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October 17, 2018

Phoenix Management Services Serves as Chief Restructuring Officer to Provant Health in the Sale of its Assets to Summit Health Inc., a Subsidiary of Quest Diagnostics

Philadelphia, PA (October 17, 2018) —- Phoenix Management Services®, a leading provider of operationally focused client solutions, served as the Chief Restructuring Officer to Hooper Holmes Inc. d/b/a Provant Health (“Provant” or the “Company”) providing leadership to the company in consummating the sale of its assets to Summit Health Inc. (“Summit”), a subsidiary of Quest Diagnostics (“Quest”). The sale was completed under Section 363 of the U.S. Bankruptcy Code.

Hooper Holmes, Inc. d/b/a Provant Health was a publicly traded corporation and recognized as a national leader in comprehensive workplace well-being and clinical research support services, with a growing global presence. Headquartered in Kansas with significant operations and systems support in Rhode Island, the company partners with employers and brokers to improve members’ whole-person health and productivity, and to support health care cost management.

Phoenix was engaged by the Board of Provant to complete a comprehensive review of the business, identify potential strategic alternatives, and ultimately to lead the Company during the bankruptcy proceeding, which ultimately resulted in the sale of the business. While many strategic alternatives and restructuring approaches were considered, ultimately the over leveraged condition of the balance sheet and substantial losses in 2017 necessitated the bankruptcy filing. James Fleet, Senior Managing Director and Shareholder of Phoenix, served as the Chief Restructuring Officer with the support of additional Phoenix professionals. “While the proceeds from the sale were insufficient to satisfy the creditors, it did provide for the continuation of the business operations and preservation of hundreds of jobs,” added Fleet.

About Phoenix:

For 30 years, Phoenix has provided smarter, operationally focused solutions for middle market companies in transition. Phoenix Management Services® provides turnaround, crisis and interim management, specialized advisory for both distressed and growth-oriented companies. Phoenix Transaction Advisory Services® provides quality of earnings, quality of operations, Quality of Enterprise®, management/organizational reviews, business integration, sell-side business preparation and other transaction related support. Phoenix Capital Resources® provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements. Phoenix Capital Resources is a U.S. registered broker-dealer and member of FINRA and SIPC. Proven. Results®.

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