New York Global Group Signs Strategic Alliance Agreement with the People's Bank of China; Agreement Covers Proprietary Research of Chinese Companies' Access to International Capital Markets

NEW YORK & BEIJING--(BUSINESS WIRE)--July 22, 2005--New York Global Group recently signed a strategic alliance agreement with the People's Bank of China strengthening their collaborative efforts to conduct research of small- and medium-sized enterprises (SMEs) in China and their access to international capital markets.

The People's Bank of China is China's central bank, similar to the Federal Reserve System of the United States. The People's Bank was established in 1948. Among its functions, it is responsible for formulating and implementing monetary policy in accordance with Chinese law, issuing the Chinese currency and administering its circulation, and regulating China's financial markets, including the inter-bank lending market, the inter-bank bond market, the foreign exchange market and the gold market.

The research will be conducted in coordination with the Research Institute of the People's Bank of China. The Research Institute is primarily responsible for conducting research and analysis of China's monetary policies. Senior researchers at the Institute regularly present proposals to Chinese government policy makers to facilitate the formulation of China's monetary policies. Dr. Gus Hooke, New York Global Group's Chief Economist, will lead the research effort from New York Global.

Nicholas Plant, New York Global Group's Chief Representative in Beijing, commented: "NYGG is uniquely positioned in the investment banking sector in China and possesses the requisite skills to undertake this assignment with the People's Bank. We are excited with the opportunity of working directly with the People's Bank on a research project of this scale and prestige. We look forward to providing our clients with the cutting edge information that will surely be gained from such an expansive research study with the People's Bank as our partner in the process."

About New York Global Group

New York Global Group, Inc. (website: www.nyggroup.com) is a full-service investment banking firm that provides corporate finance, strategic advisory, institutional brokerage and equity research services to companies on a global basis, with a unique specialization in small- and middle-market companies located in Greater China. NYGG is headquartered in New York City and is focused on the rapid rate of change that characterizes multiple sectors within the Greater China market. We believe this dynamic environment creates investment opportunities that are inaccessible, misunderstood and often disregarded by the traditional bulge bracket investment banks and Wall Street brokerage firms. Our cultural, regulatory and industry expertise has allowed us to prosper and mature in a demanding market for which very few investment banks possess comparable skills.