Good atempt
Ok here I go.
The one thing you should focus on is weapons. There was only 1 weapon power up. Even for a first stage you should at least put in a machine gun or shotgun floating around somewhere.
The sound was good. Music from Soldier of Fortune 2 Double Helix was a good idea since that game did have great music. But this game should also work on sound effects. "Help me!" is to old. You should've made them say "Holy shit! Don't kill me! I'll give you my money!", or "Dude! Yo for real man! Don't shoot me!".
Fighting Boss battles also should have a power up poping up somewhere too. One thing you need to aim at is the fun factor which the game didn't have half the time. Good idea but wasn't properly executed.
Making this game into a Time Crises knock off would kinda suck really. Even though everybody will say that it'll be a good idea. Stick to what style you want. Just add color to the enviroment, add acouple of faces, have a gun in the people's hands, and make easy mode easy. They shouldn't shoot for like 7 seconds instead they shoot you in 2.