SPRING 2007 INVESTOR RELATIONS UPDATE

The Blueshirt Group is off to a very strong start in 2007. The resurgence of the IPO market had a profound impact on our growth as we have added four high profile IPOs and a total of 13 new clients so far this year. These include market leading public companies, a number of clients in our targeted micro cap effort and several exciting private companies. We remain committed to our business model of limiting the number of clients that each of our senior team members work with on which is a clear point of differentiation in the market. To support our continued growth we are very pleased to announce the addition of Cynthia Hiponia, former sell-side research analyst at Citigroup, and Mike Bishop, former Director of IR at OpenWave, to our team of IR professionals. We look forward to a robust 2007 and hope the first part of your year is off to an equally strong start.


RECENT IPO CLIENTS


Aruba Networks
Ticker: NASDAQ: ARUN
IPO Date: March 27, 2007
IPO Team: Goldman Sachs and Lehman Brothers as joint book-running managers with J.P. Morgan and RBC Capital Markets as co-managers. Aruba Networks delivers an enterprise mobility solution that enables secure access to data, voice and video applications across wireless and wireline enterprise networks.


BigBand Networks
Ticker: NASDAQ: BBND
IPO Date: March 15, 2007
IPO Team: Morgan Stanley and Merrill Lynch as joint book-running managers with Jefferies, Cowen and ThinkEquity as co-managers.
BigBand is a provider of broadband multimedia infrastructure for video, voice and data. The company's solutions are designed to process, optimize, and deliver services such as broadband Internet, VoIP, digital broadcast television, HDTV, transport of high quality video, local advertising, VOD, interactive TV and IPTV through any network.


Glu Mobile
Ticker: NASDAQ: GLUU
IPO Date: March 22, 2007
IPO Team: Goldman Sachs as lead book-running manager with Lehman Brothers, Banc of America Securities and Needham as co-managers.
Glu is a leading global publisher of mobile games. Its portfolio of top-rated games includes original titles Super K.O. Boxing!, Stranded and the Ancient Empires franchise, and titles based on major brands from Atari, Harrah's, Hasbro, Microsoft, PlayFirst, PopCap Games, SEGA and Sony.


Veraz Networks
Ticker: NASDAQ: VRAZ
IPO Date: April 5, 2007
IPO Team: Credit Suisse and Lehman Brothers as joint book-running managers with Jefferies and Raymond James as co-managers.
Veraz is a global provider of IP softswitches, media gateways and digital compression products that enable voice, video and other multimedia services. Wireline, broadband and wireless service providers in over 50 countries have deployed Veraz's IP product suite to transport, convert and manage voice and multimedia traffic over both legacy and IP networks. Veraz products allow service providers to quickly and efficiently migrate from traditional voice networks to all-IP, fixed-mobile and multimedia networks consistent with emerging IMS standards.



NEW PUBLIC CLIENTS


Building Materials Holding Corp (NYSE: BLG)
BMHC, a Fortune 1000 company, is one of the largest providers of residential construction services and building materials in the United States. BMHC was listed as one of Fortune Magazine's "100 Fastest Growing Companies" in 2006 and was recently named to the Forbes Platinum 400, also known as America's Best Big Companies.

Corgi International (NASDAQ: CRGI)
Corgi develops and markets a wide variety of both licensed and unlicensed collectible products- ranging from high end prop replicas to toys and gifts. The company holds licenses for many of the top film franchises of all time, including Batman, Disney Classics, Harry Potter, James Bond, Lord of the Rings, Pirates of the Caribbean, Star Trek, Star Wars, Superman and others.

Handheld Entertainment (NASDAQ: ZVUE)
HandHeld Entertainment is a digital-media-to-go company. Its network of Web sites (Putfile.com, YourDailyMedia.com, Holylemon.com, UnOriginal.co.uk, FunMansion.com, Dorks.com and ZVUE.com™) now house more than 500,000 user-generated and premium videos in total, videos available for purchase or free viewing. HandHeld is committed to growing its online video leadership position in Europe through its European subsidiary, Putfile Ltd, as well as its other Web properties focused on Europe. Additionally, HandHeld's ZVUE brand personal media players are mass-market priced and available for purchase online and in more than 2,000 Wal-Mart stores throughout the U.S

Research Frontiers (Nasdaq: REFR)
Research Frontiers develops and licenses suspended particle device (SPD) technology used in VaryFast™ SPD-Smart™ light-control glass and plastic products. SPD technology, made possible by a flexible light-control film invented by Research Frontiers, allows the user to instantly and precisely control the shading of glass or plastic, either manually or automatically. SPD technology has numerous product applications in commercial, residential and consumer markets.

Openwave Systems (NASDAQ: OPWV)
Openwave is a leading independent provider of software solutions for the communications and media industries. Openwave empowers its customers to rapidly transform their business by sparking new revenue streams and market opportunities, building loyal subscriber communities and reducing operational costs. Openwave's broad range of IP-based handset-to-network solutions enable the rapid launch of information, communication and entertainment services across networks and devices and include handset software, content delivery, adaptive messaging, location, music and video services.

Tumbleweed Communications (Nasdaq: TMWD)
Tumbleweed provides secure Internet communication solutions for enterprise and government customers of all sizes. Tumbleweed provides solutions for e-mail protection, file transfers and identity validation that allow organizations to safely conduct business over the Internet. Tumbleweed offers these solutions in three comprehensive product suites: MailGate, SecureTransport and Validation Authority.


NEW PRIVATE COMPANY CLIENTS


Altierre Corporation
Altierre is a provider of wireless infrastructure innovations for retailers, providing a proprietary, unified platform comprised of hardware, software and other IT solutions that enable chain-wide dynamic pricing, improved price accuracy, sharply reduced labor costs, and improved communication with consumers from the onset of the shopping experience to the point-of-sale. Founded in 2003, Altierre is headquartered in San Jose, Calif. For more information, please visit www.altierre.com.

BigFix
Founded in 1997, BigFix Inc. offers the only real-time IT service delivery platform that automates and optimizes enterprise computer security and management. BigFix enables large-scale enterprises to continuously enforce IT security, IT policy compliance, and systems management on all computers, anytime, anywhere. Designed for highly distributed and complex IT infrastructures, BigFix delivers real-time endpoint visibility and control through its single-agent, multi-function, on-demand architecture. Its award-winning technology is proven in production at more than 600 companies, government agencies, and public sector institutions worldwide, and currently manages over 7,000,000 desktop and mobile clients, workstations, and servers. More information can be found at www.bigfix.com.

ViewSonic Corporation
ViewSonic, a worldwide leader in visual display products, allows users to "See the Difference"" by offering comprehensive display solutions for today's business, education and consumer electronics markets. The company's products have won more than 2,000 awards globally from independent publications and organizations. ViewSonic recently earned a position on the FORTUNE 1000 list of the largest American companies. Headquartered in Walnut, Calif., ViewSonic was founded in 1987 and files public reports under the Securities Exchange Act of 1934.


CONTACT US

The Blueshirt Group
456 Montgomery Street
11th Floor
San Francisco, CA 94104
415-217-7722

If you would like to subscribe / unsubscribe to our newsletter list, please reply to newsletter@blueshirtgroup.com.