Contact:
Gordon G. Andrew                          Greg Winsper
Highlander Consulting                      Ryan Beck & Co., Inc.
(609) 987-0200                                (973) 549-4008

FOR IMMEDIATE RELEASE:  RYAN BECK HIRES MITCHELL SCHAFFER TO HEAD EXPANDING CONSUMER INVESTMENT BANKING UNIT
Florham Park, NJ - June 12, 2006 - Ryan Beck & Co. today announced that Mitchell Schaffer has joined the firm as Managing Director, overseeing the firm’s Consumer investment banking practice. Mr. Schaffer – who has strong M&A advisory and capital markets credentials in the consumer sector – joins Ryan Beck as a key hire in the firm’s strategic plan to bolster its investment banking and strategic advisory capabilities for emerging growth companies within the consumer sector.

In announcing Mr. Schaffer’s appointment, Executive Vice President Michael J. Kollender, who heads Ryan Beck’s investment banking practice, said, “Small- and midsized consumer companies continue to grow at a very rapid pace. There is a related need for these businesses to attract capital in order to finance future growth. They are increasingly seeking expert direction, counsel and ideas as they consider financial and strategic alternatives. We are continuing to address this need by adding professionals of Mitch’s stature to create dedicated, highly skilled industry teams.”

Mr. Schaffer stated that “Ryan Beck’s Consumer team will provide differentiated M&A and capital markets solutions to sophisticated consumer companies and private equity investors who are driving high margin, growing franchises by responding to key trends at the consumer level. The consumer category’s long-term brand equities and strong cash flows are highly attractive to both strategic acquirers and financial sponsors.”

Mr. Schaffer, 40, spent the last six years with ABN AMRO and ING Barings where most recently he served as Managing Director of Consumer Products Investment Banking. In that position, Mr. Schaffer worked on public and private equity and debt financings as well as M&A transactions. He has broad experience in the consumer sector, including having worked on transactions in personal care, branded consumer durables, food, healthy living, and retail. Mr. Schaffer’s passion for the consumer sector was initially sparked by his work for Wal-Mart Stores where he served as an Associate focused on international strategic planning and real estate operations.

Ryan Beck has identified the consumer sector as a key industry growth strategy across the firm’s investment banking, equity research and capital markets activities. The firm currently employs three senior consumer equity research analysts who cover specialty retail, health and wellness, toys, apparel, footwear and restaurant companies. Mr. Schaffer will be joining several senior Ryan Beck investment bankers who specialize in the consumer products, specialty retail and restaurant sectors.