advisors GP, LLC, the general partner of
Trinad Capital LP, a principal stockholder of Trinad Capital Master
Fund, Ltd.
Each of the foregoing is referred to as a "Reporting Person" and collectively as
the "Reporting Persons."
CUSIP No. 822809109
The Reporting Persons are making this single, joint filing because they may be
deemed to constitute a "group" within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). Each Reporting
Person disclaims beneficial ownership of all shares of Common Stock to which
such Reporting Person does not have a pecuniary interest.
(b)
The address of the principal business office of Trinad Capital Master Fund, Ltd,
Trinad Capital LP, Trinad Management, LLC, Trinad Advisors GP, LLC, Robert S.
Ellin and Jay Wolf, is 2121 Avenue of the Stars, Suite 1650, Los Angeles,
California 90067.
(d)-(e)
During the last five years, none of the Reporting Persons have nor, to the best
of their knowledge, have any of the directors, executive officers, control
persons, general partners or members of such Reporting Persons (i) been
convicted in any criminal proceeding or (ii) been a party to any civil
proceeding of a judicial or administrative body of competent jurisdiction as a
result of which he was subject to any judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
(f)
Robert S. Ellin is a United States citizen.
Jay Wolf is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration.
Trinad Capital Master Fund, Ltd. acquired 2,871,548 shares of Common Stock from
Trinad Capital LP, an affiliated entity on August 22, 2005 when a restructuring
of the funds occurred. The remaining 100,000 shares of Common Stock owned by
Trinad Capital Master Fund, Ltd. were purchased with its working capital. The
aggregate purchase cost of the 2,971,548 shares owned by Trinad Capital Master
Fund, Ltd., including commissions is approximately $751,713, which amount
includes the aggregate purchase cost, including commissions of 2,871,548 shares
by Trinad Capital LP for $663,448.
Item 4. Purpose of Transaction.
All of the shares of Common Stock reported herein were acquired for investment
purposes. The Reporting Persons currently have no plan or proposal which relates
to or would result in any of the actions or transactions described in paragraphs
(a) through (j) of Item 4 of the instructions to this Report.
Item 5. Interest in Securities of the Issuer.
(a)
The percentages used herein and are calculated based on the 16,238,997 shares of
Common Stock reported by the Company to be issued and outstanding as of May 4,
2006 in the Company's latest Form 10-Q, as filed with the Securities and
Exchange Commission on May 17, 2006.
As of the date hereof,
CUSIP No. 822809109
Trinad Capital Master Fund, Ltd. is the beneficial owner of 2,971,548 shares of
the Common Stock, representing approximately 18.3% of the Common Stock of the
Company.
Trinad Management, LLC (as the manager of the Trinad Capital Master Fund, Ltd.
and Trinad Capital LP) and Robert S. Ellin (as a Managing Member of Trinad
Advisors GP, LLC and Trinad Management, LLC) are deemed the beneficial owner of
2,971,548 shares of the Common Stock held by Trinad Capital Master Fund, Ltd.
representing approximately 18.3% of the Common Stock of the Company.
Trinad Capital LP (as the owner of 96.5% of the shares of Trinad Capital Master
Fund, Ltd.) and Trinad Advisors GP, LLC (as the general partner of Trinad
Capital LP), are each deemed the beneficial owner of 96.5% of the shares of the
2,971,548 shares of the Common Stock held by Trinad Capital Master Fund, Ltd.,
representing 17.7% of the Common Stock of the Company.
Each of Trinad Capital LP, Trinad Management, LLC and Trinad Advisors GP, LLC
disclaim beneficial ownership of the shares of Common Stock directly
beneficially owned by Trinad Capital Master Fund, Ltd.
Robert S. Ellin disclaims beneficial ownership of the shares of Common Stock
directly beneficially owned by Trinad Capital Master Fund, Ltd. except to the
extent of his pecuniary interest therein.
Jay Wolf disclaims beneficial ownership of the shares of Common Stock directly
beneficially owned by Trinad Capital Master Fund, Ltd. except to the extent of
his pecuniary interest therein.
Trinad Management, LLC, Robert S. Ellin and Jay Wolf have shared power to direct
the vote and shared power to direct the disposition of these shares of Common
Stock.
(b)
Each of the Reporting Persons share the power to vote or to direct the vote and
to dispose or to direct the disposition of the Common Stock it or he may be
deemed to beneficially own.
