On May 2, 2012, the Board of Directors of Helios and Matheson Information Technology Inc. elected Mr. Viraj Patel to serve as a member of the Board, filling a vacancy created by the Board's increase of the number of directorships from four to five. The Board has determined that Mr. Patel is an independent director and qualifies as an audit committee financial expert as defined in Item 407 of Regulation S-K under the Exchange Act ("Regulation S-K"). The Board has also appointed Mr. Patel as a member of the Audit Committee of the Board and as the Chairman of the Audit Committee. Mr. Viraj Patel is a finance executive with over 25 years of multinational experience. Since September, 2010, Mr. Patel has served as Chief Financial Officer of Deeya Energy, Inc.