JLI Jesup & Lamont, Common Stock

WOODBURY, N.Y., June 18 /PRNewswire/ -- On December 29th 2008 Empire Financial a wholly owned subsidiary of Jesup and Lamont (AMEX:JLI) entered into a settlement agreement on an arbitration award of $772,000 with EKN Financial under which $175,000 was paid over two(2) payments and 12 monthly payments were owed. A percentage of this obligation has been sold to a third party. There was a provision whereby Empire/Jesup and Lamont could aggregate the next 3 monthly payments and make a $150,000 payment no later than May 31. The balance would be paid out over the next 10 months until $600,000 was satisfied. This obligation was memorialized on JLI's 10Q in the form of an accrual. Empire/Jesup and Lamont made the first 2 initial payments totaling $175,000 and has not made any payments thereafter in spite of the assurances from Jesup and Lamont's former CEO Donald Wojnowski both before and after his May resignation as CEO (JLI Def 14A, pgs 4 and 13). It is EKN's strong opinion that the material assets were fraudulently conveyed from Empire to Jesup and Lamont without any compensation to Empire, which made it impossible for it to pay its obligation to EKN. EKN's president Thomas Giugliano states, "Jesup and Lamont showed cash of $55,200 as of 3/31 and uncollected stock subscriptions of $4,884,976 in its 3/31/09 10Q. If they choose to permit their investors to not pay their obligations to them that is their business. Their brokers are leaving in droves and Mr. Wojnowski and other current or former employees have received Wells Notices from FINRA, but though that is unfortunate, it has nothing to do with their debt to us. We insist that they pay their obligation to us and have instructed our attorneys to force them to do so." DATASOURCE: EKN Financial Services, Inc. CONTACT: EKN Financial Services, Inc., +1-516-396-1234

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