PlacementTracker Publishes Q1 2004 PIPE Market League Tables

$139 Million in Banking Fees in Q1 Represents a 356% Increase over Q1 2003


SAN DIEGO, May 6, 2004 (PRIMEZONE) -- Sagient Research Systems (OTCBB:PCSR), a leading publisher of independent research for the financial services and institutional investment communities, today announced that Roth Capital Partners, LLC ranked No. 1 in the PIPE market in the first quarter of 2004 for both total dollars raised and number of transactions. Published by Sagient Research's PlacementTracker service, the Q1 2004 PIPE Market League Tables ranked Banc of America Securities, LLC and Rodman and Renshaw, LLC as No. 2 and No. 3 respectively by total dollars raised. Rodman and Renshaw, LLC and SG Cowen Securities Corporation ranked No. 2 and No. 3 respectively in number of PIPE transactions. PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.

PlacementTracker also reported that investment banking firms reported a record amount of investment banking and advisory fees from PIPE transactions in the first quarter of 2004. The first quarter 2004 fee total of $139 million was up from $36 million reported in the same period in 2003. This 356% one year increase corresponds to a record quarter for PIPE issuances, with a total of $4.9 Billion raised in the PIPE market during the first quarter of 2004.

Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, "We congratulate all of the active agents in the PIPE market for a tremendous first quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market."

Data presented excludes all Equity Line of Credit transactions and all PIPE transactions conducted by Canadian domiciled issuers. Data is as reported as of 5/5/04.

PlacementTracker's dynamically updating League Tables are now available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.



      The Q1 2004 PIPE Market League Table By Dollar Amount Raised:

  Placement Agent Name        Transaction Count  Total Amount Raised

 Roth Capital Partners, LLC           13            $315,411,682.00
 Banc of America Securities LLC        4            $286,988,880.00
 Rodman & Renshaw, LLC                11            $265,652,514.00
 Sunrise Securities, Inc.              3            $246,877,085.00
 William Blair & Company, LLC          4            $168,358,830.00
 SG Cowen Securities Corporation       7            $162,518,281.00
 CIBC World Markets                    4            $146,610,030.00
 Legg Mason Wood Walker, Inc.          3            $141,240,505.00
 Lazard Freres & Co. LLC               2            $124,195,002.00
 J.P. Morgan Chase & Co.               2            $103,200,000.00
 Piper Jaffray & Co.                   3             $94,574,750.00
 Citigroup Global Markets, Inc.        2             $90,185,488.00
 Houlihan, Lokey, Howard, &
   Zukin Capital                       2             $76,979,866.00
 Jefferies & Co. Inc.                  3             $75,135,000.00
 Lehman Brothers, Inc.                 3             $71,744,994.00
 C.E. Unterberg, Towbin                4             $66,340,000.00
 Merriman Curhan Ford & Company        4             $64,399,999.00
 Goldman, Sachs & Co.                  1             $60,750,000.00
 Adams, Harkness, & Hill Inc.          4             $60,277,767.00
 Shemano Group, Inc., The              7             $52,629,958.00
 Bear, Stearns & Co. Inc.              1             $50,000,000.00
 Credit Suisse First Boston Corp.      1             $50,000,000.00
 Punk, Ziegel & Company                1             $49,698,442.00
 Burnham Hill Partners                 5             $46,505,000.00
 Pritchard Capital Partners LLC        2             $45,260,001.00


     Data presented excludes all Equity Line of Credit transactions
     and all PIPE transactions conducted by Canadian domiciled
     issuers. For transactions where multiple firms are reported as
     co-placement agent, each placement agent is given full credit for
     the total amount raised. Data is as reported as of 5/5/04.

    The Q1 2004 PIPE Market League Table By Number of Transactions:

 Placement Agent Name          Transaction Count  Total Amount Raised

 Roth Capital Partners, LLC             13         $315,411,682.00
 Rodman & Renshaw, LLC                  11         $265,652,514.00
 SG Cowen Securities Corporation         7         $162,518,281.00
 Shemano Group, Inc., The                7          $52,629,958.00
 H.C. Wainwright & Co. Inc.              6          $11,443,147.00
 Burnham Hill Partners                   5          $46,505,000.00
 Banc of America Securities LLC          4         $286,988,880.00
 William Blair & Company, LLC            4         $168,358,830.00
 CIBC World Markets                      4         $146,610,030.00
 C.E. Unterberg, Towbin                  4          $66,340,000.00
 Merriman Curhan Ford & Company          4          $64,399,999.00
 Adams, Harkness, & Hill Inc.            4          $60,277,767.00
 Paramount Capital, Inc.                 4          $40,945,860.00
 Ashenden Finance & Cie                  4          $28,970,000.00
 Reedland Capital Partners               4          $26,861,250.00
 Duncan Capital LLC                      4          $22,577,500.00
 Sunrise Securities, Inc.                3         $246,877,085.00
 Legg Mason Wood Walker, Inc.            3         $141,240,505.00
 Piper Jaffray & Co.                     3          $94,574,750.00
 Jefferies & Co. Inc.                    3          $75,135,000.00
 Lehman Brothers, Inc.                   3          $71,744,994.00
 Emerging Growth Equities, Ltd.          3          $42,000,000.00
 SCO Financial Group, LLC                3          $37,560,816.00
 Granite Financial Group, Inc.           3          $21,500,006.00
 ThinkEquity Partners                    3          $17,780,409.00
 HCFP/Brenner Securities, LLC            3          $13,662,603.00
 HPC Capital Management Corporation      3          $10,824,587.00


     Data presented excludes all Equity Line of Credit transactions
     and all PIPE transactions conducted by Canadian domiciled
     issuers. For transactions where multiple firms are reported as
     co-placement agent, each placement agent is given full credit for
     the total amount raised. Data is as reported as of 5/5/04.

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 www.sagientresearch.com.

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