Entities managed by Black Diamond Capital Management, L.L.C., a leading privately-held alternative asset management firm with approximately $6 billion under management, today announced that Black Diamond has become the new majority owner of Smarte Carte Corporation, the world's leading concessionaire of baggage cart, stroller and electronic locker services.

This announcement follows Smarte Carte's successful emergence from Chapter 11, which resulted in a reduction in the Company's debt from $192 million prior to the recapitalization to approximately $14 million. In accordance with the plan of reorganization, Black Diamond received approximately 76 percent of Smarte Carte's new common stock.

INFO SOURCES

Black Diamond Capital Management, L.L.C.

FIRMS

Smarte Carte Corporation, the world's leading concessionaire of baggage cart, stroller and electronic locker services.

Black Diamond Capital Management, L.L.C. is a leading privately-held alternative asset management firm with approximately $6 billion under management in a combination of hedge funds, structured vehicles and funds with distressed debt /private equity control strategies. Founded in 1995 by its managing partners, James Zenni and Stephen Deckoff, Black Diamond has offices in Lake Forest, IL and Greenwich, CT.

LINKED TO

BLUM Capital; Castle Harlan Inc.; Haas Wheat & Partners, Inc.; JPMorgan Partners

1993 | Company founder, Jim Muellner sold the company to Castle Harlan, Inc. [CHPII]

October 1996 | Castle Harlan [CHPII] sold Smarte Carte to  Haas Wheat & Partners, Inc.

1998 | Acquired by BLUM Capital Partners, L.P.

NOTE

On February 10, 2005, Smarte Carte filed a voluntary petition in the U.S. Bankruptcy Court in Delaware for a "Pre-Packaged" reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company emerged from Chapter 11 on May 26, 2005.