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CUSIP No. 497498105 Page 1 of 15 pages
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Kirklands, Inc.
----------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
497498105
---------
(CUSIP Number)
Direct any Notices and Communications to:
-----------------------------------------
George J. Mazin, Esq.
Dechert LLP
30 Rockefeller Plaza
New York, NY 10112
March 1, 2006
----------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [X]
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act.
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CUSIP No. 497498105 Page 2 of 15 pages
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--------- ------------------------------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ENDOWMENT CAPITAL, L.P.
77-0621714
--------- ------------------------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
2 (b) [ ]
--------- ------------------------------------------------------------------------------------------------------
SEC USE ONLY
3
--------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------- ------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
--------- ------------------------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
----------------------- --------- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES --------- ------------------------------------------------------------------------------
BENEFICIALLY OWNED SHARED VOTING POWER
BY EACH 8
REPORTING PERSON 2,828,294
WITH --------- ------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
9
0
--------- ------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,828,294
----------- ----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14.62%
----------- ----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- ----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.62%
----------- ----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
----------- ----------------------------------------------------------------------------------------------------
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CUSIP No. 497498105 Page 3 of 15 pages
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--------- ------------------------------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LONG DRIVE, L.P.
84-1639266
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
2 (b) [ ]
--------- ------------------------------------------------------------------------------------------------------
SEC USE ONLY
3
--------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------- ------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
--------- ------------------------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
----------------------- --------- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES --------- ------------------------------------------------------------------------------
BENEFICIALLY OWNED SHARED VOTING POWER
BY EACH 8
REPORTING PERSON 2,828,294
WITH --------- ------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
9
0
--------- ------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,828,294
----------- ----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14.62%
----------- ----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- ----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.62%
----------- ----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
----------- ----------------------------------------------------------------------------------------------------
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CUSIP No. 497498105 Page 4 of 15 pages
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--------- ------------------------------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ENDOWMENT CAPITAL GROUP, LLC
77-0621719
--------- ------------------------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
2 (b) [ ]
--------- ------------------------------------------------------------------------------------------------------
SEC USE ONLY
3
--------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------- ------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
--------- ------------------------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
----------------------- --------- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES --------- ------------------------------------------------------------------------------
BENEFICIALLY OWNED SHARED VOTING POWER
BY EACH 8
REPORTING PERSON 2,828,294
WITH --------- ------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
9
0
--------- ------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,828,294
----------- ----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14.62%
----------- ----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- ----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.62%
----------- ----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
----------- ----------------------------------------------------------------------------------------------------
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CUSIP No. 497498105 Page 5 of 15 pages
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--------- ------------------------------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ENDOWMENT CAPITAL GROUP, L.P.
04-377119
--------- ------------------------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
2 (b) [ ]
--------- ------------------------------------------------------------------------------------------------------
SEC USE ONLY
3
--------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------- ------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
--------- ------------------------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
----------------------- --------- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES --------- ------------------------------------------------------------------------------
BENEFICIALLY OWNED SHARED VOTING POWER
BY EACH 8
REPORTING PERSON 2,828,294
WITH --------- ------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
9
0
--------- ------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,828,294
----------- ----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14.62%
----------- ----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- ----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.62%
----------- ----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
----------- ----------------------------------------------------------------------------------------------------
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CUSIP No. 497498105 Page 6 of 15 pages
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--------- ------------------------------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ENDOWMENT CAPITAL MANAGEMENT, LLC
05-0630772
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
2 (b) [ ]
--------- ------------------------------------------------------------------------------------------------------
SEC USE ONLY
3
--------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------- ------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
--------- ------------------------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
DELAWARE
----------------------- --------- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES --------- ------------------------------------------------------------------------------
BENEFICIALLY OWNED SHARED VOTING POWER
BY EACH 8
REPORTING PERSON 2,828,294
WITH --------- ------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
9
0
--------- ------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,828,294
----------- ----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14.62%
----------- ----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- ----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.62%
----------- ----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
----------- ----------------------------------------------------------------------------------------------------
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CUSIP No. 497498105 Page 7 of 15 pages
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--------- ------------------------------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PHILIP TIMON
266-49-0215
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
2 (b) [ ]
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SEC USE ONLY
3
--------- ------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------- ------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
--------- ------------------------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
UNITED STATES OF AMERICA
----------------------- --------- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES --------- ------------------------------------------------------------------------------
BENEFICIALLY OWNED SHARED VOTING POWER
BY EACH 8
REPORTING PERSON 2,828,294
WITH --------- ------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
9
0
--------- ------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,828,294
----------- ----------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14.62%
----------- ----------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
----------- ----------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
14.62%
----------- ----------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
----------- ----------------------------------------------------------------------------------------------------
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CUSIP No. 497498105 Page 8 of 15 pages
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ITEM 1. (a). Name of Issuer: Kirklands, Inc.
