Avista Capital Partners Acquires Phillips Investment Resources

New York, NY February 5, 2007 – Avista Capital Partners, a leading private equity firm, has completed the acquisition of Phillips Investment Resources, LLC (PIR), a provider of subscription-based investment advice, from Phillips International, Inc. (www.phillips.com). Terms of the transaction were not disclosed. The Jordan, Edmiston Group, Inc. (JEGI), the New York-based investment banking firm that specializes in media and information, represented Phillips International in this transaction and acted as its exclusive financial advisor.

Founded in 1974, Rockville, MD-based PIR provides independent investment advice on a paid subscription basis. The Company delivers its content primarily through electronic media channels (including electronic newsletters, e-mails and web sites), as well as through print newsletters. PIR offers 23 subscription-based advisory services from 16 expert advisors, covering a broad range of topics and investment styles to approximately 220,000 subscribers. Newsletters include: Louis Navellier's Blue Chip Growth; Tobin Smith's ChangeWave Investing; Dan Wiener's The Independent Advisor for Vanguard Investors; and Richard Band's Profitable Investing. John Coyle, President of PIR, and his management team will continue to lead the company from the Rockville location.

James Finkelstein, an Industry Partner at Avista, said, "Phillips Investment Resources has grown by meeting the need for well-respected, proprietary, and independent investment advice. Avista intends to support the Company's efforts to further broaden its investment-related service offerings and add to its relationships with the world's leading investment advisors."

OhSang Kwon, a Partner at Avista Capital Partners, added, "Avista's acquisition of Phillips Investment Resources represents an exciting opportunity to partner with an exceptional management team in a market that is poised for growth. Phillips' direct response marketing expertise and diverse distribution channels create a unique platform from which to build a leading media player in the investment advice space."

Thomas L. Phillips, Chairman of Phillips International and Phillips Investment Resources, said, "I am delighted to pass the torch to Avista Capital Partners, which has the resources to take PIR to the next level of success. Phillips Investment Resources is in good hands, and I know that the company has a bright future."

Choate, Hall & Stewart served as legal counsel to Avista Capital Partners and financing was provided by National City Bank. Shulman, Rogers, Gandal, Pordy & Ecker served as legal counsel to Phillips International.

About Avista Capital Partners

Avista Capital Partners (www.avistacap.com) is a leading private equity firm with offices in New York, NY and Houston, TX. Founded in 2005, Avista's strategy is to make controlling or influential minority investments primarily in growth-oriented media, healthcare, and energy companies. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses.

About JEGI

Celebrating its 20th anniversary in 2007, JEGI (www.jegi.com) is recognized as a leading provider of investment banking services for the media and information industries. JEGI has undertaken the sale of numerous entrepreneurial businesses and significant disposition engagements for a wide range of major media and information companies, including CNET, Dow Jones, Hearst, Jupitermedia, Pearson, Reed Elsevier, Thomson Corporation, United Business Media, and Nielsen (formerly VNU). JEGI has also advised on the sale of assets for a number of leading private equity funds, including Abry Partners, Frontenac Company, Housatonic Partners, Pfingsten Partners, Seaport Capital, Warburg Pincus, and Wicks Group of Companies.

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