(c)
Trinad Capital Master Fund, Ltd. acquired an additional 100,000 shares on May
25, 2006 at an aggregate purchase cost of $88,265, including commissions. Except
as set forth in the prior sentence, none of the Reporting Persons nor, to the
undersigned's knowledge, any of their executive officers or directors has
engaged in any transactions involving and have not effected any transactions in
the shares of the Company's equity securities within the past 60 days.
(d)
Not applicable.
(e)
Not applicable.
CUSIP No. 822809109
Item 6. Contracts, Arrangements, Understandings or Relationships with the
Issuer.
In March 2005, Trinad Capital, L.P., Bruce Galloway and Frederick R. Adler
("Lenders") provided the issuer with a $1.6 million revolving line of credit,
which was to mature on the earlier of March 31, 2006 or the closing of an
aggregate amount of financing providing us not less than $1.6 million of net
proceeds. Amounts drawn under the line of credit bear interest at the rate of
15% per annum, payable 8% monthly in arrears and 7% deferred until the maturity
date. The Lenders received a fee of $80,000, in the aggregate, for extending the
credit line to the Issuer, paid to each Lender pro rata in accordance with each
investor's percentage interest (50% for Adler, 30% for Trinad and 20% for
Galloway). In May 2005, the Lenders agreed to extend the maturity date under the
line of credit to May 23, 2007 for no additional consideration. In connection
with the restructuring of Trinad Capital LP into the Master Fund, the
obligations of Trinad Capital LP with respect to the line of credit were
transferred to Trinad Capital Master Fund Ltd.
Except as described herein, there are no contracts, arrangements, understandings
or relationships (legal or otherwise) between the Reporting persons named in
Item 2 hereof and any person with respect to any securities of the Company,
including but not limited to transfer or voting of any other securities,
finder's fees, joint ventures, loan or option arrangements, puts or calls,
guarantees of profits, divisions of profits or loss, or the giving or
withholding of proxies.
Item 7. Material to be Filed as Exhibits.
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
TRINAD CAPITAL MASTER FUND, LTD. TRINAD MANAGEMENT, LLC
a Cayman Islands exempted company a Delaware limited liability company
By: /s/ Robert S. Ellin By: /s/ Robert S. Ellin
-------------------------------- --------------------------------
Robert S. Ellin, Director Robert S. Ellin, Managing Member
Date: May 31, 2006 Date: May 31, 2006
TRINAD CAPITAL LP
a Delaware limited partnership
By: TRINAD ADVISORS GP, LLC TRINAD ADVISORS GP, LLC
a Delaware limited liability company a Delaware limited liability company
As its General Partner
By: /s/ Robert S. Ellin By: /s/ Robert S. Ellin
-------------------------------- --------------------------------
Robert S. Ellin, Managing Member Robert S. Ellin, Managing Member
Date: May 31, 2006 Date: May 31, 2006
By: /s/ Robert S. Ellin By: /s/ Jay Wolf
-------------------------------- --------------------------------
Robert S. Ellin, an individual Jay Wolf, an individual
Date: May 31, 2006 Date: May 31, 2006
--------------------------------
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative (other than an executive
officer or general partner of the filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
Attention. Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).
EXHIBIT I
JOINT FILING AGREEMENT
PURSUANT TO RULE 13D-1(k)
The undersigned acknowledge and agree that the foregoing statement on Schedule
13D is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13D shall be filed on behalf of each of
the undersigned without the necessity of filing additional joint acquisition
statements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the
information concerning him or it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that he or it knows or has reason to believe that such
information is inaccurate.
Dated: May 31, 2006
TRINAD CAPITAL MASTER FUND, LTD. TRINAD MANAGEMENT, LLC
a Cayman Islands exempted company a Delaware limited liability company
By: /s/ Robert S. Ellin By: /s/ Robert S. Ellin
-------------------------------- --------------------------------
Robert S. Ellin, Director Robert S. Ellin, Managing Member
Date: May 31, 2006 Date: May 31, 2006
TRINAD CAPITAL LP
a Delaware limited partnership
By: TRINAD ADVISORS GP, LLC TRINAD ADVISORS GP, LLC
a Delaware limited liability company a Delaware limited liability company
As its General Partner
By: /s/ Robert S. Ellin By: /s/ Robert S. Ellin
-------------------------------- --------------------------------
Robert S. Ellin, Managing Member Robert S. Ellin, Managing Member
Date: May 31, 2006 Date: May 31, 2006
By: /s/ Robert S. Ellin By: /s/ Jay Wolf
-------------------------------- --------------------------------
Robert S. Ellin, an individual Jay Wolf, an individual
Date: May 31, 2006 Date: May 31, 2006