(b). Address of Issuer's Principal Executive Offices:
805 North Parkway
Jackson, Tennessee 38305
(c). Title of Class of Securities: Common Stock
(d). CUSIP Number: 497498105
ITEM 2. This Statement is being filed jointly by each of the following persons
(i) Endowment Capital, L.P., is a Delaware limited partnership
("Endowment"), which is engaged in the private investment fund business. The
address of its principal business office is 1105 North Market Street, 15th
Floor, Wilmington, DE 19801. Endowment has not, during the past five years, been
convicted in a criminal proceeding of any nature whatsoever, nor has Endowment
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction of any nature whatsoever during the past five years;
(ii) Long Drive, L.P., a Delaware limited partnership ("Long Drive"),
which is engaged in the private investment fund business. The address of its
principal business office is 1105 North Market Street, 15th Floor, Wilmington,
DE 19801. Long Drive has not, during the past five years, been convicted in a
criminal proceeding of any nature whatsoever, nor has Long Drive been a party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction of any nature whatsoever during the past five years;
(iii) Endowment Capital Group, LLC, a Delaware limited liability
company, which serves as general partner to Endowment and Long Drive (the
"General Partner"), and is engaged in the business of managing the business
affairs of each. The address of its principal business office is 1105 North
Market Street, 15th Floor, Wilmington, DE 19801. The General Partner has not,
during the past five years, been convicted in a criminal proceeding of any
nature whatsoever, nor has the General Partner been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction of any
nature whatsoever during the past five years;
(iv) Endowment Capital Group, L.P., a Delaware limited partnership,
which serves as investment manager to Endowment and Long Drive (the "Manager").
The address of its principal business office is 1105 North Market Street, 15th
Floor, Wilmington, DE 19801. The Manager has not, during the past five years,
been convicted in a criminal proceeding of any nature whatsoever, nor has the
Manager been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws, during the past five years;
(v) Endowment Capital Management, LLC, a Delaware limited liability
company (the "Managing Partner"), which serves as general partner to Endowment
Capital Group, L.P., and is engaged
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CUSIP No. 497498105 Page 9 of 15 pages
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in the business of managing the business affairs of Endowment Capital Group,
L.P. The address of its principal business office is 1105 North Market Street,
15th Floor, Wilmington, DE 19801. The Managing Partner has not, during the past
five years, been convicted in a criminal proceeding of any nature whatsoever,
nor has the Managing Partner been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction of any nature whatsoever during
the past five years; and
(vi) Mr. Philip Timon, whose business address is 1105 North Market
Street, 15th Floor, Wilmington, DE 19801, who serves as the managing member of
the General Partner and the managing member of the Manager's general partner,
and in such capacity is principally responsible for the management of the
affairs of Endowment, Long Drive, the General Partner and the Manager. Mr. Timon
has not, during the past five years, been convicted in a criminal proceeding of
any nature whatsoever, nor has Mr. Timon been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction of any nature
whatsoever during the past five years. Mr. Timon is a United States citizen.
Endowment, Long Drive, the General Partner, the Manager, the Managing
Partner and Philip Timon are sometimes also referred to herein individually as a
"Reporting Person" and collectively as "Reporting Persons".
ITEM 3. Source and Amount of Funds or Other Consideration.
The Reporting Persons have invested an aggregate amount of
$27,312,379.90 (exclusive of brokerage commissions) in the securities of the
Issuer reported hereunder. The sources of the funds used to purchase the shares
of the Issuer held by the Reporting Persons are the partnership assets of each
of Endowment and Long Drive, representing the capital contributions of the
General Partner and each limited partner of Endowment and Long Drive (including
Philip Timon).
ITEM 4. Purpose of Transaction.
The securities of the Issuer reported hereunder by the Reporting
Persons were acquired as a long-term investment in the Issuer by Endowment and
Long Drive. In managing the investment portfolio of Endowment and Long Drive,
the Manager utilizes a fundamental, research-driven process to identify
companies as being fundamentally undervalued and possessing the potential for
high growth. In implementing this process, the Manager identified the Issuer as
a company satisfying its rigorous investment criteria.
The Reporting Persons reserve the right to discuss various views and
opinions with respect to the Issuer and its business plans with the Issuer or
the members of its senior management. The discussion of such views and opinions
may extend from ordinary day-to-day business operations to matters such as
nominees for representation on the Issuer's board of directors, senior
management decisions and extraordinary business transactions.
The Reporting Persons are not presently engaged in plans or
contemplating proposals involving any of the items (b) through (j) of Item 4 of
Schedule 13D. However, the Reporting Persons may determine to engage in plans or
make proposals involving any such items in the future.
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CUSIP No. 497498105 Page 10 of 15 pages
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ITEM 5. Interest in Securities of the Issuer.
(a). Aggregate shares held by each Reporting Person
Endowment Capital, L.P. 2,828,294
Long Drive, L.P. 2,828,294
Endowment Capital Group, LLC(1) 2,828,294
Endowment Capital Group, L.P.(2) 2,828,294
Endowment Capital Management, LLC(3) 2,828,294
Philip Timon(4) 2,828,294
Percentage of class:
Endowment Capital, L.P. 14.62%
Long Drive, L.P. 14.62%
Endowment Capital Group, LLC 14.62%
Endowment Capital Group, L.P. 14.62%
Endowment Capital Management, LLC 14.62%
Philip Timon 14.62%
(b). Number of shares as to which such person has:
(1) Sole power to vote or to direct the vote:
------------------------------
(1) Endowment Capital Group, LLC is the General Partner of Endowment
Capital, L.P. and Long Drive, L.P., subject to the overall control of
the managing member, Philip Timon.
