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February 20, 2009

Phoenix Opens a New Office in Cleveland

Industry Veteran Richard Szekelyi Rejoins Phoenix


CONTACT: Mitch Arden

Cleveland, OH (February 19, 2009) ” Phoenix Management Services and Phoenix Capital Resources announced that Richard Szekelyi has rejoined the firm to open and oversee its new office in Cleveland, Ohio.

“Phoenix continues to aggressively expand its national footprint. The new office in Cleveland will serve the entire midwestern region,” explained Mitch Arden, Managing Director and Shareholder. “We are delighted to have Rick back at Phoenix.”

In his position as Director, Mr. Szekelyi will manage the new office in Cleveland. He has over 30 years of executive management and advisory experience working with companies facing challenges resulting from various causes including fast growth, economic downturns, inadequate capitalization, changing industries and operational deficiencies. Mr. Szekelyi’s diverse background includes senior management positions as CEO, COO and CFO for a number of middle-market companies in a variety of industries, and senior positions in private equity, public accounting and commercial banking. In addition he is experienced in acquisitions, crisis management and international business.

Prior to joining Phoenix, Mr. Szekelyi was the managing partner of a boutique business and financial advisory firm he founded in 1996. His career includes senior bank management positions, Director of Entrepreneurial Services for Arthur Young & Co., Managing Director of a regional CPA firm, Director of Corporate Development for a private equity fund, and senior management positions for various companies including manufacturers of outdoor products; plastic abrasives; architectural products; as well as a radio programming and syndication company; and an importer of castings.

Mr. Szekelyi holds a Master of Business Administration from Xavier University, a Bachelor degree from Ohio State University and is a graduate of the Stonier School of Banking at Rutgers University. He is currently a member of the American Institute of CPA’s, the Ohio Society of CPA’s, the Business Valuation and Forensic & Litigation Service Section of the AICPA, The Association for Corporate Growth and the Turnaround Management Association.

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

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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