Norwalk, Connecticut February, 2011 – TrueNorth Capital Partners LLC announced that ThermoSpas, Inc. has successfully completed the complex refinance and restructure of certain liabilities that has resulted in a significant infusion of new capital for operations.

In September 2010, ThermoSpas, Inc. first completed the refinance of term debt due its senior lender, TD BankNorth. Funding was provided by the Connecticut Development Authority. In February 2011, LFS Financial provided new capital for operations. TrueNorth and management believe this refinancing positions the company to capitalize on a recovery of consumer demand as well as exploit its unique direct to consumer business model in an environment where competitors struggle with hobbled bricks and mortar distribution. The additional capital will also help the Company expand its unique national service group, which provides customers with service and installation of ThermoSpas, as well as its competitors, products. Jeff Gaynor, the TrueNorth Managing Director who acted as lead banker on this assignment, said “Mr. Andy Tournas, President and Owner, the Connecticut Development Authority, LFS Financial and TD BankNorth all need to be commended on their commitment to finding a solution that serves the interests of all stakeholders, including employees, vendors, customers and creditors. It is always gratifying when a result is win-win across the board”.

ThermoSpas, Inc., established in 1983 and headquartered in Wallingford Connecticut, is the premier manufacturer and marketer of spas, hot tubs, swim spas and accessories in the U.S. and Europe. As the premium branded manufacturer of spas under the Thermospa®, Sparta® and Aquacisor® brand names, the Company is the industry’s recognized innovative market leader in high-end spas, after-market products and service. The Company pioneered the direct to consumer sales model and remains the only industry participant that does not sell its product through the traditional Spa dealer channel.

TrueNorth provides corporate advisory services on mergers and acquisitions and restructurings and provides valuations and fairness opinions primarily to middle market companies. Capitalizing on the vast international M&A and restructuring backgrounds of the founders, the firm provides sophisticated financial advice to middle market clients. TrueNorth’s professionals have built their careers and reputations serving this market and understanding its intricacies. Their skills have been evidenced in hundreds of assignments and they have completed those assignments while always remaining true to their core principles: unwavering commitment to the client’s best interests and the highest standard of service. TrueNorth conducts its securities-related business through its wholly owned subsidiary TNCP, LLC, member FINRA/SIPC.

For further information visit our website at www.truenorthcp.com or for questions regarding the above transaction, contact Jeffrey B. Gaynor at:

TrueNorth Capital Partners LLC
40 Richards Avenue
Third Floor, Suite 309
Norwalk, CT 06854
203-604-2007

Jeffrey B. Gaynor – jgaynor@truenorthcp.com