(2) Endowment Capital Group, L.P. is the investment manager of Endowment
Capital, L.P. and Long Drive, L.P., subject to the overall control of
Philip Timon, the managing member of its general partner, and thus
could be deemed to share the power to vote and dispose or direct the
disposition of such Shares.
(3) Endowment Capital Management, LLC is the general partner of Endowment
Capital Group, L.P. subject to the overall control of Philip Timon, its
managing member, and thus could be deemed to share the power to vote
and dispose or direct the disposition of such Shares.
(4) Philip Timon as the managing member is deemed to possess a controlling
interest in the general partner of Endowment Capital Group, L.P. and
thus could be deemed to share the power to vote and dispose or direct
the disposition of such Shares.
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CUSIP No. 497498105 Page 11 of 15 pages
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(i) Endowment Capital, L.P. 0
(ii) Long Drive, L.P. 0
(iii) Endowment Capital Group, LLC 0
(iv) Endowment Capital Group, L.P. 0
(v) Endowment Capital Management, LLC 0
(vi) Philip Timon 0
(2) Shared power to vote or to direct the vote:
(i) Endowment Capital, L.P. 2,828,294
(ii) Long Drive, L.P. 2,828,294
(iii) Endowment Capital Group, LLC 2,828,294
(iv) Endowment Capital Group, L.P. 2,828,294
(v) Endowment Capital Management, LLC 2,828,294
(vi) Philip Timon 2,828,294
(3) Sole power to dispose or to direct the disposition of:
(i) Endowment Capital, L.P. 0
(ii) Long Drive, L.P. 0
(iii) Endowment Capital Group, LLC 0
(iv) Endowment Capital Group, L.P. 0
(v) Endowment Capital Management, LLC 0
(vi) Philip Timon 0
(4) Shared power to dispose or to direct the disposition of:
(i) Endowment Capital, L.P. 2,828,294
(ii) Long Drive, L.P. 2,828,294
(iii) Endowment Capital Group, LLC 2,828,294
(iv) Endowment Capital Group, L.P. 2,828,294
(v) Endowment Capital Management, LLC 2,828,294
(vi) Philip Timon 2,828,294
(c). There have been no transactions in Securities of the Issuer by the
Reporting Persons during the past 60 days.
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CUSIP No. 497498105 Page 12 of 15 pages
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ITEM 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
There are no contracts, arrangements, understandings or relationships
in place among any of the Reporting Persons with respect to the Securities of
the Issuer. The General Partner serves as the General Partner to both Endowment
and Long Drive. The Manager serves as the investment manager to both Endowment
and Long Drive. Each of the General Partner and the Manager are subject to the
overall control of Philip Timon, as managing member of the General Partner and
managing member of the general partner of the Manager, and thus could be deemed
to share the power to vote and dispose or direct the disposition of such Shares.
Thus, the Reporting Persons could be deemed a "group" pursuant to Rule 13d-1(k)
of Regulation 13D-G; however, the Reporting Persons neither admit nor deny that
any such group exists. Nothing in this Schedule 13D shall be deemed an admission
by any of the Reporting Persons that such person is a "beneficial owner" of the
securities covered by this Schedule 13D.
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CUSIP No. 497498105 Page 13 of 15 pages
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
ENDOWMENT CAPITAL, L.P.
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member of
Endowment Capital Group, LLC,
general partner
LONG DRIVE, L.P.
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member of
Endowment Capital Group, LLC,
general partner
ENDOWMENT CAPITAL GROUP, LLC
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member
ENDOWMENT CAPITAL GROUP, L.P.
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member of
Endowment Capital Management, LLC,
general partner
ENDOWMENT CAPITAL MANAGEMENT, LLC
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member
PHILIP TIMON
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
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CUSIP No. 497498105 Page 14 of 15 pages
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EXHIBIT 1 -- AGREEMENT OF JOINT FILING
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agrees that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13D, shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement on
the 3rd day of March, 2006.
ENDOWMENT CAPITAL, L.P.
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member of
Endowment Capital Group, LLC,
general partner
LONG DRIVE, L.P.
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member of
Endowment Capital Group, LLC,
general partner
ENDOWMENT CAPITAL GROUP, LLC
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member
ENDOWMENT CAPITAL GROUP, L.P.
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member of
Endowment Capital Management, LLC,
general partner
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CUSIP No. 497498105 Page 15 of 15 pages
------------------------------- -------------------------------
ENDOWMENT CAPITAL MANAGEMENT, LLC
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------
Philip Timon, managing member
PHILIP TIMON
Date: March 3, 2006 By: /s/ Philip Timon
-----------------------------------------