Steve Hovagimyan Joins Andrew Davidson & Co., Inc.

New York City – 25 September 2006

Andrew Davidson & Co., Inc. has hired Steve Hovagimyan as Director of Strategic Development. In this position, Hovagimyan will manage the company finances and secure funding sources to capitalize on the firm’s growth opportunities, including the expansion of the company’s product lines and its geographical reach.

Steve brings 15 years of experience in financial services and technology to the firm. He joins Andrew Davidson & Co., Inc. from Edison Venture Fund where, as Director Business Development, he led the group in generating new investment opportunities, specializing in Capital Markets Technology, Education IT and Interactive Marketing.

Prior to Edison, Steve was Director of Strategic Investment Group for Instinet, a billion-dollar network-based transaction system and brokerage company. He led the $55 million acquisition of Lynch Jones & Ryan and a $25 million strategic investment in Archipelago. Steve also assisted on investments in WR Hambrecht & Co and virt-x. Before that, he was a trader/analyst at Sierra Trading and earned a CPA and while at Coopers & Lybrand.

Andrew Davidson, President of Andrew Davidson & Co., Inc. is happy to add Steve to the team. “As the markets grow in complexity and breadth, we seek to expand our services to meet our customers’ needs. Steve’s experience will be extremely valuable to us as we further develop the company.”

Steve holds an MBA in Finance and International Business from New York University and a BS from Drexel University with dual majors in Finance and Accounting

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