Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News), today announced that it has added two Senior Managing Directors, Steven Wasserman and Allan Schwartz, to its new Global Capital Markets Group.

Messrs. Wasserman and Schwartz have wide-ranging and significant experience in the origination of both public offerings and strategic advisory engagements in the shipping, technology, homeland security and restaurants sectors, and substantial experience with Special Purpose Acquisition Companies (SPACS) financing transactions.

The addition of Messrs. Wasserman and Schwartz, and the creation of the Global Capital Markets Group demonstrate Rodman’s commitment to broadening and deepening its capital markets capabilities, and building on the firm’s longstanding #1 ranking in PIPE offerings.1

Prior to joining Rodman, Mr. Wasserman served as the managing partner of AMT Ventures, AMT Capital Partners, an entity engaged in private equity and debt investments. In that capacity, he has advised Ktech Corp, a homeland security and defense company, Nanodetex Corp., a leader in explosive detection devices, Xign, Inc., TLC Beatrice, Comdisco, Inc, Anam Semiconductor, Inc., American Detection Technologies Inc., Etek International Corp. and Securant Technologies, Inc., amongst others. Mr. Wasserman serves as the CEO of Alpha Security, Inc. and formerly was Managing Director of the Cardinal Fund.

Prior to embarking on his career in the investment world, Mr. Schwartz was a practicing attorney and senior partner of Schwartz, Weiss, Steckler, Hoffman & Hade, P.C., and founding partner of its successor firm, Podell, Schwartz, Schechter & Banfield, LLP, a premier New York City based real estate tax firm. Mr. Schwartz’s relationships and structuring expertise have enabled him to garner both a domestic and international network of clients, with interests in shipping, natural resources, banking, real estate ownership and development and insurance.

Messrs. Wasserman and Schwartz have also acted as special financial advisors to Star Maritime Acquisition Corp., Energy Infrastructure Acquisition Corp., and Seanergy Maritime Corp.

Michael Lacovara, Chief Executive Officer of Rodman & Renshaw commented, “We are delighted to welcome Steve and Allan to the Rodman team. Their strong investment banking backgrounds and public market experience both deepen our global client base and significantly enhance and diversify the range of capital markets expertise and services we can offer to that client base.”

About Rodman & Renshaw Capital Group, Inc.

Rodman & Renshaw Capital Group, Inc. is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC, Rodman Principal Investments, LLC and Miller Mathis & Co.

Rodman & Renshaw, LLC is a full service investment bank dedicated to providing investment banking services to companies that have significant recurring capital needs due to their growth and development strategies, along with research, sales and trading services to institutional investor clients that focus on such companies. Rodman is a leading investment banking firm to the biotechnology sector, a capital intensive market segment, as well as a leader in the PIPE (private investment in public equity) and RD (registered direct placements) transactions markets.

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Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as “may,” “might,” “will,” “should,” “except,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements.

These factors include, but are not limited to, those discussed under the section entitled “Risk Factors” in our Annual Report on Form 10-K, filed March 14, 2008, which is available at the Securities and Exchange Commission website at www.sec.gov. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

1 Rodman & Renshaw Capital Group, Inc maintained its leading position in PIPE transaction deal volume in PlacementTracker’s First Quarter 2008 PIPE Market League Tables, published by Sagient Research Systems. During the first quarter of 2008 Rodman completed 11 transactions raising a total of $135.6 million.