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<SEC-DOCUMENT>0001144204-07-038254.txt : 20070725
<SEC-HEADER>0001144204-07-038254.hdr.sgml : 20070725
<ACCEPTANCE-DATETIME>20070725161519
ACCESSION NUMBER:		0001144204-07-038254
CONFORMED SUBMISSION TYPE:	DFRN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070725
DATE AS OF CHANGE:		20070725
EFFECTIVENESS DATE:		20070725

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CROWN CRAFTS INC
		CENTRAL INDEX KEY:			0000025895
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILLS, COTTON [2211]
		IRS NUMBER:				580678148
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DFRN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07604
		FILM NUMBER:		07999514

	BUSINESS ADDRESS:	
		STREET 1:		916 SOUTH BURNSIDE AVENUE
		CITY:			GONZALES
		STATE:			LA
		ZIP:			70737
		BUSINESS PHONE:		225-647-9100

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1028
		CITY:			GONZALES
		STATE:			LA
		ZIP:			70707

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WYNNEFIELD PARTNERS SMALL CAP VALUE LP
		CENTRAL INDEX KEY:			0000899083
		IRS NUMBER:				133688497
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFRN14A

	BUSINESS ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 4720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		2127600814

	MAIL ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 4720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFRN14A
<SEQUENCE>1
<FILENAME>v081855_dfrn14a.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vintage-->
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<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
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</head>
  <body bgcolor="#ffffff" style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
    <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6.65pt; PADDING-BOTTOM: 3pt; BORDER-BOTTOM: #000000 12pt double" align="right"><br></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><font style="FONT-FAMILY: Times New Roman" color="#000000"><strong>SCHEDULE
      14A</strong></font></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><strong>(RULE
      14a-101)</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><strong>INFORMATION
      REQUIRED IN PROXY STATEMENT<br>SCHEDULE 14A
      INFORMATION</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 6.65pt" align="center"><strong>PROXY
      STATEMENT PURSUANT TO SECTION 14(a) OF
      THE<br>SECURITIES EXCHANGE ACT OF 1934</strong></div>

      <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 6.65pt" align="center"><strong>(Amendment
        No. 1)</strong></div>

    <div>
      <table align="center" cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="183">
            </td>
            <td width="284">
            </td>
          </tr>
          <tr>
            <td valign="top" width="244">
              <div style="MARGIN: 0pt">Filed by the Registrant:</div>
            </td>
            <td valign="top" width="379">
              <div style="MARGIN: 0pt; FONT-FAMILY: Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="244">
              <div style="MARGIN: 0pt"><font style="FONT-FAMILY: Times New Roman">Filed
                by a Party other than the Registrant:</font></div>
            </td>
            <td valign="top" width="379">
              <div style="MARGIN: 0pt; FONT-FAMILY: Wingdings"><font style="FONT-FAMILY: Wingdings">&#253;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN: 0pt">&#160;</div>
    <div>
      <table align="center" cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="36">
            </td>
            <td width="431">
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="624">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3.35pt">Check the appropriate
                box: </div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="48">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#168;</font></div>
            </td>
            <td valign="top" width="575">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">Preliminary
                Proxy
                Statement</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="48">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#168;</font></div>
            </td>
            <td valign="top" width="575">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">Confidential,
                for Use of the
                Commission only (as permitted by Rule 14a-6(e)(2))</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="48">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#253;</font></div>
            </td>
            <td valign="top" width="575">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">Definitive
                Proxy
                Statement</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="48">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#168;</font></div>
            </td>
            <td valign="top" width="575">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">Definitive
                Additional
                Materials</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="48">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#168;</font></div>
            </td>
            <td valign="top" width="575">
              <div style="MARGIN-TOP: 0.85pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">Soliciting
                Material Under Rule
                14a-12</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-TOP: 12pt; FONT-SIZE: 18pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 20pt; FONT-FAMILY: Times New Roman Bold" align="center"><font style="FONT-FAMILY: Times New Roman Bold"><strong>CROWN
      CRAFTS, INC.</strong></font></div>
    <div style="MARGIN-TOP: 0pt; FONT-SIZE: 8pt; MARGIN-BOTTOM: 5.35pt; LINE-HEIGHT: 10pt" align="center"><font style="FONT-FAMILY: Times New Roman">(Name
      of Registrant as
      Specified in its Charter)</font></div>
    <div style="MARGIN-TOP: 2.65pt; FONT-SIZE: 8pt; MARGIN-BOTTOM: 2.65pt; LINE-HEIGHT: 10pt" align="center"><strong>WYNNEFIELD
      PARTNERS SMALL CAP VALUE, L.P.<br>WYNNEFIELD
      PARTNERS SMALL CAP VALUE, L.P. I<br>WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND,
      LTD.<br>WYNNEFIELD CAPITAL MANAGEMENT, LLC<br>WYNNEFIELD CAPITAL,
      INC.<br>CHANNEL PARTNERSHIP II, L.P.<br>NELSON OBUS<br>JOSHUA H.
      LANDES</strong></div>
    <div style="MARGIN-TOP: 0pt; FONT-SIZE: 8pt; MARGIN-BOTTOM: 5.35pt; LINE-HEIGHT: 10pt" align="center">(Name
      of Person(s) Filing Proxy Statement if Other Than the
      Registrant)</div>
    <div>
      <table align="center" cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="34">
            </td>
            <td width="20">
            </td>
            <td width="413">
            </td>
          </tr>
          <tr>
            <td colspan="3" valign="bottom" width="624">
              <div style="MARGIN: 0pt">Payment of Filing Fee (Check the appropriate
                box)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">
              <div style="MARGIN-TOP: 5pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#253;</font></div>
            </td>
            <td colspan="2" valign="bottom" width="578">
              <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">No
                fee required.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="46">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#168;</font></div>
            </td>
            <td colspan="2" valign="bottom" width="578">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">Fee
                computed on table below per
                Exchange Act Rules 14a-6(i)(1) and 0-11.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="bottom" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(1)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Title of each
                class
                of securities to which transaction applies:</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="bottom" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(2)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Aggregate number
                of
                securities to which transaction applies:</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="top" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(3)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Per unit price
                or
                other underlying value of transaction computed pursuant to Exchange
                Act
                Rule 0-11 (Set forth the amount on which the filing fee is calculated
                and
                state how it was determined):</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="bottom" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(4)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Proposed maximum
                aggregate value of transaction:</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="bottom" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(5)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Total fee
                paid:</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">
              <div style="MARGIN-TOP: 5pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#168;</font></div>
            </td>
            <td colspan="2" valign="bottom" width="578">
              <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">Fee
                paid previously with preliminary
                materials.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="46">
              <div style="MARGIN-TOP: 3.35pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; FONT-FAMILY: Wingdings" align="center"><font style="FONT-FAMILY: Wingdings">&#168;</font></div>
            </td>
            <td colspan="2" valign="bottom" width="578">
              <div style="MARGIN-TOP: 3.35pt; MARGIN-BOTTOM: 0pt"><font style="FONT-FAMILY: Times New Roman">Check
                box if any part of the fee is
                offset as provided by Exchange Act Rule 0-11(a)(2) and identify the
                filing
                for which the offsetting fee was paid previously. Identify the previous
                filing by registration statement number, or the Form or Schedule
                and the
                date of its filing.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="bottom" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(1)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Amount Previously
                Paid:</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="bottom" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(2)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Form, Schedule
                or
                Registration Statement No.:</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="bottom" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(3)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Filing
                Party:</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="46">&#160;</td>
            <td valign="bottom" width="27">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: -6pt">(4)</div>
            </td>
            <td valign="bottom" width="551" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; MARGIN-BOTTOM: 6.65pt">Date
                Filed:</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">&#160;</div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
      </div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong>ANNUAL
      MEETING OF STOCKHOLDERS OF<br>CROWN CRAFTS, INC.
</strong></div>
    <div style="MARGIN-TOP: 7pt; FONT-SIZE: 10.5pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 12.5pt" align="center"><strong>_____________________________________________</strong></div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>PROXY
      STATEMENT OF THE<br>WYNNEFIELD GROUP</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">To Our Fellow
      Stockholders:</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">This
      proxy statement and the enclosed GOLD proxy card are being furnished to
      stockholders of Crown Crafts, Inc. (the &#8220;Company&#8221;) in connection with the
      solicitation of proxies by the Wynnefield Group (the &#8220;Wynnefield Group&#8221;, &#8220;we&#8221; or
&#8220;us&#8221;) to be used at the 2007 annual meeting of stockholders of the Company,
      including any adjournments or postponements thereof and any meeting held in
      lieu
      thereof (the &#8220;2007 Annual Meeting&#8221;). The 2007 Annual Meeting is scheduled to be
      held on Tuesday, August&#160;14, 2007 at 10:00 a.m. central daylight time at the
      Company&#8217;s executive offices, located at 916 South Burnside Avenue, Third Floor,
      Gonzales, Louisiana 70737. This proxy statement and the GOLD proxy card are
      first being furnished to stockholders on or about July </div>16, 2007.

