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Macfadden Announces Formation of Strategic Advisory Group

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Macfadden and Associates, Inc. (Macfadden) announced today the formation of a new Strategic Advisory Group in conjunction with the transfer of the company's remaining equity to the Employee Stock Ownership Plan (ESOP) Trust and the implementation of a Board of Directors. Ronald Torrence, currently Macfadden's Chief Financial Officer-Acting, will serve as the Chairman. Locally-based business and federal sector consultants and industry leaders David Binns, Ronald D. Harvey and Fred Pang have been named founding members of the group.

Consisting of industry business leaders, Macfadden's Strategic Advisory Group will provide valuable strategic advice and guidance crucial to creating new business development opportunities the company. The group will play a vital role in guiding the direction of corporate growth by lending its insight and advice essential to expanding access into new federal and corporate business opportunities.

"Macfadden's commitment to the value of strategic direction and planning is evident, and I am pleased to be a part of this process," said Mr. Torrence. "The experience of this group will ensure Macfadden continues to offer cutting-edge solutions as it grows its customer base."

David Binns is the former President of the National ESOP Association and currently serves as the Associate Director of the Beyster Institute, Rady School of Management at the University of California- San Diego. Ronald D. Harvey is a former member of the Senior Executive service at the United States Agency for International Development (USAID) and currently serves as the CEO of MarketPlex International, an international business development and commodity trading company. A retired Colonel in the United States Air Force, Fred Pang is the former Assistant Secretary of Defense, Force Management Policy. He currently serves as President of ViStar, a company which he founded in 1997 to provide professional and technical services to clients both within the Federal and commercial sectors.

"I am pleased to announce the creation of an advisory team that brings together a group of outstanding business leaders with a proven track-record of helping companies ensure corporate objectives are met," said Russell Hall, President and CEO of Macfadden, "Their vision and cumulative decades of experience are unmatched and will be an asset to our direction and growth."

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