2004 Turnaround Award Recipients Honored for Outstanding Corporate Renewal Accomplishments.

CHICAGO -- Turnaround Management Association (TMA), the only international non-profit association dedicated to corporate renewal and turnaround management, announces its 2004 Turnaround of the Year award recipients. Winners will be honored at the Annual Convention, October 15-18, at the Marriott Marquis in New York City.

The 2004 Turnaround of the Year Award winners in the five categories are:

--Mega Company Turnaround of the Year ($1 billion USD or greater in revenue at the onset of the turnaround): John R. Boken, Kroll Zolfo Cooper LLC, Los Angeles, Calif., for the turnaround of NRG Energy, Inc., Minneapolis, Minn.

--International Company Turnaround of the Year (Company with significant cross border operations): Jeffrey A. Brodsky, Quest Turnaround Advisors LLC, Rye, N.Y., for the turnaround of PTV, Inc., London, England

--Large Company Turnaround of the Year (Revenue between $50 million and $300 million USD): Michael C. Appel, Quest Turnaround Advisors LLC, Rye, N.Y., for the turnaround of Kasper ASL, Secaucus, N.J.

--Mid-Size Company Turnaround of the Year ($300 million USD or greater in revenue): Frank Guidone, Corporate Revitalization Partners, LLC, Dallas, Texas, for the turnaround of Measurement Specialties, Inc., Fairfield, N.J.

--Small Company Turnaround of the Year (Revenue of $50 million USD or less at onset of turnaround): Russell K. Burbank, CTP, The Scotland Group, Inc., an ALTMA Group Company, Newport Beach, Calif., for the turnaround of ProdiGene, Inc., College Station, Texas.

"The individuals and firms that won awards this year were engaged to solve extremely complex financial and operational problems," said James Matthews, chair of the TMA Awards Committee and president of Prime Locations LLC in Dallas. "The record number of nominations and the effort put in by the individuals to bring the best possible resolution to these difficult corporate struggles was nothing short of spectacular. It made me proud to be part of this industry."

"These award-winning professionals and all of our members are dedicated to the mission of corporate renewal and the value they can bring to the corporate world," said John Rizzardi, 2004 chairman of TMA, and a partner in the Seattle law firm Cairncross & Hempelmann. "Their skills, resources and contributions made--and continue to make--a positive impact on the economy by restoring profitability and jobs and inspiring customer, vendor and lender confidence in well-managed organizations."

Details of the 2004 Turnaround of the Year award winners are on the TMA Web site at www.turnaround.org in the News Room, under News Releases (http://www.turnaround.org/news/newsReleases.asp?objectID=3666).

With international headquarters in Chicago, TMA's 6,800 members in 34 regional chapters comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, accountants, appraisers, liquidators, executive recruiters and consultants. Members adhere to a Code of Ethics specifying high standards of professionalism, integrity and competence. Its Certified Turnaround Professional (CTP) program recognizes professional excellence and provides an objective measure of expertise related to workouts, restructurings and corporate renewal.