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New York | September 2007

Praesidian Provides $6.5 Million to Finance Management Buyout of Top Ten Business Travel Company

Tzell Travel Management Team Acquires Shares of Parent Company, CNG Travel Group

Praesidian Capital, a leading provider of mezzanine debt to middle market companies, has provided $6.5 million of senior subordinated debt financing for the recapitalization of Tzell Travel, LLC (“Tzell”), a top ten business travel company focused on the mid-sized corporate travel sector. Praesidian’s investment supports the acquisition of the publicly held shares of Tzell’s parent, CNG Travel Group PLC (CTV), an Irish public limited company, by an investor group comprised mainly of Tzell’s senior management team.

“Tzell’s business model focuses on the mid-sized corporate travel sector, providing a broad product line of meeting services and comprehensive travel management programs to its customers, and is poised for continued growth,” said Neil A. Marks, Managing Partner at Praesidian. “Tzell’s strong management team has done an outstanding job building this company and positioning it for sustained success, and we are pleased to be working with them.”

“By offering our agents and affiliates improved travel content, higher commission rates and superior customer service, Tzell has become a leader in corporate travel,” said Barry Liben, President & CEO of Tzell. “Our partnership with Praesidian in this transaction will give us increased independence and control over how we will guide Tzell in its endeavors.”

Since its inception in February 2005, Praesidian Capital has established a strategy of partnering with both strong equity investors and talented management teams. The Firm has invested in seventeen separate companies and has completed seven add-on investments in existing portfolio companies.

About Praesidian Capital
With offices in New York and Los Angeles, Praesidian provides mezzanine debt to middle market companies. The firm provides capital for established, historically profitable companies, as well as for management/leveraged buyouts, recapitalizations and refinancings. Investments are focused on successful businesses in the manufacturing, distribution and service sectors, although the firm’s approach is not driven by an industry focus. For more information, visit www.praesidian.com

About Tzell Travel, LLC
Headquartered in New York City, Tzell is a top ten business travel company that serves as a support and aggregation entity for independent travel agencies with established client bases. Tzell’s agents and affiliates serve value-added niches such as finance, luxury goods, fashion, sports and entertainment. By aggregating the purchasing power of multiple organizations, the Company acts as an umbrella organization for mid-sized travel agencies which, in return, benefit from Tzell’s centrally negotiated contracts, central back office support and office space, while retaining their independence to run their own businesses. For more information, please visit www.tzell.

Media Contact: Dan Jacobs
Broadgate Consultants, LLC
Phone: 212 232 2227

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