    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">THIS
      SOLICITATION IS BEING MADE BY THE WYNNEFIELD GROUP AND NOT ON BEHALF OF THE
      BOARD OF DIRECTORS OF THE COMPANY (THE &#8220;BOARD&#8221;).</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">We are
      soliciting your proxy for the 2007 Annual Meeting in support of the following
      proposal: </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">(1) To
      elect Nelson Obus and Frederick G. Wasserman (collectively, the &#8220;Nominees&#8221;) to
      serve as Class I Directors of the Company until the 2010 annual meeting of
      stockholders or until their respective successors have been duly elected and
      qualified. </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">
    </div>Stockholders
    who own shares of the Company&#8217;s Series A common stock, $0.01 par value per share
    (the &#8220;Series A Common Stock&#8221;) at the close of business on June&#160;15, 2007,
    the record date for the 2007 Annual Meeting (the &#8220;Record Date&#8221;), as determined
    by the Company&#8217;s Board, and as set forth in the Company&#8217;s proxy statement for
    the 2007 Annual Meeting, will be entitled to vote at the 2007 Annual Meeting.
    Each stockholder is entitled to one vote for each share of Series A Common Stock
    the stockholder owned as of the Record Date.

    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">According
      to the Company&#8217;s proxy statement for the 2007Annual Meeting, as of the Record
      Date, there were 10,005,192 shares of Series A Common Stock outstanding and
      entitled to vote at the 2007 Annual Meeting, held by approximately 640 holders
      of record.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">As of
      the
      Record Date, the Wynnefield Group is the Company&#8217;s largest stockholder and
      beneficially owns and/or has the right to vote, in the aggregate, 1,463,335
      shares of Series A Common Stock, representing approximately 14.6% of the
      Company&#8217;s outstanding Series A Common Stock. The Wynnefield Group intends to
      vote such shares of Series A Common Stock FOR the election of our Nominees,
      and
      FOR the candidates who have been nominated by the Company other than William
      T.
      Deyo, Jr. and Steven E. Fox.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">&#160;</div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
      </div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"><br>OUR NOMINEES
      ARE COMMITTED TO ACTING IN THE BEST INTERESTS OF ALL STOCKHOLDERS. WE BELIEVE
      THAT YOUR VOICE IN THE FUTURE OF THE COMPANY CAN BEST BE EXPRESSED THROUGH
      THE
      ELECTION OF OUR NOMINEES. ACCORDINGLY, THE WYNNEFIELD GROUP URGES YOU TO VOTE
      YOUR GOLD PROXY CARD FOR OUR NOMINEES.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">As
      explained in the detailed instructions on your GOLD proxy card, there are three
      ways you may vote. You may:</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">1. If
      your shares are registered in your own name, sign, date and return the enclosed
      GOLD proxy card directly to the Wynnefield Group in the enclosed postage-paid
      envelope, or to the Company, with a photostatic copy to the Wynnefield Group,
      c/o MacKenzie Partners, Inc., at the address set forth on the back cover. We
      recommend that you vote on the GOLD proxy card even if you plan to attend the
      2007 Annual Meeting.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">If your
      shares are held in the name of a brokerage firm, bank, or nominee on the Record
      Date, only such brokerage firm, bank, or nominee can vote such shares and only
      upon receipt of your specific instructions. Accordingly, please promptly contact
      the person responsible for your account at such institution and instruct that
      person to execute and return the GOLD proxy card on your behalf. Please do
      this
      for each account you maintain to ensure that all of your shares are voted.
      The
      Wynnefield Group urges you to confirm your instructions in writing to the person
      responsible for your account and to provide a copy of such instructions to
      the
      Wynnefield Group at the address set forth on the back cover, so that we are
      aware of all instructions and can attempt to ensure that such instructions
      are
      followed.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">2. Vote
      in person by attending the 2007 Annual Meeting. Written ballots will be
      distributed to stockholders who wish to vote in person at the 2007 Annual
      Meeting. If you hold your shares through a bank, broker or other custodian,
      you
      must obtain a legal proxy from such custodian in order to vote in person at
      the
      meeting.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">3.
      Deliver your voting instructions by telephone or over the Internet. Instructions
      for voting by telephone or over the Internet may be found on the GOLD proxy
      card.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">WE URGE
      YOU <strong>NOT</strong> TO SIGN ANY WHITE PROXY CARD SENT TO YOU BY THE
      COMPANY. IF YOU HAVE ALREADY VOTED THE COMPANY&#8217;S WHITE PROXY CARD, YOU MAY
      REVOKE YOUR PREVIOUSLY SIGNED PROXY BY SIGNING AND RETURNING A LATER-DATED
      GOLD
      PROXY CARD IN THE ENCLOSED POSTAGE-PAID ENVELOPE, OR BY DELIVERING A WRITTEN
      NOTICE OF REVOCATION TO THE WYNNEFIELD GROUP OR TO THE SECRETARY OF THE COMPANY.
      </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">HOLDERS
      OF SHARES AS OF THE RECORD DATE ARE URGED TO SUBMIT A GOLD PROXY CARD EVEN
      IF
      YOUR SHARES WERE SOLD AFTER THE RECORD DATE. IF YOUR SHARES ARE HELD IN THE
      NAME
      OF A BROKERAGE FIRM, BANK, BANK NOMINEE OR OTHER INSTITUTION ON THE RECORD
      DATE,
      ONLY THAT INSTITUTION CAN VOTE THOSE SHARES AND ONLY UPON RECEIPT OF YOUR
      SPECIFIC INSTRUCTIONS. ACCORDINGLY, PLEASE CONTACT THE PERSON RESPONSIBLE FOR
      YOUR ACCOUNT AND INSTRUCT THAT PERSON TO SIGN AND RETURN ON YOUR BEHALF THE
      GOLD
      PROXY CARD AS SOON AS POSSIBLE.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Wynnefield Group has retained MacKenzie Partners, Inc. to assist us in
      communicating with stockholders in connection with the proxy solicitation and
      to
      assist in efforts to obtain proxies. If you have any questions about executing
      your GOLD proxy, or if you require assistance, please contact:</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center">MacKenzie
      Partners, Inc.<br>105 Madison Avenue<br>New York, NY 10016</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><strong>Call
      Collect: (212) 929-5500</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><strong>or</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><strong>Call
      Toll&#8722;Free: 1-800-322-2885<br>E-Mail: proxy@MacKenziepartners.com</strong></div>
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    <div style="MARGIN: 0pt" align="center"><strong>INTRODUCTION</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Company has a classified board, currently consisting of three (3) Class I
      directors, two (2) Class II directors and two (2) Class III directors. At each
      annual meeting of stockholders, directors are duly elected for a full term
      of
      three years to succeed those whose terms are expiring. At the 2007 Annual
      Meeting, three persons will be elected as Class I directors of the Company.
      Each
      person elected as a Class I director is elected to hold office until the 2010
      annual meeting and until his or her respective successor shall have been duly
      elected and qualified. The Class II and Class III directors currently serve
      until the annual meetings of stockholders to be held in 2009 and 2008,
      respectively.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">We have
      provided written notice to the Company of our intent to nominate two directors,
      Nelson Obus and Frederick G. Wasserman, for election to the Board as Class
      I
      directors at the 2007 Annual Meeting, and are soliciting your proxy in support
      of their election. We believe our Nominees are highly qualified individuals
      based on their extensive business and professional experience. A quorum of
      stockholders is necessary to transact business at the 2007 Annual Meeting.
      The
      presence, in person or by proxy, of shares of Series A Common Stock representing
      a majority of the shares of Series A Common Stock outstanding and entitled
      to
      vote on the Record Date is necessary to constitute a quorum at the 2007 Annual
      Meeting. Abstentions and broker non-votes count as present for establishing
      a
      quorum. If a quorum is present at the 2007 Annual Meeting, our Nominees will
      be
      elected if they receive the affirmative votes of a plurality of the votes cast.
      The three nominees receiving the highest number of votes cast will be elected
      to
      the Board.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">In the
      event the Company purports to increase the number of directorships pursuant
      to
      its bylaws, or otherwise increases the number of directors to be elected at
      the
      2007 Annual Meeting, we reserve the right to nominate additional persons as
      directors to fill any vacancies created by the increase or to fill any
      additional positions on the Board which the Company&#8217;s stockholders shall vote on
      at the 2007 Annual Meeting.</div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>REASONS
      TO VOTE<br>FOR THE WYNNEFIELD GROUP&#8217;S
      NOMINEES</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">For the
      reasons set forth in detail below, the Wynnefield Group has lost confidence
      in
      the ability and willingness of the Company&#8217;s Board to develop and implement an
      effective business plan, grow the Company&#8217;s business and to generate greater
      value for the benefit of all its stockholders. We are nominating Nelson Obus
      and
      Frederick G. Wasserman as directors because we believe that they will act to
      maximize stockholder value in the best interests of all stockholders, rather
      than allowing the Company to drift along with revenues that continue to decline
      and allowing stockholder value to languish. The background of our Nominees
      is
      included in the section of this proxy statement entitled &#8220;Proposal 1: Election
      of Directors.&#8221;</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">We are,
      and have been for eight years, the Company&#8217;s largest stockholder, currently
      holding approximately 14.6% of the Series A Common Stock. As such, we are
      proposing to elect two independent directors to the Company&#8217;s Board to represent
      the interests of all stockholders, not just management who, collectively with
      the incumbent Board, own only approximately 12.2% of the outstanding common
      stock. As a significant long-time investor, the Wynnefield Group believes that
      it is appropriate for it to have representation on the Board so it can protect
      the interests of all of the Company&#8217;s outside stockholders.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Wynnefield Group has been concerned for some time with the failure of
      management, under the direction of the Company&#8217;s Board, to generate any
      long-term growth and build stockholder value. Over the past few years, as the
      most significant stockholder, we have had discussions with the Company in which
      we have requested representation on the Board, which requests have been
      consistently rebuffed by the Company. In November of 2005, we entered into
      an
      agreement with the Company which allowed one of our proposed Nominees, Frederick
      G. Wasserman, to attend and act as a non-voting observer at Board meetings
      and
      its committee meetings on behalf of the Wynnefield Group. The Wynnefield Group,
