Phoenix Opens a New Office in Washington DC

Industry Veteran Charles Menatti to Lead Office
WASHINGTON--(Business Wire)--
Phoenix Management Services and Phoenix Capital Resources
announced that Charles Menatti has joined the firm to open and oversee
its new office in Washington DC. The new office will serve the
Virginia, Maryland and Washington DC markets.

"Phoenix is aggressively expanding into high-growth markets,"
explained Jim Fleet, Managing Director and Shareholder. "Our growing
national footprint, combined with our exceptional new hires, will
provide the foundation for future growth for our turnaround management
and investment banking services."

In his new position as Director, Mr. Menatti will manage the new
office in Washington DC. He has more than 29 years of financial,
operations and executive management experience. Prior to joining
Phoenix, Menatti was serving as the first ever Chief Operating Officer
at Mount Vernon, the large non-profit historic estate of George
Washington. Mr. Menatti also has a vast depth of international
executive and operational experience - living and working more than 16
years overseas. Mr. Menatti has successfully managed businesses at all
levels - from concept, start-up, execution, mezzanine and daily
operations to liquidity and/or capital events.

He holds a Bachelor of Science degree from the University of Utah.
Mr. Menatti is a member of TMA and ACG as well as the Potomac Officers
Club all in the DC area.

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 850 assignments nationwide across a variety of
situations and industries. With offices in Philadelphia, New York,
Boston, Washington DC, Ft. Lauderdale and Atlanta, 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.

Visit our Website: www.phoenixmanagement.com

Phoenix
Jim Fleet, 617-217-2889
jfleet@phoenixmanagement.com

Copyright Business Wire 2008