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February 16, 2006

Managing Directors of Phoenix Management Services Assuming Leadership of Company

PHILADELPHIA (February 16, 2006)—Turnaround management firm Phoenix Management Services announced today that its five-person management team will succeed E. Talbot (“Tal”) Briddell as the leadership of Phoenix Management Services. After 20 years as President and Founder of Phoenix Management, Briddell will remain as Managing Director and will continue to provide turnaround, crisis and interim management and strategic advisory services to Phoenix’s roster of middle market clients.

The change of management is the final element of a long-term growth and succession plan for Phoenix. Over the past 15 years, Briddell strategically assembled the current team of Phoenix turnaround experts, and expanded the firm’s service offerings based on his team’s in- depth experience with middle market companies in transition.

“Tal is one of the industry’s leaders in turnaround management. The depth and breadth of Phoenix’s services is a testament to his vision and leadership,” said Managing Director Mitchell Arden. “We are thrilled that Phoenix and our clients will continue to benefit from Tal’s counsel in the future.”

With Briddell as an active participant in client engagements, the Phoenix management team plans to continue its focus on high quality service delivery, increase its turnaround staff in 2006 and launch industry-specific advisory services to meet market demand. In addition, Phoenix Capital Resources, a division of Phoenix Management, will expand its footprint for providing investment banking services to middle market companies in transition.

“My new role at Phoenix will enable me to remain actively involved with clients as well as allow me to take on more board responsibilities outside of the company,” said Briddell. “The current management team has worked together for over a decade and I know they will do a great job of leading Phoenix for decades to come.”

In 2005, Phoenix Management Services” hands-on leadership approach continued to enhance the value of its client companies. Its due diligence and operational assessments helped companies to assess their value and identify business priorities. Over the course of the year, Phoenix also helped clients maximize the value of their businesses during transitions and bankruptcies and kept businesses operational while finding buyers for corporate assets.

About Tal Briddell

Tal Briddell founded Phoenix Management Services in 1985 and has provided turnaround counsel to over 300 client companies in a variety of industry sectors, including utilities, transportation, manufacturing, distribution, and service industries.

In 1989, Briddell founded Phoenix Capital Resources, a division of Phoenix Management, focusing on investment banking services for middle market companies in transition. For its clients, Phoenix Capital has managed sale transactions of over $450 million, financings of over $750 million, and restructurings of over $775 million. Prior to founding Phoenix Management, Briddell was the President of Sun Carriers, COO of SunShip, and held other senior management roles in Sun Oil Company.

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