      through Mr.&#160;Wasserman and otherwise, has attempted to instill some new
      thinking with respect to a number of strategic and other matters as further
      discussed below. The Board and the Company&#8217;s management, however, remain
      non-responsive with respect to the expressed concerns of the Wynnefield Group.
      On June&#160;28, 2007, the Board terminated Mr.&#160;Wasserman&#8217;s observer
      status. In light of the Company&#8217;s continued sub-par revenue-generating
      performance, deteriorating stock price and the Board&#8217;s intransigence to change,
      we believe that at the present time it is in the interests of all of the
      stockholders that our Nominees be elected to the Board in order give you a
      voice
      and a vote.</div>
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    <div style="MARGIN: 0pt; TEXT-INDENT: 18pt">In our opinion, the current Board
      has failed to establish and implement a plan to systematically and organically
      grow the Company&#8217;s business. During fiscal year 2006 and again in fiscal year
      2007, the Company&#8217;s sales continue to shrink. Under the direction of the current
      Board, the Company has failed to develop significant new products that have
      been
      successful in the marketplace or to make any meaningful improvement in the
      Company&#8217;s market penetration for its existing products, including making inroads
      with any major new customers. In fact, as the Company remains unable to
      capitalize on market opportunities, the Company&#8217;s sales performance continues to
      stagnate. Specifically, net sales, after falling by 13.4% from fiscal year
      2005
      to fiscal year 2006, continued their seven-year decline and fell once again
      in
      fiscal year 2007. Operating income has been essentially flat over the past
      four
      years ($7.4&#160;million, $6.2&#160;million, $7.0&#160;million and
      $7.9&#160;million in fiscal years 2004, 2005, 2006 and 2007, respectively) and
      has trended down over the last six months of fiscal year 2007 as compared to
      the
      comparable period in fiscal year 2006. In our opinion, the Board has failed
      to
      develop an appropriate business plan to reverse the continued decline in net
      sales and revitalize the Company&#8217;s moribund business performance.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">While
      the
      Company successfully completed its 2006 financial restructuring, an improved
      capital structure is not a panacea for poor operating performance and a stock
      price that has declined by roughly 35% over the past four months. Though the
      stock price responded positively to the Company&#8217;s financial restructuring,
      peaking at $6.10 on February&#160;2, 2007, the stock has fallen significantly
      since then, and has traded in a narrow range around $4.00 for the past few
      months. While reflecting, in part, investor concern about a recall in early
      2007
      of certain baby bibs produced by the Company due to lead levels, we believe
      the
      stock price decrease illustrates the operational vulnerability of the
      Company.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Company currently faces a number of significant hurdles in its business. The
      infant consumer products industry remains highly competitive. The relative
      small
      size of the Company, in contrast to its larger, more heavily capitalized
      competitors, puts the Company in a significant disadvantage when competing
      with
      respect to customer shelf space. The Company has historically faced significant
      problems in terms of achieving market penetration, a situation which in our
      opinion the Company has not effectively addressed. The Company derives a large
      percentage of its revenues from a small number of customers and has been unable
      to successfully expand its customer base. In fiscal year 2007, Wal-Mart Stores,
      Inc., Toy R Us, Inc. and Target Corporation accounted for 39%, 23% and 16%
      of
      the Company&#8217;s gross sales, respectively. Such an unhealthy concentration of the
      top three customers representing 78% of gross sales obviously results in
      significant business risk. The Company acknowledges that a loss of one or more
      of these customers would result in a material decrease in revenue and operating
      income. In addition, the Company is heavily dependent on the sale of licensed
      products, which represented 39% of the Company&#8217;s gross sales in fiscal year
      2007. The Company acknowledges that if it is unable to renew its major licenses
      or obtain new licenses, the Company could experience a material loss of
      revenue.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">In light
      of these circumstances, we have urged the Company to fully explore strategic
      alternatives to maximize stockholder value, including possible strategic
      combinations or a sale of all or part of the Company&#8217;s business, if appropriate.
      In this regard, we believe that the Company should immediately retain a
      recognized investment banking firm to analyze the Company and assist the Board
      in exploring and evaluating alternatives to maximize stockholder value. Despite
      our urging on this point, the Company has refused to comprehensively review
      its
      strategic options. Our Nominees will seek to enhance stockholder value by
      diligently exploring and, if appropriate, recommending consideration of a
      potential strategic transaction. We are a long-term value investor in the
      Company, not short-term speculators. We have a lengthy history of making
      long-term investments in companies and building long-term stockholder value
      for
      all stockholders. Nonetheless, we question the wisdom of Crown Craft remaining
      an independent company.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">During
      the past two years, while our Nominee, Mr.&#160;Wasserman, has served as a
      non-voting observer to the Board, we have repeatedly recommended to the Board
      and management that they adopt a repurchase program for the Company&#8217;s common
      stock, as one way to increase the price of its shares. After the announcement
      of
      the recall program for the Company&#8217;s bibs in February, 2007, after the price of
      the common stock lost roughly 35% of its value, we again urged the Board to
      adopt a stock repurchase program, but to no avail. On June&#160;29, 2007,
      shortly after receiving our letter confirming our intent to nominate our
      Nominees for election to the Board, the Company issued a press release
      announcing that it had formed a Capital Committee &#8220;authorized to cause&#8221; the
      Company to spend up to $6&#160;million to repurchase its common stock between
      July&#160;1, 2007 and July&#160;1, 2008.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">While
      we
      are pleased that the Company has finally taken our advice and initiated steps
      to
      adopt a buy-back program which we have long championed, if we were cynical,
      we
      might suspect that the timing of the announcement had more to do with trying
      to
      defeat our nomination by currying favor with stockholders then the Board&#8217;s
      sudden conversion to increasing stockholder value. Nonetheless, after ignoring
      our request to implement a stock buy-back program during the years prior to
      our
      nomination letter, now, with the Board&#8217;s formation of the Capital Committee, we
      believe that our nomination of Messrs.&#160;Obus and Wasserman has already borne
      fruit. However, the Company&#8217;s action only &#8220;authorizes&#8221; the newly-created Capital
      Committee &#8220;to cause&#8221; the Company to repurchase some of its shares; it does not
      require the Capital Committee to take any action. Our Nominees, if elected,
      are
      committed to making sure that this is not a tactic which may never be executed
      and may be abandoned by the Board after the 2007 Annual Meeting, and to fully
      implementing the buy-back, together with other strategic plans we have
      recommended.</div>
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    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Wynnefield Group is also concerned about deficiencies in the Company&#8217;s corporate
      governance practices. We believe that the Company&#8217;s staggered Board structure
      serves only to entrench the existing directors and is not consistent with modern
      trends in corporate governance. Members of a staggered board may be less
      accountable to the stockholders of a corporation than directors who are elected
      on an annual basis since they only face re-election once every three years.
      We
      further believe that, for the same reason, having a staggered board serves
      to
      protect the interests of management rather than serving the interests of the
      stockholders. Leading independent stockholder advisory services have long
      debunked the rationale for staggered boards as preserving director continuity.
      We believe that modern governance thinking now recognizes staggered boards
      for
      what they are &#8212; an old style entrenchment technique protecting the incumbent
      board at the expense of stockholder democracy. The Company&#8217;s Board should be
      fully accountable to the stockholders of the Company, which accountability
      is
      best served by annual elections of a complete Board. Our Nominees will support
      annual elections of the entire Board and push for repeal of the staggered board
      in the Company&#8217;s charter.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">We are
      further troubled by the lack of transparency in the financial arrangements
      between certain members of the Company&#8217;s Compensation Committee and the
      Company&#8217;s executive officers. Steven E. Fox, a Company nominee for director to
      the Board and long-term director of the Company, is a member of the Board&#8217;s
      Compensation Committee, which is responsible, among other things, for
      determining the compensation of Mr.&#160;E. Randall Chestnut, the Company&#8217;s CEO.
      In turn, Mr.&#160;Chestnut has selected the Company&#8217;s outside counsel, which for
      years has been the law firm of Rogers &amp; Hardin, LLP, of which Mr.&#160;Fox
      is a partner. The governance policy of the Compensation Committee requires
      that
      its members be independent &#8212; neither officers nor inside directors &#8212; in order to
      avoid conflicts of interest or the appearance of conflicts of interest.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The total
      amount of legal fees the Company pays to Rogers &amp; Hardin LLP for legal
      services is not disclosed in the Company&#8217;s proxy statement for the 2007 Annual
      Meeting. The Company simply discloses that the amount paid to Rogers &amp;
Hardin for services rendered to the Company in fiscal year 2007 did not exceed
      </div>1%of Rogers &amp; Hardin&#8217;s gross revenues during that time. Since the
    financials of Rogers &amp; Hardin are not publicly available information, such
    disclosure is of limited value. While the actual legal fee information may not
    technically be required by the SEC&#8217;s disclosure rules, the Wynnefield Group
    believes that, under the circumstances, for the sake of complete transparency
    given Mr.&#160;Fox&#8217;s role in fixing the CEO&#8217;s compensation, the amount of fees
    payable to the director&#8217;s law firm should be fully disclosed. Following the
    public filing of our preliminary proxy statement with the SEC, in which we
    focused attention on the lack of disclosure of the legal fees the Company paid
    to Rogers &amp; Hardin, the Company&#8217;s definitive proxy statement for the 2007
    Annual Meeting now states that Mr. Fox has notified the Company that he will
    resign from the Compensation Committee immediately following the annual meeting
    if he is re-elected to the Board.

