Counsel Corporation

Counsel Corporation

July 29, 2009 08:30 ET

Morris Perlis Re-Joins Counsel Corporation as Executive Vice Chairman

TORONTO, ONTARIO--(Marketwire - July 29, 2009) - Counsel Corporation (TSX:CXS) announced today that Morris Perlis has re-joined the Company as Executive Vice Chairman. Mr. Perlis previously served as President of Counsel from 1992 until 2001, a period of tremendous success for the Company.

As a seasoned manager with particular expertise in business strategy and management team development, Mr. Perlis' mandate is to add value through the provision of ongoing guidance, strategic direction and planning. He will focus in particular on Counsel's direct investee companies - Fleetwood Fine Furniture, Counsel RB Capital and C2 Global Technologies - providing strategic counsel to management to assist them, from the outset, in developing their business plans and in implementing growth initiatives.

"Morris' return to Counsel is timely, augmenting our ability to capitalize on opportunities to increase our asset base," said Allan Silber, Chairman and CEO of Counsel Corporation. "With the 2008 sale of our long-term care business, our recent $12 million common share offering, which allowed us to redeem $12 million of preferred shares, and over $36 million available in our private equity fund - Knight's Bridge Capital Partners Fund I - our financial position has strengthened significantly. The addition of Morris to the Counsel team considerably enhances our capacity to generate increased value to shareholders."

As President of Counsel, Mr. Perlis guided the Company's health care strategy that resulted in the superior growth of three investee companies: American HomePatient, PharMerica and Stadtlander Drug. These successes resulted in a significant increase in Counsel's share value. "I'm thrilled to be re-joining Counsel at this time of opportunity," said Mr. Perlis. "In the past, my skills as an active manager proved highly complementary to Allan Silber's skills in financing and acquisitions. We've worked together well in the past to create shareholder value and I look forward to doing so again over the coming years."

In addition to his past experience at Counsel, Mr. Perlis brings to the Company a wealth of expertise gained in senior strategic and management roles with other leading organizations. He spent 13 years with American Express Inc., including five years as President of American Express Canada. During this time he obtained approval for, and directed the launch of, the AMEX Bank of Canada, for which he also served as CEO. Among his other responsibilities with American Express, Mr. Perlis served as Executive Vice President, responsible for the company's US personal card division, and was a key member of numerous senior level US executive committees, including the Chairman's Policy and Planning Committee.

Mr. Perlis' background also includes entrepreneurial activities. He spent four years as President & CEO of Mad Catz Interactive, during which time he completely re-engineered the company. Under his leadership, Mad Catz became the largest third party manufacturer in its industry.

Mr. Perlis is also active on a number of private and not-for-profit boards including DayMen/Lowepro, Associated Brands, York University's Schulich Business School Advisory Board, Mt. Sinai Hospital Foundation and Baycrest Centre for the Aged Foundation, among others.

About Counsel Corporation

Counsel Corporation (TSX:CXS) is a private equity investor and alternative asset manager that actively partners with businesses to achieve shared success and to unlock value through leveraging our relationships, our access to capital and our strategic market experience. For further information, please visit Counsel's website at

Forward-Looking Statements

The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which Counsel currently operates, but because of the factors listed herein, as well as other factors beyond Counsel's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in Counsel's securities and other regulatory filings.

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