March 28, 2006

Jerry Walsh Joins Phoenix Management Services as Vice President

PHILADELPHIA (March 28, 2006)—Turnaround management firm Phoenix Management Services (www.phoenixmanagement.com) has hired Jerry Walsh Jr., CPA, as a Vice President. Walsh will be responsible for working with Phoenix clients in turnaround operations, including accounting, finance, business development, sales and relationship management.

With over 22 years of senior executive experience in a diverse array of industries, he has led and implemented business, process and information system changes that have helped companies become and remain profitable.

“Jerry does not just consult, he leads. His business leadership and financial acumen are the kinds of assets that draw clients to Phoenix,” said Phoenix Management Services Managing Director Mitchell Arden. “He has a wealth of experience in manufacturing, distribution, importing, and high-tech industries. He knows how to help companies regain and maintain profitability.”

Walsh has served as a Chief Financial Officer and consultant for a range of companies along the East Coast. Most recently, he worked as the CFO for an international wood flooring importer and distributor based in Burlington, NJ. Before his post in Burlington, he provided financial and business expertise to a number of business-to-business software and planning companies.

Walsh is registered as a Certified Public Accountant (CPA) in the State of Pennsylvania and is a member of the American Production and Inventory Control Society (APICS). He is a graduate of Drexel University with a B.A. in Business Administration and Accounting.

About Phoenix Management Services

Phoenix Management Services is an operationally-focused advisory firm, providing turnaround, crisis and interim management and investment banking services to middle market companies in transition. Since 1985, Phoenix has aggressively advocated on behalf of its clients in over 700 assignments nationwide across a variety of situations and industries. With offices in Philadelphia, New York, Boston and Ft. Lauderdale, Phoenix preserves and enhances the value of its clients’ companies by focusing on the operational and financial challenges they encounter.