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August 15, 2006

New Senior Associate Named at Phoenix Management Services

PHILADELPHIA (August 15, 2006)—Turnaround management firm Phoenix Management Services (www.phoenixmanagement.com) has promoted Michael Gaul from Financial Analyst to Senior Associate. Mr. Gaul joined Phoenix in 2003, and his new role recognizes his performance and versatility over the past three years.

“Mike continues to be a valuable asset of Phoenix Management Services, and his promotion affords him more responsibility in future client assignments,”┬Ł said Michael Jacoby, Managing Director and Shareholder.

Prior to joining Phoenix, Mr. Gaul was an equity research analyst for Robertson Stephens in San Francisco and was a portfolio manager for Fleet Bank N.A and Sanwa Bank, Ltd. in New York.

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.

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