petition Expiring and New Employer making transfer of H1B

My Petition is going to expire on 30 Sep 2014. My current employer is not extendidn it.

My New employer is going to apply for H1B transfer and get reciept Numbe by 10th Sep 2014.

Can I join new employer by 24 sep 2014 even If my new H1b trasfer is in approval phase.

My I94 will expire on 30 Sep 2015 as per the online site. I94 is valid till 2015.

Please suggest.