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January 9, 2012

Michael McCauley Promoted to Shareholder of Phoenix

CONTACT: Mitchell B. Arden

PHILADELPHIA, PA (January 10, 2012) —- Leading middle market turnaround management firm, Phoenix Management Services, is pleased to announce the promotion of several top employees.

Michael J. McCauley has been promoted to Senior Managing Director and Shareholder. Mr. McCauley is a proven leader with 20 years of successful accomplishments in a broad array of complex transactions and challenging workout and interim management situations. His diversified experience includes having served as a Board Member, Chief Restructuring Officer, Chief Financial Advisor and/or Interim CFO of a diverse group of Phoenix clients. Mr. McCauley specializes in providing interim management as well as financial and operational leadership for middle market companies that are facing operational and financial challenges. Mr. McCauley also provides hands-on transactional leadership for distressed middle market companies that are in need of capital, financial restructuring and/or merger and acquisition assistance.

“Since joining Phoenix in 2006, Mike has become an integral part of the firm’s leadership and success by providing hands-on turnaround consulting, interim management and investment banking services to our clients,” said Mitchell B. Arden, Senior Managing Director and Shareholder of Phoenix Management Services. “Mike has successfully guided Phoenix clients through turnarounds, refinancings and M&A transactions. Mike also has extensive experience navigating clients through a Chapter 11 process, including the complexities of managing a Section 363 sale in Bankruptcy Court. In 2011, Mike was named Boutique Turnaround Consultant of the Year by the Global M&A Network at the Turnaround Atlas Awards. Mike is registered with FINRA, holds the Series 7, 63, 79 and 24 licenses and also serves as President of PM Securities, LLC, Phoenix’s registered broker dealer. We are very proud to welcome him as a Shareholder of Phoenix.”

Prior to joining Phoenix, Mr. McCauley worked for and assisted with the wind-down of FINOVA Capital Corporation and he began his career with CoreStates Bank in Philadelphia.

Other Phoenix Promotions include Mark Karbiner and Joseph Nappi, who have been promoted from Vice President to Director and Patrick J. Hughes and Joe April, who have been promoted from Associate to Senior Associate.

“These top professionals have been a tremendous asset to Phoenix. They have each demonstrated outstanding technical and leadership skills, while adding significant value to our clients,” stated Mr. Arden. “They have been instrumental in the continued growth and success of our organization and we are proud to see their achievements and their professional careers advancing within our firm.”

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 1000 assignments nationwide across a variety of situations and industries. With offices in Philadelphia, New York, Boston, Dallas, Ft. Lauderdale and Atlanta, Phoenix preserves and enhances the value of its clients’ companies by focusing on the operational and financial challenges they encounter. Proven. Results.®

About Phoenix Capital Resources

Phoenix Capital Resources provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements. Securities transactions are offered through PM Securities, LLC, a FINRA and SIPC member firm. Proven. Results.®

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