    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Lastly,
      we are concerned that the Company has not publicly disclosed any succession
      plan
      that would address the possibility of the current CEO being unable to carry
      out
      any of his duties and obligations. We believe that it is consistent with prudent
      corporate practice for the Company to publicly disclose and implement a viable
      succession plan. Failure to do so, we believe, is evidence of the Board&#8217;s
      failure to fulfill its fiduciary duty to the stockholders. By creating a
      succession vacuum, the Board essentially prevents stockholders from challenging
      the actions of the CEO for fear that he would resign, leaving the Company
      leaderless.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Our
      Nominees, if elected, will constitute a minority of the Board. Accordingly,
      the
      Nominees, even if voting together, will not be able to adopt any measures
      without the support of other members of the current Board. Nevertheless, the
      Nominees will have an opportunity to articulate and raise their concerns about
      the Company&#8217;s business practices and strategic plans with the rest of the Board
      members.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Wynnefield Group believes that the current Board has grown stale and needs
      an
      infusion of new blood and fresh thinking. The election of our Nominees to the
      Board will add to the Board persons with the financial expertise, business
      acumen and commitment to stockholders, necessary to provide new ideas for
      improving the Company&#8217;s performance and building stockholder value.</div>
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    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">&#160;</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt"><strong>WE BELIEVE THE
      ELECTION OF THE WYNNEFIELD GROUP&#8217;S NOMINEES WILL PROVIDE THE COMPANY WITH ABLE
      PERSONS TO ASSIST AND ADVISE MANAGEMENT IN ADDRESSING CONCERNS IN THE AREAS
      OF
      STRATEGIC PLANNING AND CORPORATE GOVERNANCE. ELECTION OF THE WYNNEFIELD GROUP&#8217;S
      NOMINEES WILL SEND A CLEAR MESSAGE TO THE COMPANY&#8217;S BOARD THAT THEY MUST TAKE
      IMMEDIATE STEPS TO INCREASE STOCKHOLDER VALUE.</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">In moving
      forward with their nominations of the Nominees to the Board, the Wynnefield
      Group is seeking to bring a level of accountability and focus to the Board
      that
      has been lacking, and increase value for all of the stockholders of the
      Company.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Our
      Nominees are committed to work constructively with the Board to promptly address
      the critical issues facing the Company and, if elected, will take the steps
      necessary to enhance value for all stockholders. Given the Board&#8217;s disappointing
      track record, we believe that it is in the best interest of all Company
      stockholders that the Wynnefield Group&#8217;s Nominees be elected at the 2007 Annual
      Meeting so that they may promptly begin working constructively with management
      and the Company&#8217;s other directors to deliver improved financial results,
      implement best practices in corporate governance and adopt a strategy to enhance
      value for all stockholders.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">We
      believe that your voice in the future of the Company can best be expressed
      through the election of our Nominees. Accordingly, we urge you to vote your
      GOLD
      proxy card FOR the election of Nelson Obus and Frederick G. Wasserman to the
      Board.</div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>YOUR
      VOTE IS IMPORTANT.</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt"><strong>IN ORDER TO CONVINCE
      MANAGEMENT TO FOLLOW THE RECOMMENDATIONS OF THE OUTSIDE STOCKHOLDERS TO CONSIDER
      A VIABLE STRATEGIC PLAN AND ADOPT BEST PRACTICES OF CORPORATE GOVERNANCE, WE
      URGE YOU TO ELECT OUR NOMINEES TO THE BOARD. WE URGE THE OUTSIDE STOCKHOLDERS
      VOTE TO ELECT THE NOMINEES BY AS LARGE A VOTE AS POSSIBLE SO YOUR VOICE WILL
      BE
      HEARD.</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt"><strong>THE WYNNEFIELD
      GROUP
      STRONGLY RECOMMENDS THAT YOU VOTE TO PROTECT YOUR INTEREST AS A STOCKHOLDER
      OF
      THE COMPANY BY SIGNING, DATING, AND RETURNING THE GOLD PROXY CARD
      TODAY.</strong></div>
    <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 0pt"><strong>About the Wynnefield
      Group</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      solicitation of proxies is made by the Wynnefield Group and the Nominees. The
      business address of the Wynnefield Group is 450 Seventh Avenue, Suite 509,
      New
      York, New York 10123.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Wynnefield Group consists of Wynnefield Partners Small Cap Value, L.P., a
      Delaware limited partnership (&#8220;Wynnefield Partners LP&#8221;); Wynnefield Partners
      Small Cap Value, L.P. I, a Delaware limited partnership (&#8220;Wynnefield Partners
      I&#8221;); Wynnefield Small Cap Value Offshore Fund, Ltd., a private investment
      company organized under the laws of the Cayman Islands (&#8220;Wynnefield Offshore&#8221;);
      Wynnefield Capital Management, LLC, a New York limited liability company that
      is
      the general partner of Wynnefield Partners LP and Wynnefield Partners I (&#8220;WCM&#8221;);
      Wynnefield Capital, Inc., a Delaware corporation (&#8220;WCI&#8221;) that is the sole
      investment manager of Wynnefield Offshore; Channel Partnership II, L.P., a
      limited partnership (&#8220;Channel&#8221;); Joshua H. Landes, as vice-president of WCI and
      co-managing member of WCM; and Nelson Obus, individually and as president of
      WCI, co-managing member of WCM and general partner of Channel.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Additional
      information concerning the Wynnefield Group is set forth below under the heading
      &#8220;Certain Information Regarding the Participants and Nominees.&#8221;</div>
    <div style="MARGIN: 0pt" align="center">&#160;</div>
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      </div>
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        </div>
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    </div>
    <div style="MARGIN: 0pt" align="center"><br><strong>PROPOSAL 1</strong></div>
    <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 0pt" align="center"><strong>ELECTION
      OF THE WYNNEFIELD GROUP&#8217;S NOMINEES</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt"><i>The
      Company has a classified board, currently consisting of three (3) Class I
      directors, two (2) Class II directors and two (2) Class III directors. At each
      annual meeting of stockholders, directors are duly elected for a full-term
      of
      three years to succeed those whose terms are expiring. At the 2007 Annual
      Meeting, three persons will be elected as Class I directors of the Company.
      Each
      person elected as a Class I director is elected to hold office until the 2010
      annual meeting and until his or her respective successor shall have been duly
      elected and qualified. The Class II and Class III directors currently serve
      until the annual meetings of stockholders to be held in 2009 and 2008,
      respectively.</i></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">At the
      2007 Annual Meeting, the Wynnefield Group will seek to elect two (2) Class
      I
      directors - Nelson Obus and Frederick G. Wasserman, each of whom has consented
      to being named in this proxy statement and to serving as a director, if elected,
      to fill two (2) of the three (3) open director seats, in opposition to William
      T. Deyo, Jr. and Steven E. Fox, two of the Company&#8217;s nominees. Nelson Obus and
      Frederick G. Wasserman will be elected if they receive a plurality of the votes
      cast. The three persons receiving the highest number of votes will be elected
      to
      the Board. The Company&#8217;s proxy statement for the 2007 Annual Meeting provides
      that abstentions and broker non-votes are counted for purposes of determining
      the presence or absence of a quorum for the transaction of business. Proxies
      withholding authority to vote for the Nominees and broker non-votes will not
      count as affirmative votes for the Nominees. If elected, the Nominees would
      be
      entitled to serve until the annual meeting of the Company&#8217;s stockholders to be
      held in 2010.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: 18pt"><strong>You
      must sign and return the Wynnefield Group&#8217;s GOLD proxy card to vote for
      Messrs.&#160;Obus and Wasserman.</strong></div>
    <div>
      <table align="center" cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="132">
            </td>
            <td width="10">
            </td>
            <td width="326">
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="176">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt"><strong>Name,
                Age and Business&#160;Address</strong></div>
            </td>
            <td valign="bottom" width="13">&#160;</td>
            <td valign="bottom" width="434">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt"><strong>Present
                Principal Occupation or Employment and <br>Business Experience During Last
                Five Years; Current Directorships</strong></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="176">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="13">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="434">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="176">
              <div style="PADDING-LEFT: 6pt; MARGIN: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 11pt">Nelson
                Obus<br>60 years old<br>c/o Wynnefield Partners Small Cap Value,
                L.P.<br>450 Seventh Avenue<br>New York, New York 10123</div>
            </td>
            <td valign="top" width="13">&#160;</td>
            <td valign="top" width="434">
              <div style="MARGIN: 0pt; LINE-HEIGHT: 11pt">Mr.&#160;Obus has co-managed
                Wynnefield Partners Small Cap Value, L.P. since its inception in
                November&#160;1992, Wynnefield Partners Small Cap Value, L.P.&#160;I since
                its inception in July&#160;1997, and Wynnefield Small Cap Value Offshore
                Fund, Ltd. since its inception in January&#160;1997. Mr.&#160;Obus has
                served as president of Wynnefield Capital, Inc. and as co-managing
                member
                of Wynnefield Capital Management, LLC since 1992. From February&#160;1990
                until September&#160;1992 he was Research Director of Schafer Capital
                Management, Inc., and Schafer Cullen Management, Inc. Prior thereto,
                Mr.&#160;Obus worked at Lazard Freres &amp; Co. for eight years as an
                analyst, account executive, and research director in its institutional
                sales department. He received a B.A. from New York University and
                an M.A.
                and A.B.D. from Brandeis University in Politics. Before working in
                the
                financial sector, Mr.&#160;Obus worked as an educator and land manager in
                the environmental field. He currently serves on the board of directors
                of
                Layne Christensen Company and is also a member of its Compensation
                Committee and Audit Committee of the board of directors. Mr.&#160;Obus has
                been nominated to serve as a member of the board of directors of
                Gilman +
                Ciocia, Inc., a regional tax preparation and investment advisory
                company
                subject to approval by that company&#8217;s stockholders of a pending financing
                transaction. He previously served as a director of Sylvan Food Holdings,
                Inc.</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="176">&#160;</td>
            <td valign="top" width="13">&#160;</td>
            <td valign="top" width="434">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="176">
              <div style="PADDING-LEFT: 6pt; MARGIN: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 11pt">Frederick
                G. Wasserman<br>52 years old<br>4 Nobadeer Drive<br>Pennington, NJ
                08534</div>
            </td>
            <td valign="top" width="13">&#160;</td>
            <td valign="top" width="434">
              <div style="MARGIN: 0pt; LINE-HEIGHT: 11pt">Mr. Wasserman is currently
                a
                financial management consultant. Until December 31, 2006, Mr. Wasserman
                was the Chief Operating/Financial Officer for Mitchell &amp; Ness
                Nostalgia Co., a privately-held manufacturer and distributor of licensed
                sportswear and authentic team apparel. Prior to Mitchell &amp; Ness, Mr.
                Wasserman served as the President of Goebel of North America, a U.S.
                subsidiary of the German specialty gift maker, from 2001 to 2005.
                Mr.
                Wasserman held several positions, including Chief Financial Officer
                and
                President with Goebel of North America in 2001. Prior to Goebel,
                Mr.
                Wasserman held several positions, including Interim President and
                full-time</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN: 0pt"><br>&#160;</div>
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      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN: 0pt">&#160;</div>
    <div style="MARGIN: 0pt">&#160;</div>
    <div>
      <table align="center" cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="132">
            </td>
            <td width="10">
            </td>
            <td width="326">
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="176">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt"><strong>Name,
                Age and Business&#160;Address</strong></div>
            </td>
            <td valign="bottom" width="13">&#160;</td>
            <td valign="bottom" width="434">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt"><strong>Present
                Principal Occupation or Employment and <br>Business Experience During Last
                Five Years; Current Directorships</strong></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="176">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="13">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="434">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="176">&#160;</td>
            <td valign="top" width="13">&#160;</td>
            <td valign="top" width="434">
              <div style="MARGIN-TOP: 3.35pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 11pt">Chief
                Financial Officer with Papel Giftware from 1995 to 2001. He has also
                served in senior executive and managerial roles at both Chelsea Marketing
                and Sales and The Score Board, Inc. Mr. Wasserman spent the first
                13 years
                of his career in the public accounting profession, serving at Most,
                Horowitz &amp; Company; Coopers &amp; Lybrand; and Richard A. Eisner &amp;
                Company. Mr. Wasserman also serves as a director of Acme Communications,
                Inc., Allied Defense Group, Inc., and Teamstaff, Inc. and has been
                nominated to serve as a member of the board of directors of Gilman
                +
                Ciocia, Inc., a regional tax preparation and investment advisory
                company
                subject to approval by that company&#8217;s stockholders of a pending financing
                transaction. Mr. Wasserman received a B.S. in Economics from The
                Wharton
                School of the University of Pennsylvania in 1976 where he majored
                in
                Accounting.</div>
            </td>
          </tr>

