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Press ReleaseSource: Sagient Research Systems
Sagient Research Reports Robust U.S. PIPE Market in 2004
Friday March 5, 8:00 am ET

PlacementTracker Reports Volume Doubling Over Similar Period in 2003

SAN DIEGO, March 5, 2004 (PRIMEZONE) -- Sagient Research Systems (OTC BB:PCSR.OB - News), a leading publisher of independent research for the financial services and institutional investment communities, today reported on the robust activity in the PIPE market through the first two months of 2004.

Through its PlacementTracker service, Sagient Research reported that 209 PIPE transactions totaling $2.7 billion in proceeds for U.S. public companies have closed during the period of January 1, 2004 to February 29, 2004. This represents a 200% increase in transactions and a 150% increase in proceeds as compared to the similar period in 2003. During that time, Sagient Research reported 69 PIPE transactions totaling $1.25 billion in proceeds for U.S. public companies. For both periods, Sagient Research excluded equity line financings, transactions under $1 million in proceeds, and transactions placed by non-U.S. issuers.

Commenting on the high activity rate during the first two months of the year, Robert F. Kyle, executive vice president of Sagient Research said, ``We are encouraged to see that the high activity rate in the PIPE market that began in the second half of the year is continuing into 2004. Should we continue at this pace, 2004 will likely end up being the most active year for U.S. PIPE issuances since we started tracking this market in 1995.'' He added, ``We believe that a combination of events is causing this high level of activity, including a recovering market for capital dependent companies in the technology and biotechnology sectors, increased liquidity in the micro, small and mid-cap markets, and institutional efficiency of PIPE market pricing and closing procedures that make completing a PIPE transaction faster, cheaper, and easier than current alternatives.''

PlacementTracker is the leading source of information on the PIPE and 144-A markets. Sagient Research sells PlacementTracker on a subscription basis to the active investment banks and institutional investors in the PIPE market.

About Sagient Research Systems

PCS Research Technology, Inc. d/b/a Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. For more information, please visit the Sagient Research Systems website at

Safe Harbor Statement

Statements in this press release that are not statements of historical or current fact constitute ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms ``believes,'' ``belief,'' ``expects,'' ``intends,'' ``anticipates,'' ``will,'' or ``plans'' to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.

          Sagient Research Systems 
          Brian M. Overstreet   
          President & CEO 
          (858) 200-2350
          CEOcast, Inc. for Sagient Research
          Ed Lewis  
          (212) 732-4300

Source: Sagient Research Systems