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October 3, 2007

Phoenix Capital Resources Advises Rogers, Lunt & Bowlen Company in Sale of Heritage Cutlery Subsidiary to a Strategic Buyer

PHILADELPHIA (October 3, 2007)—Phoenix Capital Resources, an operationally-focused middle market capital advisory firm, represented Rogers, Lunt & Bowlen Company in its recent sale of substantially all of the assets of Heritage Cutlery, Inc. of Bolivar, NY to a strategic buyer. Phoenix Capital actively supported the management and employees of both Rogers, Lunt & Bowlen and Heritage Cutlery throughout the sale process by closely managing the due diligence process, coordinating the deal team’s efforts and overseeing the document negotiation to ensure a timely closing.

Vince Colistra, Managing Director and Shareholder at Phoenix Capital, states, “Together with the senior management of Heritage Cutlery, we identified the most logical buyer for Heritage with real operating synergies and negotiated an attractive purchase price through a pre-emptive offer. The Phoenix team facilitated the successful negotiation and closing of the sale in just seven months, despite significant environmental due diligence required relating to the real estate assets. As a result, Rogers, Lunt & Bowlen received an attractive return on its initial investment.”

Rogers, Lunt & Bowlen Company, the sole shareholder of Heritage Cutlery, Inc. since 1981, is a holding company that owns several other businesses. In order to create additional liquidity for one of its portfolio firms, Rogers, Lunt & Bowlen Company engaged Phoenix Capital to lead the due diligence process and execute a sale of Heritage Cutlery. Jim Lunt, shareholder of Rogers, Lunt & Bowlen Company, states, “The sale of Heritage Cutlery is a great outcome for the shareholders resulting in a strong return on investment. We are grateful to the dedicated employees of Heritage Cutlery for their many years of service and commitment and wish them the best under new ownership.”

In business since 1952, Heritage Cutlery is the largest U.S. manufacturer of hot-forged scissors and shears for a wide variety of markets including electrical and industrial. The company currently employs 55 people and produces as many as 4,500 scissors and shears per day at its 18,000-square-foot facility. “For 25 years, Heritage Cutlery has been a supplier to the strategic buyer, supplying select styles of electrician’s scissors,” said Wayne J. West, president of Heritage Cutlery. “The synergy between our two companies is reinforced by the companies” similar values in quality, craftsmanship, innovation and a strong commitment to manufacturing in the U.S.”

The strategic buyer acquired the assets of Heritage Cutlery including the company name, facility, and such brand names as Heritage® and C-Mon® as of August 31, 2007. Terms of the agreement were not disclosed. No changes in management are anticipated.

About Phoenix Capital Resources

Phoenix Capital Resources specializes in providing capital advisory services to middle market companies in transition. As an operationally-focused firm, Phoenix Capital assists challenged and growth-oriented companies with complex transactions including re-financings, restructurings, capital raising, mergers and acquisitions, recapitalizations and auctions in the context of a bankruptcy. Headquartered in Philadelphia, Phoenix Capital’s mission is to maximize transactional value and return on investment for its clients.

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