      </table>
    </div>

      <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">In
        April&#160;2006, the Securities and Exchange Commission filed a civil action
        alleging that Nelson Obus, the Wynnefield Capital investment funds, and two
        other individuals, in June&#160;2001 engaged in insider trading in the
        securities of SunSource, a public company that had been in the portfolio
        of the
        Wynnefield Capital investment funds for years. Mr.&#160;Obus, the Wynnefield
        Capital investment funds, and the other defendants emphatically deny the
        allegations and are vigorously contesting the case, which remains in the
        early
        stages of discovery. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        part
        of the relief sought in the civil action, the Securities and Exchange Commission
        is seeking a final judgment prohibiting Mr. Obus from acting as an officer
        or
        director of any public company. Mr. Obus intends to continue to contest the
        case
        and would challenge the granting of such relief.&#160;In what the Wynnefield
        Group believes is the&#160;unlikely event&#160;that there is&#160;an adverse
        non- appealable ruling in the civil action barring Mr. Obus from serving
        as a
        director of a public company, Mr. Obus would comply with such order and resign
        from the Company&#8217;s Board.</font></div>

    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Each
      of
      the Nominees has consented to serve as a director until the expiration of his
      respective term and until such Nominee&#8217;s successor has been elected and
      qualified or until the earlier resignation or removal of such Nominee. We have
      no reason to believe that any of the Nominees named above will be disqualified
      or unable or unwilling to serve if elected. However, if either of the Nominees
      is unable to serve or for good cause will not serve, proxies may be voted for
      another person nominated by us to fill the vacancy.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">In the
      event the Company purports to increase the number of nominees to be elected
      at
      the annual meeting pursuant to its bylaws, we reserve the right to nominate
      such
      number of additional persons as directors as necessary to fill any vacancies
      created by the increase and to vote the GOLD proxies in favor of the election
      of
      such nominees.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">There
      is
      no assurance that any of the Company&#8217;s nominees will serve as directors if
      Messrs.&#160;Obus or Wasserman are elected to the Board. In the event that one
      or more of the Wynnefield Group&#8217;s Nominees is elected and that one or more of
      the Company&#8217;s nominees declines to serve with such Nominee or Nominees, the
      Bylaws of the Company provide that director vacancies may be filled by majority
      vote of the directors then in office.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt"><strong>If
      either of Messrs.&#160;Obus or Wasserman are unable to serve as directors, Max
      W. Batzer, Nelson Obus and Jeffrey S. Tullman, the named proxies on the attached
      GOLD card, or their designees, will vote for the election of an alternative
      nominee as may be proposed by the Wynnefield Group. </strong></div>
    <div style="MARGIN: 0pt; TEXT-INDENT: 0pt" align="left">&#160;</div>
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      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="MARGIN: 0pt; TEXT-INDENT: 0pt" align="center">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong>OTHER
      MATTERS TO BE CONSIDERED<br>AT THE 2007 ANNUAL
      MEETING </strong></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">We are
      not aware of any other proposals to be brought before the 2007 Annual Meeting.
      Should other proposals be brought before the 2007 Annual Meeting, the persons
      named as proxies in the enclosed GOLD proxy card will vote on such matters
      in
      their discretion.</div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>CERTAIN
      INFORMATION REGARDING THE PARTICIPANTS AND
      NOMINEES</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">On
      November&#160;4, 2005, Wynnefield Capital, Inc., Frederick G. Wasserman and the
      Company entered into an agreement whereby Frederick G. Wasserman, one of the
      current Nominees to the Board, was given the right on behalf of Wynnefield,
      to
      participate in all meetings of the Company&#8217;s Board and Committees, as a
      non-voting observer. This agreement was terminated by the Company on
      June&#160;28, 2007, following the Wynnefield Group delivering its nomination
      letter to the Company with respect to the Nominees.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Neither
      any Wynnefield Group member nor any Nominee, nor any associate of any Wynnefield
      Group member or any Nominee has any interest in the matters to be voted upon
      at
      the 2007 Annual Meeting, other than an interest, if any, as a stockholder of
      the
      Company or, with respect to the Nominees, as a nominee for director.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Except
      as
      otherwise described herein, neither any Wynnefield Group member, any Nominee
      nor
      any associate of any Wynnefield Group member or any Nominee is now, or within
      the past year has been, a party to any contract, arrangement or understanding
      with any person with respect to any securities of the Company (including, but
      not limited to, joint ventures, loan or option arrangements, puts or calls,
      guarantees against loss or guarantees of profit, division of losses or profits,
      or the giving or withholding of proxies).</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Except
      as
      otherwise described herein, neither any Wynnefield Group member, any Nominee,
      nor any associate of any Wynnefield Group member or any Nominee: (1) has engaged
      in or has a direct or indirect interest in any transaction or series of
      transactions since the beginning of the Company&#8217;s last fiscal year, or in any
      currently proposed transaction, to which the Company or any of its subsidiaries
      is a party where the amount involved was in excess of $120,000; (2) has borrowed
      any funds for the purpose of acquiring or holding any securities of the Company;
      (3) has any arrangement or understanding with any person regarding any future
      employment by the Company or its affiliates, or any future transaction to which
      the Company or any of its affiliates will or may be a party; or (4) is the
      beneficial or record owner of any securities of the Company or any parent or
      subsidiary thereof.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Additional
      information concerning the Wynnefield Group and the Nominees, including, but
      not
      limited to, beneficial ownership of and transactions in the Series A Common
      Stock, is set forth in Appendices A and B hereto. Each of the individuals listed
      in Appendix A is a citizen of the United States.</div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>OTHER
      MATTERS</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Company&#8217;s proxy statement contains information regarding: (1) securities
      ownership of certain beneficial owners and management; (2) meetings and
      committees of the Board; (3) the background of the Company&#8217;s nominees for the
      Board; (4) the compensation and remuneration paid and payable to the Company&#8217;s
      directors and management; (5) voting procedures, including the share vote
      required for approval or election, at the 2007 Annual Meeting; (6) the
      submission of stockholder proposals at the Company&#8217;s next annual meeting of
      stockholders; and (7) information regarding fees and services of the Company&#8217;s
      independent auditors. The Wynnefield Group has no knowledge of the accuracy
      or
      completeness of the Company&#8217;s disclosures in its proxy materials. </div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>SOLICITATION;
      EXPENSES</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Proxies
      may be solicited by the Wynnefield Group by mail, advertisement, telephone,
      facsimile, and personal solicitation. Banks, brokerage houses, and other
      custodians, nominees, and fiduciaries will be requested to forward the
      Wynnefield Group&#8217;s solicitation material to their customers for whom they hold
      shares and the Wynnefield Group will reimburse them for their reasonable
      out-of-pocket expenses.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Wynnefield Group has retained MacKenzie Partners, Inc. to assist in the
      solicitation of proxies and for related services. The Wynnefield Group will
      pay
      MacKenzie Partners, Inc. a retainer of $25,000, subject to final agreement,
      for
      its services and has agreed to reimburse it for its reasonable out-of-pocket
      expenses. The Wynnefield Group has agreed to indemnify MacKenzie Partners,
      Inc.
      against certain liabilities and expenses, including certain liabilities under
      the federal securities laws. The Securities and Exchange Commission deems such
      indemnification to be against public policy. Approximately twenty-five employees
      of MacKenzie Partners, Inc. will be involved in the solicitation of
      proxies.</div>
    <div style="MARGIN: 6.65pt 0pt 0pt; TEXT-INDENT: 0pt">&#160;</div>
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      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      entire expense of preparing, assembling, printing, and mailing this Proxy
      Statement and related materials and the cost of soliciting proxies will be
      borne
      by the Wynnefield Group.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Although
      no precise estimate can be made at the present time, the Wynnefield Group
      currently estimates that the total expenditures relating to the proxy
      solicitation incurred by us will be approximately $325,000 of which
      approximately $150,000 has been incurred to date. The Wynnefield Group intends
      to seek reimbursement from the Company for those expenses incurred by us in
      connection with this proxy solicitation, if any or all of our Nominees are
      elected, but does not intend to submit the question of such reimbursement to
      a
      vote of the stockholders. </div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>VOTING
      AND REVOCATION OF PROXIES</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">For the
      proxy solicited hereby to be voted, the enclosed GOLD proxy card must be signed,
      dated, and returned to the Wynnefield Group, c/o MacKenzie Partners, Inc.,
      in
      the enclosed envelope in time to be voted at the 2007 Annual Meeting. If you
      wish to vote for the Nominees, you must submit the enclosed GOLD proxy card
      and
      must NOT submit the Company&#8217;s WHITE proxy card. If you have already returned the
      Company&#8217;s WHITE proxy card, you have the right to revoke it as to all matters
      covered thereby signing, dating, and mailing the enclosed GOLD proxy card.
      If
      you later vote on the Company&#8217;s WHITE proxy card (even if it is to withhold
      authority to vote for the Company&#8217;s nominees), you will revoke your previous
      vote for the Nominees. ONLY YOUR LATEST DATED PROXY WILL COUNT AT THE 2007
      ANNUAL MEETING. WE URGE YOU NOT TO RETURN ANY WHITE PROXY CARD SENT TO YOU
      BY
      THE COMPANY. </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">If your
      shares are held in the name of a brokerage firm, bank, or nominee, only such
      brokerage firm, bank, or nominee can vote such shares and only upon receipt
      of
      your specific instructions. Accordingly, please promptly contact the person
      responsible for your account at such institution and instruct that person to
      execute and return the GOLD proxy card on your behalf. You should also promptly
      sign, date, and mail the voting instruction form (or GOLD proxy card) that
      your
      broker or banker sends you. Please do this for each account you maintain to
      ensure that all of your shares are voted. If any of your shares were held in
      the
      name of a brokerage firm, bank, or nominee on the Record Date, you will need
      to
      give appropriate instructions to such institution if you want to revoke your
      proxy. IF YOU DO NOT GIVE INSTRUCTIONS TO YOUR BROKER, BANK OR OTHER NOMINEE,
      YOUR SHARES WILL NOT BE VOTED.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">If your
      shares are held in the name of a brokerage firm, bank, or other nominee, that
      bank, brokerage firm or nominee may allow you to deliver your voting
      instructions by telephone or over the Internet. Stockholders whose shares are
      held by a brokerage firm, bank or nominee should refer to the voting instruction
      card forwarded to them by that brokerage firm, bank or other nominee holding
      their shares.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Execution
      of a GOLD proxy card will not affect your right to attend the 2007 Annual
      Meeting and to vote in person. Any proxy may be revoked as to all matters
      covered thereby at any time prior to the time a vote is taken by: (i) filing
      with the Secretary of the Company a later dated written revocation; (ii)
      submitting a duly executed proxy bearing a later date to the Wynnefield Group
      or
      to the Company; or (iii) attending and voting at the 2007 Annual Meeting in
      person. Attendance at the 2007Annual Meeting will not in and of itself
      constitute a revocation.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Although
      a revocation will be effective only if delivered to the Company, the Wynnefield
      Group requests that either the original or a copy of all revocations be mailed
      to the Wynnefield Group, c/o MacKenzie Partners, Inc., so that the Wynnefield
      Group will be aware of all revocations and can more accurately determine if
      and
      when the requisite proxies for the election of the Nominees as directors have
      been received. The Wynnefield Group may contact stockholders who have revoked
      their proxies.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Shares
      of
      Series A Common Stock represented by a valid and unrevoked GOLD proxy card
      will
      be voted as specified. Shares represented by a GOLD proxy card where no
      specification has been made will be voted FOR the Nominees.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Except
      as
      set forth in this Proxy Statement, the Wynnefield Group is not aware of any
      other matter to be considered at the 2007 Annual Meeting. The persons named
      as
      proxies on the enclosed GOLD proxy card will, however, have discretionary voting
      authority as such proxies regarding any other business that may properly come
      before the 2007 Annual Meeting. The proxies may exercise discretionary authority
      only as to matters unknown to the Wynnefield Group a reasonable time before
      this
      proxy solicitation.</div>
    <div style="MARGIN: 6.65pt 0pt 0pt; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">&#160;</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Only
      holders of record of Series A Common Stock on the Record Date will be entitled
      to vote at the 2007 Annual Meeting. If you are a stockholder of record on the
      Record Date, you will retain the voting rights in connection with the 2007
      Annual Meeting even if you sell such shares after the Record Date. Accordingly,
      it is important that you vote the shares of Series A Common Stock held by you
      on
      the Record Date, or grant a proxy to vote such shares on the GOLD proxy card,
      even if you sell such shares after such date.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Wynnefield Group believes that it is in your best interest to elect the Nominees
      as directors at the 2007 Annual Meeting. THE WYNNEFIELD GROUP STRONGLY
      RECOMMENDS A VOTE FOR THE NOMINEES.</div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>ADDITIONAL
      INFORMATION</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">The
      Wynnefield Group has filed with the SEC statements on Schedule 13D and various
      amendments thereto which contain information in addition to that furnished
      herein. The Schedule 13D and any amendments thereto may be accessed free of
      charge at the website maintained by the SEC at www.sec.gov and from the Public
      Reference Room of the SEC located at 100 F Street N.E. Washington, D.C. 20549.
      </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt"><strong>If
      you
      have any questions, require assistance in voting your GOLD proxy card, or need
      additional copies of the Wynnefield Group&#8217;s proxy materials, please call
      MacKenzie Partners, Inc. at the phone numbers listed below:</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><strong>MacKenzie
      Partners, Inc.<br>105 Madison Avenue<br>New York,
