Advanced Equities Wealth Management

Greenbook Financial Services, Inc. Advances into Discretionary Asset Management Market Space

Acquires Robust In-House Capabilities to Expand Customer Investment Choices and Enhance Portfolio Design

April 11, 2005 - SAN DIEGO - Greenbook Financial Services, Inc. today announced its expansion into discretionary asset management via the acquisition of infrastructure assets and investment processes of Pinnacle Investment Advisors, a quantitative investment management boutique. These incremental competencies will be utilized by Greenbook's Investment Management Division to provide customers with access to expanded investment options, financial expertise and enhanced portfolio design.

Pinnacle was founded by Dr. Carr Bettis, an Associate Research Professor of Finance at Arizona State University and architect of mathematical investment selection models, published in periodicals such as the Journal of Financial Economics. Dr. Bettis will join the Greenbook Board of Directors, while Jeff Mindlin, former Director of Financial Engineering for Pinnacle, will assume the role of Research Director for Discretionary Accounts for Greenbook Investment Management.

In addition to his capacity as Vice Chairman of Greenbook, finance industry veteran Craig Columbus will become Managing Director of Greenbook's Investment Management Division, responsible for day-to-day operations of Discretionary Accounts. Columbus, Mindlin and other key Pinnacle personnel will co-manage Greenbook customer portfolios from the company's newly established Scottsdale, Ariz. facility.

"The addition of Pinnacle's intellectual property and quantitative models differentiate Greenbook through our ability to deliver a blend of proprietary and non-proprietary investment management systems," said Robert Holcomb, Chief Executive Officer of Greenbook Financial Services. "In turn, we can offer our clients flexibility in portfolio design, keeping with the conservative nature of our firm and responding to today's economic climate."

While remaining committed to the diversification principles of Modern Portfolio Theory*, Greenbook will leverage its new capabilities to test, build, manage and monitor a variety of sophisticated investment portfolios on behalf of institutional clients and high-net-worth individual customers. The company will also have an increased ability to manage taxable accounts and introduce additional asset classes that are uncorrelated with existing investments.

Greenbook will continue to offer investment options through industry-leading firms such as SEI and Brinker Capital, but will also launch both managed account and hedge fund options within its Discretionary Asset Management program.

Greenbook Financial Services, Inc. provides integrated financial planning for healthcare professionals. Greenbook employs a conservative approach committed to regulatory compliance that seeks to avoid losses from inefficient tax planning, uncompensated investment risk and ineffective business structures. The company designs, implements and administers a balanced platform of insurance, pension and investment management services to address the unique earning, spending and savings patterns of high-income healthcare professionals. Headquartered in San Diego, Calif., Greenbook serves the medical community through a nationwide network of advisors and corporate offices in Phoenix and Orlando, Fla.

Note: Financial planning and investment management services provided by Greenbook Investment Management, Inc. Greenbook does not offer legal or tax advice and all strategies should be discussed with appropriate legal or tax counsel. Nothing in these materials shall be construed as offering or disseminating specific financial planning, retirement, estate, asset protection, investment, tax, or legal advice to any individual without the benefit of direct and specific consultation with a Greenbook Advisor or any affiliate of Greenbook.

* Modern Portfolio Theory is derived from the work of Professor Harry M. Markowitz (City University of New York), who published an essay entitled Portfolio Selection (1952) and a book, Portfolio Selection: Efficient Diversification (1959), and the work of Professor William F. Sharpe (Stanford University), who developed the Capital Asset Pricing Model (CAPM) and published an essay entitled Capital Asset Prices: A theory of Market Equilibrium under Conditions of Risk (1964). In 1990, Professors Markowitz and Sharpe shared the Alfred Nobel Memorial Prize in Economic Sciences.