As the New Year begins, we pause to enjoy the successes of the past, and embrace the challenges of the future.

We have experienced many changes during this past year. The Robbinex team has worked diligently with me as we restructure to address and meet the challenges of my vision for the future. I am grateful to have a team of dedicated professionals working with me and sharing this daunting task. Many positive changes have occurred in our team structure during the past 12 months:

Heinz Schweinbenz joined our firm as Chief Operating Officer, and will be assisting us in bringing our organization to the next level of growth and expansion.

Bruce Johnstone, our Senior Business Analyst has taken on the role managing the Phase III department. His past experience as a Senior Partner in a well-known Accounting firm, coupled with his years of experience as the lead business analyst in Robbinex, will provide the direction and support to assist our intermediators and negotiators with continued success.

Rob Bowden has just completed a year of extensive training and he is looking forward to working with new clients as regional manager.

Robert Gelb, a seasoned accountant with merger and acquisition experience, has joined our Negotiation team.

Nicholas Bonk recently joined us to assist with the development of a Buyer education and opportunity search program.

Robyn Nixon will be offering our services in the Western New York market after she completes a training program similar to Rob’s. She will work from our Buffalo office.

The success Robbinex has enjoyed over the last 31 years has been aided by our close relationship with several associations dedicated to the improvement and professionalism of the Mergers and Acquisitions field:

The M & A Source with 275 members was established in 1991 with co-operative intermediaries located in Mexico, Canada and the United States.

The IBBA (International Business Brokers Association) has over 1,660 members in Canada, Mexico, Asia, Europe, and the United States.

We have a partnering agreement with members of ICFG (International Corporate Finance Group) that expands our group of professionals to Austria, Belgium, Czech Republic, France, Germany, Hungary, Poland, Romania, Scandinavia, Spain, Switzerland, and the United Kingdom.

Relationships with ACG, ICBC, AM&AA, Chambers of Commerce and Boards of Trade have also enhanced our performance and development.

No organization can grow without the skills and assistance of outside suppliers, and we appreciate the support and dedication that our key suppliers offer:

CAMEX Virtual Image has been extraordinarily pro-active in the development of our web site.

MICROCALM SOLUTIONS support our hardware and software needs, and is integral to our partnership expansion program.

CLASS ACT CONNECTIONS has been integral by providing public relation services to both our clients and our team.

HAMILTON COMMERCIAL PRINTERS continues to provide all our print needs.

The plan for Robbinex in 2006 will be to continue to focus on providing our clients with the best possible service in their challenge to sell or improve their business. We will also see a continuation of our expansion program across Canada and the United States. We have purchased a new location for our Home Office to house our growing team.

As I reflect over the past year, I see a team of professionals that strive to be the best in the world of M & A, while believing in “doing what is best for the client”. I look forward to the challenges this amazing team will conquer over the next year.

It is expected that 2006 will be a very active year for Mergers and Acquisitions and everyone at Robbinex joins me in wishing you health and prosperity.

Doug Robbins

Robbinex Inc. is a Mergers and Acquisitions firm that consults and represents clients with the sale of their privately held, mid-market companies. For details on Robbinex visit www.robbinex.com. If you would like to alter receipt of this electronic mail program, send a note to .