      NY 10016<br>Call Collect: (212) 929-5500</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><strong>or</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt" align="center"><strong>Call
      Toll Free: (800) 322-2885</strong></div>
    <div style="MARGIN: 0pt"><br><br></div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN: 0pt" align="center">&#160;</div>
    <div style="MARGIN: 0pt"><br></div>
    <div style="MARGIN: 0pt" align="center"><strong>APPENDIX A</strong></div>
    <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 0pt"><strong>Beneficial Ownership
      of the Wynnefield Group</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: 18pt">The
      following table sets forth for the Wynnefield Group and their affiliates the
      number of shares of the Company&#8217;s Series A Common Stock (the &#8220;Shares&#8221;) directly
      beneficially owned by the members of the Wynnefield Group.</div>
    <div>
      <table align="center" cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="197">
            </td>
            <td width="11">
            </td>
            <td width="44">
            </td>
            <td width="11">
            </td>
            <td width="51">
            </td>
            <td width="11">
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="263" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt"><strong>Name</strong></div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="59" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt" align="center"><strong>Number
                of <br>Shares</strong></div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="69" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt" align="center"><strong>Approximate<br>Percentage
                of
                <br>Outstanding<br>Shares(1)</strong></div>
            </td>
            <td valign="top" width="14" style="border-bottom: #000000 0.5pt solid;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="263">&#160;</td>
            <td valign="bottom" width="14">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="59">&#160;</td>
            <td valign="bottom" width="14">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="69">&#160;</td>
            <td valign="top" width="14">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="263">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Wynnefield
                Partners
                LP&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="59">
              <div style="MARGIN: 0pt" align="right">522,600</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="69">
              <div style="PADDING-RIGHT: 10.9pt; MARGIN: 0pt" align="right">5.2%</div>
            </td>
            <td valign="top" width="14">
              <div style="MARGIN: 0pt">&#160;&#160;&#160;&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="263">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Wynnefield
                Offshore</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="59">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt" align="right">335,135</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="69">
              <div style="PADDING-RIGHT: 10.9pt; MARGIN: 0pt" align="right">3.4%</div>
            </td>
            <td valign="top" width="14">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="263">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Wynnefield
                Partners I</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="59">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt" align="right">594,000</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="69">
              <div style="PADDING-RIGHT: 10.9pt; MARGIN: 0pt" align="right">6.0%</div>
            </td>
            <td valign="top" width="14">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="263">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Channel</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="59">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt" align="right">11,600</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="69">
              <div style="PADDING-RIGHT: 10.9pt; MARGIN: 0pt" align="right">0.1%</div>
            </td>
            <td valign="top" width="14">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="263">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Total</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="59">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt" align="right">1,463,335</div>
            </td>
            <td valign="bottom" width="14">&#160;</td>
            <td valign="bottom" width="69">
              <div style="PADDING-RIGHT: 10.9pt; MARGIN: 0pt" align="right">14.6%</div>
            </td>
            <td valign="top" width="14">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</div>
    <div style="MARGIN-TOP: 0pt; PADDING-LEFT: 18pt; MARGIN-BOTTOM: -12pt; TEXT-INDENT: -18pt">(1)</div>
    <div style="MARGIN-TOP: 0pt; PADDING-LEFT: 18pt; MARGIN-BOTTOM: 2.5pt">Based
      upon 10,005,192 Shares outstanding as of May&#160;31, 2007, as set forth in the
      Company&#8217;s report on Form 10-K for the period ended April&#160;1, 2007, filed
      with the Securities and Exchange Commission on June&#160;20, 2007.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">WCM is
      the sole general partner of Wynnefield Partners LP and Wynnefield Partners
      I
      and, accordingly, is the indirect beneficial owner (as that term is defined
      under Rule 13d-3 under the Exchange Act) of the Shares that Wynnefield Partners
      LP and Wynnefield Partners I beneficially own. WCM, as the sole general partner
      of Wynnefield Partners LP and Wynnefield Partners I, has the sole power to
      direct the voting and disposition of the Shares that Wynnefield Partners LP
      and
      Wynnefield Partners I beneficially own. Nelson Obus and Joshua Landes are the
      co-managing members of WCM and, accordingly, each of Messrs.&#160;Obus and
      Landes is the indirect beneficial owner (as that term is defined under Rule
      13d-3 under the Exchange Act) of the Shares that WCM beneficially owns.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Each
      of
      Messrs.&#160;Obus and Landes, as co-managing members of WCM, shares with the
      other the power to direct the voting and disposition of the Shares that WCM
      beneficially owns. WCI is the sole investment manager of Wynnefield Offshore
      and, accordingly, is the indirect beneficial owner (as that term is defined
      under Rule 13d-3 under the Exchange Act) of the Shares that Wynnefield Offshore
      beneficially owns.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">WCI,
      as
      the sole investment manager of Wynnefield Offshore, has the sole power to direct
      the voting and disposition of the Shares that Wynnefield Offshore beneficially
      owns. Messrs.&#160;Obus and Landes are executive officers of WCI and,
      accordingly, each of Messrs.&#160;Obus and Landes is the indirect beneficial
      owner (as that term is defined under Rule 13d-3 under the Exchange Act) of
      the
      Shares that WCI beneficially owns. Each of Messrs.&#160;Obus and Landes, as
      executive officers of WCI, shares with the other the power to direct the voting
      and disposition of the Shares that WCI beneficially owns.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Mr.&#160;Obus
      is the sole general partner of Channel and, accordingly, is the indirect
      beneficial owner (as that term is defined under Rule 13d-3 under the Exchange
      Act) of the Shares that Channel beneficially owns. Mr.&#160;Obus, as the general
      partner of Channel, has the sole power to direct the voting and disposition
      of
      the Shares beneficially owned by Channel.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 18pt">Reference
      is made to the Schedule 13D filing of the Wynnefield Group, as amended, for
      a
      more complete description of the beneficial ownership interests of the
      respective parties.</div>
    <div style="MARGIN: 0pt">&#160;</div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN: 0pt"><br><strong>Beneficial Ownership of the
      Nominees</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: 18pt">The
      following table contains a summary of the total number of Shares beneficially
      owned by the Nominees:</div>
    <div>
      <table align="center" cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="146">
            </td>
            <td width="14">
            </td>
            <td width="58">
            </td>
            <td width="24">
            </td>
            <td width="68">
            </td>
            <td width="14">
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="195" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt"><strong>Name</strong></div>
            </td>
            <td valign="bottom" width="19">&#160;</td>
            <td valign="bottom" width="78" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt" align="center"><strong>Number
                of <br>Shares</strong></div>
            </td>
            <td valign="bottom" width="32">&#160;</td>
            <td valign="bottom" width="91" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt" align="center"><strong>Approximate<br>Percentage
                of
                <br>Outstanding<br>Shares(1)</strong></div>
            </td>
            <td valign="top" width="19" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="195">&#160;</td>
            <td valign="bottom" width="19">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="78">&#160;</td>
            <td valign="bottom" width="32">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="91">&#160;</td>
            <td valign="top" width="19">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="195">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Nelson
                Obus</div>
            </td>
            <td valign="bottom" width="19">&#160;</td>
            <td valign="bottom" width="78">
              <div style="MARGIN: 0pt" align="right">1,463,335</div>
            </td>
            <td valign="bottom" width="32">
              <div style="MARGIN: 0pt">(2)&#160;&#160;</div>
            </td>
            <td valign="bottom" width="91">
              <div style="MARGIN: 0pt" align="center">14.6%</div>
            </td>
            <td valign="top" width="19">
              <div style="MARGIN: 0pt">&#160;&#160;&#160;&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="195">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Frederick
                G. Wasserman</div>
            </td>
            <td valign="bottom" width="19">&#160;</td>
            <td valign="bottom" width="78">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt" align="right">0</div>
            </td>
            <td valign="bottom" width="32">&#160;</td>
            <td valign="bottom" width="91">
              <div style="MARGIN: 0pt" align="center">&#8212;</div>
            </td>
            <td valign="top" width="19">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</div>
    <div style="MARGIN-TOP: 0pt; PADDING-LEFT: 18pt; MARGIN-BOTTOM: -12pt; TEXT-INDENT: -18pt">(1)</div>
    <div style="MARGIN-TOP: 0pt; PADDING-LEFT: 18pt; MARGIN-BOTTOM: 2.5pt">Based
      upon 10,005,192 Shares outstanding as of May&#160;31, 2007, as set forth in the
      Company&#8217;s report on Form 10-K for the period ended May&#160;31, 2007, filed with
      the Securities and Exchange Commission on June&#160;20, 2007.</div>
    <div style="MARGIN-TOP: 0pt; PADDING-LEFT: 18pt; MARGIN-BOTTOM: -12pt; TEXT-INDENT: -18pt">(2)</div>
    <div style="MARGIN-TOP: 0pt; PADDING-LEFT: 18pt; MARGIN-BOTTOM: 2.5pt">Includes
      (i) 522,600 Shares that Mr.&#160;Obus is the indirect beneficial owner of (as
      that term is defined under Rule 13d-3 under the Exchange Act) through his
      position as co-managing member of WMC, the sole general partner of Wynnefield
      Partners LP; (ii) 594,000 Shares that Mr.&#160;Obus is the indirect beneficial
      owner of (as that term is defined under Rule 13d-3 under the Exchange Act)
      through his position as co-managing member of WCM, the sole general partner
      of
      Wynnefield Partners I; (iii) 335,135 Shares that Mr.&#160;Obus is the indirect
      beneficial owner of (as that term is defined under Rule 13d-3 under the Exchange
      Act) through his position as an executive officer of WCI, the sole investment
      manager of Wynnefield Offshore; and (iv) 11,600 Shares that Mr.&#160;Obus is the
      indirect beneficial owner of (as that term is defined under Rule 13d-3 under
      the
      Exchange Act) through his position as sole general partner of Channel.</div>
    <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.5pt">&#160;</div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN: 0pt" align="center">&#160;</div>
    <div style="MARGIN: 0pt" align="center"><strong>APPENDIX B</strong></div>
    <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 0pt"><strong>Trading Activity
      of
      the Nominees and the Wynnefield Group</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 6.65pt; TEXT-INDENT: 18pt">The
      following table contains a summary description of all purchases and sales of
      Shares of the Company, if any, effected within the past two years by or on
      behalf of the Nominees or the Wynnefield Group.</div>
    <div>
      <table align="center" cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="294">
            </td>
            <td width="12">
            </td>
            <td width="55">
            </td>
            <td width="12">
            </td>
            <td width="43">
            </td>
            <td width="12">
            </td>
            <td width="38">
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="393">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt"><strong>Holder</strong></div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="73" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt" align="center"><strong>No.
                of Shares</strong></div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="58" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt" align="center"><strong>Action
</strong></div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="51" style="border-bottom: #000000 0.5pt solid;">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt; LINE-HEIGHT: 10pt" align="center"><strong>Date</strong></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="393">&#160;</td>
            <td valign="top" width="16">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="73">&#160;</td>
            <td valign="top" width="16">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="58">&#160;</td>
            <td valign="top" width="16">
              <div style="FONT-SIZE: 8pt; MARGIN: 0pt" align="center"><strong>&#160;&#160;&#160;&#160;&#160;</strong></div>
            </td>
            <td valign="bottom" width="51">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="393">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Wynnefield
                Partners
                LP&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="73">
              <div style="MARGIN: 0pt" align="right">7,000</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="58">
              <div style="MARGIN: 0pt" align="center">Purchase</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="51">
              <div style="MARGIN: 0pt" align="center">7-14-06</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="393">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Wynnefield
                Partners I</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="73">
              <div style="MARGIN: 0pt" align="right">5,000</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="58">
              <div style="MARGIN: 0pt" align="center">Purchase</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="51">
              <div style="MARGIN: 0pt" align="center">6-24-05</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="393">&#160;</td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="73">
              <div style="MARGIN: 0pt" align="right">9,800</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="58">
              <div style="MARGIN: 0pt" align="center">Purchase</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="51">
              <div style="MARGIN: 0pt" align="center">7-14-06</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="393" style="border-bottom: #000000 0.5pt solid;">
              <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 6pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: -6pt; LINE-HEIGHT: 10.35pt">Wynnefield
                Offshore</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="73">
              <div style="MARGIN: 0pt" align="right">12,700</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="58">
              <div style="MARGIN: 0pt" align="center">Purchase</div>
            </td>
            <td valign="top" width="16">&#160;</td>
            <td valign="bottom" width="51">
              <div style="MARGIN: 0pt" align="center">7-14-06</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN: 0pt"><br><br></div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>WYNNEFIELD GROUP </div>
    <div style="MARGIN-TOP: 13.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>PROXY
      VOTING INSTRUCTION CARD</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">
    </div>CONTROL NUMBER:

