Steve Agran Elected to Turnaround Management Association's Board of Directors, New Jersey Chapter

CHICAGO, IL--(Marketwire - Feb 1, 2012) - MorrisAnderson, a leading financial and operational advisory firm, announced today that Steve Agran, managing director, was elected to the New Jersey Chapter of the Turnaround Management Association's (NJTMA) board of directors. In this capacity, Agran will be responsible for enhancing awareness of the NJTMA, representing the interests of members, assuming committee duties and contributing to educational, membership, networking and community outreach initiatives.

Agran has more than a decade of experience in interim management of turnarounds and distressed situations, specifically in the trucking and transportation, retail and manufacturing industries. He regularly assumes the role of CEO, COO, CFO and CRO to successfully manage liquidation and asset sales, budgeting and cash flow for distressed companies and bankruptcies.

In addition to the NJTMA, Agran is extensively involved in the Turnaround Management Association (TMA). He co-chairs TMA's Mid-Atlantic Symposium, a regional conference hosted by the New Jersey, Philadelphia and Chesapeake Chapters of TMA. Now in its tenth year, the Mid-Atlantic Symposium attracts more than 250 professionals in the distressed industry. Agran is also a member of the American Bankruptcy Institute (ABI) and is a Certified Public Accountant and a Certified Insolvency and Restructuring Advisor.

"I'm looking forward to working with the dynamic and seasoned board of directors of the New Jersey Chapter of the Turnaround Management Association to further drive awareness of our profession and increase commercial economic renewal throughout the area," said Agran. "I have been a NJTMA member for 10 years and can personally attest to the professional rewards of being associated with this tremendous organization, and will strive to make an equally positive contribution to other members' experiences."

Agran's work with Cosmolab, Inc., a 100-year-old manufacturer of color cosmetic and skincare products, earned a "Turnaround of the Year" award from the TMA Atlanta Chapter in 2010. Agran helped stabilize Cosmolab, Inc. by conducting a Section 363 sale, which resulted in saving hundreds of local jobs and returning more than 90 percent of the company's $20 million in loans to its lenders.

"The Board of Directors provides critical guidance and decision-making which are vital to the success of our association. Adding Steve's industry expertise, network of contacts and fresh perspective will help NJTMA continue its mission of promoting the practice of corporate renewal and turnaround management within the business and financial communities of New Jersey," said NJTMA's newly-elected president, Paul Rome.

About MorrisAnderson

Chicago-based MorrisAnderson has offices in New York, Atlanta, Toronto, Cleveland, St. Louis, Minneapolis and Florida. The firm's service offerings include performance improvement and financial advisory services, interim and turnaround management and litigation support. MorrisAnderson emphasizes hands-on involvement with middle market companies in transition.

About the Turnaround Management Association's New Jersey Chapter

The Turnaround Management Association (TMA) is the only international non-profit association dedicated to corporate renewal and turnaround management. TMA has more than 9,000 members including turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.

The New Jersey Chapter of the TMA was founded in 1992 and is dedicated to promoting the practice of corporate renewal and turnaround management within the business and financial communities of New Jersey. Today, the Chapter has more than 200 members across the state and is led by a volunteer board of directors. The Chapter holds monthly networking events and educational meetings focused on topics related to the turnaround management profession and leading issues affecting companies which are experiencing financial or operational challenges. Members are able to share their knowledge and experiences through TMA's publications, conferences, webinars and in meetings with peers.