ISS Notes Management's Failure to Create Shareholder Value and the Company's Dismal Corporate Governance Practices in its Analysis NEW YORK, July 16 /PRNewswire/ -- Everest Special Situations Fund L.P. ("Everest") announced today that the nation's leading proxy advisory service, Institutional Shareholder Services ("ISS"), has recommended that Simon Worldwide, Inc. (OTC:SWWI) (BULLETIN BOARD: SWWI) shareholders vote FOR the Everest nominees, Elchanan Maoz and Meron Mann, to Simon's Board of Directors. ISS, whose clients include thousands of institutional investors throughout the world, also recommended that shareholders vote FOR Everest's recapitalization proposal that is designed to align the interests of all Simon Worldwide shareholders. Everest urges all Simon Worldwide shareholders to vote the GOLD proxy card before the Company's Annual Meeting that is scheduled to be held on July 19, 2007. In its analysis, ISS stated that, "Management has not taken proper steps to improve shareholder value, as Simon Worldwide has acted as a shell company generating zero revenues for almost six years now." ISS also condemned Simon's disregard for shareholder democracy by noting "that Simon Worldwide has not called a shareholder meeting since 2001 and that its board is classified, non-majority independent, has not established a formal nominating committee, and includes insiders and affiliated outsiders on its other key board committees." Recognizing the need for oversight of the current board, ISS concluded that Simon Worldwide should vote FOR Elchanan Maoz and Meron Mann on the GOLD proxy card. Speaking on behalf of Everest, Elchanin Maoz said, "We are happy that a respected independent proxy advisory service like ISS has recognized that a shareholder voice is needed on the Simon Worldwide Board in order to promote the creation of value for ALL shareholders and to end the needless squandering of assets on excessive executive and board compensation at a company that generates zero revenue. The fact that the incumbent board failed to accept ISS's invitation to present their case for reelection further bolsters our conviction that they lack the energy and vision necessary to create shareholder value and that fresh views and voices are desperately needed on the Board. Both Meron Mann and I look forward to working with the current board to promote the creation of shareholder value at our Company." Shareholders are reminded that the Annual Meeting is scheduled to be held on July 19, 2007 and are urged to call Everest's proxy advisors, MacKenzie Partners, Inc., Toll-Free at 800-322-2885 of 212-929-5500 (call collect) if they have any questions or need assistance in voting their GOLD proxy card. DATASOURCE: Everest Special Situations Fund L.P. CONTACT: Dan Burch or Bob Marese, both of MacKenzie Partners, Inc., +1-212-929-5500, for Everest Special Situations Fund L.P.

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