    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">Your vote is important.
      Casting your vote in one of the three ways described on this instruction card
      votes all shares of Series A Common Stock of Crown Crafts, Inc. that you are
      entitled to vote.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">Please consider the issues
      discussed in the proxy statement and cast your vote:</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt"><strong>By
      Mail</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">Completing, dating, signing
      and mailing the GOLD proxy card in the postage-paid envelope included with
      the
      proxy statement.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt"><strong>Via
      Internet</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">Accessing the World Wide
      Web
      site <font color="#0000ff"><strong><u>http://www.cesvote.com</u></strong></font>.
      Enter the Control Number shown aboveand follow the instructions to vote via
      the
      internet. </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt"><strong>By
      Phone</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">Using a touch-tone telephone
      to vote by phone from the U.S. or Canada toll free. Have your proxy card ready.
      Simply dial 1-888-693-8683, enter the Control Number shown above and follow
      the
      instructions. When you are finished voting, your vote will be confirmed, and
      the
      call will end. </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">You can vote by phone or
      via
      the internet any time prior to 11:59 p.m. Eastern Daylight Time on
      Monday,August&#160;13, 2007. You will need the <strong>Control Number</strong>
      printed at the top of this instruction card to vote by phone or via the
      internet. If you do so, you do not need to mail in your proxy card. GOLD PROXY
      CARD </div>
    <div style="MARGIN-TOP: 8.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>2007
      ANNUAL MEETING OF STOCKHOLDERS OF CROWN CRAFTS, INC.</strong></div>
    <div style="MARGIN-TOP: 8.35pt; MARGIN-BOTTOM: 0pt" align="center"><strong>THIS
      PROXY IS BEING SOLICITED BY THE WYNNEFIELD GROUP</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">The undersigned, revoking
      any proxy previously given, hereby appoints Nelson Obus, Max W. Batzer and
      Jeffrey S. Tullman, and each of them, as attorneys and proxies (each with the
      power to act alone and with the power of substitution and revocation) to vote
      in
      the name of and as proxies for the undersigned at the 2007 Annual Meeting of
      Stockholders of Crown Crafts, Inc. (the &#8220;Company&#8221;) to be held on Tuesday,
      August&#160;14, 2007 at 10:00 a.m. central daylight time at the Company&#8217;s
      headquarters, 916 South Burnside Ave, Gonzales, Louisiana 70737 and at any
      adjournments, postponements or continuations thereof, according to the number
      of
      votes that the undersigned would be entitled to cast if personally present
      on
      the following matter: </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">
    </div>This proxy, when
    properly executed, will be voted in the manner directed herein by the
    undersigned stockholder. Unless otherwise specified, this proxy will be voted
    &#8220;FOR&#8221; the election of Nelson Obus and Frederick G. Wasserman as directors and
&#8220;FOR&#8221; the persons who have been nominated by the Company to serve as directors,
    other than William T. Deyo, Jr. and Steven E. Fox. This proxy revokes all prior
    proxies given by the undersigned.

