Prospectus Summary
This Prospectus contains forward-looking statements that involve risk and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including these set forth under "Risk Factors" and elsewhere in this Prospectus. The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and Financial Statements and Notes thereto appearing elsewhere in this Prospectus. Unless otherwise indicated, all information in this Prospectus does not give effect to the (a) exercise of the Over-Allotment Option, (b) exercise of the Representatives' Warrants, including the exercise of the Warrants underlying the Representatives' Warrants, (c) exercise of the Warrants, (d) the issuance of 699,050 shares of Common Stock upon the exercise of options granted under the Company's 1995 Stock Option Plan (the "Plan"), (e) the issuance of 300,950 shares of Common Stock upon the exercise of options that may be granted under the Plan, (f) the issuance of 30,000 shares of Common Stock upon the exercise of options granted under the Company's Non-Employee Directors' Stock Option Plan (the "Directors' Stock Option Plan"), (g) the issuance of 60,000 shares of Common Stock upon the exercise of options that may be granted under the Directors' Stock Option Plan, (h) the issuance of 3,439,866 shares of Common Stock upon the conversion of the outstanding 6,879,732 shares of Series B 5% Cumulative Convertible Preferred Stock ("Series B Preferred Stock") and (i) the issuance of 60,000 shares of Common Stock upon the exercise of a warrant currently outstanding. As used in this Prospectus and unless the context otherwise requires, the "Company" refers to the Company and its predecessor.