SECURITIES AND EXCHANGE COMMISSION
   Washington, D.C.

   Litigation Release No. 16689 / September 6, 2000

   SEC SETTLES FRAUD CASE AGAINST JAN R. KIRK, FORMER FERROFLUIDICS CFO

   SEC v. Ferrofluidics Corp., Ronald Moskowitz, Jerome R. Allen, Jan R.
   Kirk, Stephen P. Morin, Bruce S. Moody, and the 1991 RPM Irrevocable
   Trust (97 Civ. 7174 (RMB), S.D.N.Y.)

   On September 1, 2000, the U.S. District Court for the Southern
   District of New York entered a final judgment against Jan R. Kirk, the
   former chief financial officer of Ferrofluidics Corporation (SEC v.
   Ferrofluidics Corp. et al.). The judgment enjoins him from violating
   the antifraud provisions and certain reporting, internal controls, and
   record-keeping provisions of the federal securities laws. Without
   admitting or denying the Commission's allegations, Kirk consented to
   the entry of the judgment, which bars him from acting as an officer or
   director of a public company.

   In its complaint, filed on September 25, 1997, the Commission alleged
   that from early 1991 through June 1993, former Ferrofluidics CEO and
   chairman Ronald Moskowitz devised and, with the assistance of members
   of the company's senior management and others, including Kirk,
   implemented a broad-ranging scheme to defraud the investing public and
   enrich himself by materially inflating the company's revenues and
   earnings and by making numerous other materially false and misleading
   disclosures about the company's business. As part of the scheme, Kirk
   recruited three private purchasers and orchestrated their phony stock
   purchases for a sham private placement. Kirk ultimately received
   $23,000 in kickbacks for his efforts. Kirk also helped prepare and
   disseminate a series of materially false and misleading public
   statements concerning sales of the company's products to domestic and
   foreign companies. Based on the falsely reported profitability of the
   company, Kirk received a year-end bonus of $27,500. He also failed to
   file a Schedule 13D with respect to Ferrofluidics shares that he and
   Moskowitz controlled as a voting group, after he agreed with Moskowitz
   to exercise warrants and vote against a shareholder's proposal
   regarding executive compensation.

   The judgment enjoins Kirk from violating Sections 17(a) of the
   Securities Act, Sections 10(b), Section 13(d) of the Exchange Act, and
   Rules 10b-5, 13b2-1, 13b2-2, 13d-1 thereunder. The judgment also bars
   him from acting as an officer or director of any public company and
   orders him to disgorge $50,500 plus prejudgment interest. Based on
   Kirk's financial condition, disgorgement was waived and no penalty was
   assessed. Proceedings continue against the remaining defendants, Bruce