    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">
    </div>PLEASE SIGN, DATE AND
    MAIL THIS PROXY CARD TODAY<br>(continued and to be signed on reverse side)

    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt"><strong>THE WYNNEFIELD
      GROUP
      STRONGLY RECOMMENDS THAT STOCKHOLDERS VOTE <u>FOR</u> THE WYNNEFIELD GROUP&#8217;S
      NOMINEES LISTED IN PROPOSAL 1.</strong></div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">PROPOSAL 1.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 6.65pt">ELECTION OF DIRECTORS
&#8211;
To elect as Class I directors
      of the Company for three-year terms of office:
</div>(1)&#160;Nelson Obus, (2) Frederick G. Wasserman

    <div>
      <table cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="45">
            </td>
            <td width="18">
            </td>
            <td width="79">
            </td>
            <td width="18">
            </td>
            <td width="107">
            </td>
          </tr>
          <tr>
            <td valign="top" width="60">
              <div style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt">FOR___</div>
            </td>
            <td valign="top" width="24">
              <div style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt">&#160;&#160;&#160;</div>
            </td>
            <td valign="top" width="106">
              <div style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt">WITHHOLD___</div>
            </td>
            <td valign="top" width="24">
              <div style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt">&#160;&#160;&#160;</div>
            </td>
            <td valign="top" width="143">
              <div style="MARGIN-TOP: 2.5pt; MARGIN-BOTTOM: 0pt">FOR ALL
                EXCEPT___</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN: 0pt"><br></div>
    <div>
      <table cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="210">
            </td>
          </tr>
          <tr>
            <td valign="top" width="280" style="border-bottom: #000000 0.5pt solid;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="MARGIN: 0pt"><br><br></div>
    <div id="PN" style="PAGE-BREAK-AFTER: always">
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
      </div>
      <div style="WIDTH: 100%; TEXT-ALIGN: center">
        <hr style="COLOR: black" noshade size="2">
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="MARGIN: 0pt"><br><br>&#160;</div>
    <div>
      <table cellspacing="0" style="FONT-SIZE: 10pt">

          <tr>
            <td width="210">
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">The Wynnefield Group intends
      to use this proxy to vote (i) FOR Messrs.&#160;Obus and Wasserman, and (ii) FOR
      the persons who have been nominated by the Company to serve as directors, other
      than William T. Deyo, Jr. and Steven E. Fox, for whom the Wynnefield Group
      is
      NOT seeking authority to vote for and WILL NOT exercise any such authority.
      To
      withhold authority to vote for the election of Messrs.&#160;Obus and Wasserman
      and all candidates nominated by the Company, other than William T. Deyo, Jr.
      and
      Steven E. Fox, place an X next to &#8220;Withhold.&#8221; To withhold authority to vote for
      the election of one or more nominees, including Messrs.&#160;Obus and Wasserman
      and those candidates nominated by the Company, other than William T. Deyo,
      Jr.
      and Steven E. Fox, place an X next to &#8220;For All Except&#8221; and write the name of
      such nominee(s) on the line above.You should refer to the proxy statement and
      form of proxy distributed by the Company for the names, background,
      qualifications and other information concerning the Company&#8217;s nominees. </div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">There is no assurance that
      any of the Company&#8217;s nominees will serve as directors if Messrs.&#160;Obus or
      Wasserman are elected to the Board. In the event that one or more of the
      Wynnefield Group&#8217;s Nominees is elected and that one or more of the Company&#8217;s
      nominees declines to serve with such Nominee or Nominees, the Bylaws of the
      Company provide that director vacancies may be filled by majority vote of the
      directors then in office.</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">
    </div>IF NO DIRECTION IS
    INDICATED WITH RESPECT TO PROPOSAL 1, THIS PROXY WILL BE VOTED FOR THE ELECTION
    OF NOMINEES DESCRIBED IN PROPOSAL 1.

    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 0pt">In their discretion, the
      proxies are authorized to vote upon such other business as may be properly
      presented to the meeting or any adjournment, postponement or continuation
      thereof, and is unknown to the proxies and their representatives a reasonable
      time before the proxy solicitation.</div>IMPORTANT: PLEASE SIGN AND DATE BELOW.

    <div style="MARGIN-TOP: 6.65pt; PADDING-LEFT: 252pt; MARGIN-BOTTOM: 0pt">Dated:________________________________,
      2007</div>
    <div style="MARGIN-TOP: 6.65pt; PADDING-LEFT: 252pt; MARGIN-BOTTOM: 0pt">___________________________________________</div>
    <div style="MARGIN-TOP: 1.65pt; PADDING-LEFT: 270pt; MARGIN-BOTTOM: 0pt">Signature</div>
    <div style="MARGIN-TOP: 6.65pt; PADDING-LEFT: 252pt; MARGIN-BOTTOM: 0pt">___________________________________________</div>
    <div style="PADDING-LEFT: 270pt; MARGIN: 0pt">Signature if jointly held</div>
    <div style="MARGIN-TOP: 6.65pt; PADDING-LEFT: 252pt; MARGIN-BOTTOM: 0pt">Title:______________________________________</div>
    <div style="MARGIN-TOP: 6.65pt; MARGIN-BOTTOM: 6.65pt">Please sign exactly as
      your name appears hereon or on your proxy card previously sent to you. When
      shares are held by joint tenants, both should sign. When signing as an attorney,
      executor, administrator, trustee, or guardian, please give full title as such.
      If a corporation, please sign in full corporation name by the President or
      other
      duly authorized officer. If a partnership, please sign in partnership name
      by
      authorized person.</div>
    <div style="MARGIN: 6.65pt"><br><br></div>
    <div style="MARGIN: 0pt"><br></div>
    <div style="MARGIN: 0pt"><br></div>
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