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March 21, 2006

Phoenix Capital Resources Energizes Business with Dedicated Managing Partner

PHILADELPHIA (March 21, 2006)—Turnaround management firm Phoenix Management Services announced that Vincent J. Colistra will now be 100% dedicated to running Phoenix Capital Resources, the company’s investment banking division.

Colistra has been with Phoenix Capital Resources as Managing Director since 1997. Since then, Colistra has successfully completed over 50 transactions for a total value of nearly $1 billion. These transactions have included financings, recapitalizations and bankruptcy sales and auctions for Phoenix Capital Resources.

Colistra’s new focus at Phoenix Capital Resources is part of a long-term management plan for Phoenix Management Services. As part of the plan, Phoenix Capital Resources will expand its footprint for providing operationally-focused investment banking services to middle market companies in transition.

Colistra said, “The combination of our traditional operational focus, research and financial analysis capabilities and our direct involvement and understanding of the capital markets offers a skill set rarely found in the middle market investment banking area.”

“Vince has an unparalleled track record of success at Phoenix Capital Resources,” said Phoenix Management Services Managing Director Michael Jacoby. “His investment banking knowledge has helped secure favorable financing for dozens of high-value transactions. Coupled with Phoenix’s operational expertise, we are able to deliver real value to our clients.”

Colistra and his team will continue to offer Phoenix Capital’s wide range of investment banking services including complex restructurings and recapitalizations, capital raises at all levels of the balance sheet, financial advisory services in the areas of sales and acquisitions of businesses, and advisory services for Chapter 11 bankruptcies.

Colistra’s experience in financial management extends over 30 years. Before joining Phoenix Management Services, Colistra was Senior Vice President of Finance and Administration and CFO of a holding company, served as Senior Vice President and COO of a building products company and CFO of a group of companies involved in steel processing. Before his corporate management positions, Colistra spent nearly 15 years in banking.

Colistra holds an MBA from Fordham University, where he majored in Corporate Finance, and a B.S. from Pennsylvania State University where he majored in Finance and Economics.

About Phoenix Capital Resources

Phoenix Capital Resources, a division of Phoenix Management Services, specializes in providing investment banking services to middle market companies in transition. Phoenix Management Services is an operationally-focused advisory firm, providing turnaround, crisis and interim management to middle market clients. 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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