Venture Management Client SM&A Acquires Project Planning Inc.

February 14, 2007

Venture Management, Inc., a technology-focused investment banking firm, announced today that it has successfully advised the US-based consulting company, SM&A, in its acquisition of Project Planning Inc. of Andover, Massachusetts. As the exclusive investment banking advisor to SM&A, the Venture Management deal team leveraged its transaction experience and IT services industry expertise to strengthen SM&A’s program management services business with the acquisition of a leading provider of consulting, implementation, and support services for enterprise project management solutions. SM&A (NASDAQ: WINS), headquartered in Newport Beach, California, is the world’s leading provider of competition management and program management services to the aerospace, defense and information technology industries. PPI is a leading provider of consulting, implementation, and support services for enterprise project management solutions to the aerospace and defense industry.

Mark Shappee, Managing Principal of Venture Management, Inc., commented, “This transaction is an excellent example of the initiatives which can be taken to increase shareholder value through careful consideration of the strategic growth paths available to an already successful market leader. Following our work with the SM&A executive team to assess the growth opportunities in program services and to develop the SM&A acquisition criteria, it was clear that PPI would contribute to the accelerated growth in SM&A’s program services business.” This transaction is the first by SM&A to follow from the engagement of Venture Management, Inc., a privately held investment bank, to provide strategic and transaction advisory services.

Cathy McCarthy, President and COO of SM&A, noted that “SM&A’s strategy is to provide end-to-end support for our clients from helping them win programs through execution. PPI’s expertise in cost and scheduling management was an area that we had identified as being of strong interest to our clients. The acquisition of PPI will enhance the service that SM&A provides to our clients and provides us with another avenue for growth.” “The acquisition continues our focus on adding capabilities to provide end-to-end customer solutions,” added Kevin Reiners, Senior Vice President of Program Services. “PPI will further expand our Program Services business, which has increased revenue in each of the first three quarters of 2006.”

“We are excited to join forces with SM&A, a winning team that shares our commitment to client service and project solutions,” said Rick Bowe, President and Founder of Project Planning Inc. “The management team has been very committed to our employees during this process, and we are eager to embark on new challenges, expand on the services we offer our customers, and accelerate SM&A’s growing business growth.”

Under the terms of the definitive agreement with PPI, SM&A will acquire all of the stock of PPI for cash and SM&A common shares. During 2006, PPI generated approximately $7.5 million in revenue with a team of more than forty billable professionals. The transaction is expected to increase SM&A’s 2007 earnings per share by approximately $0.06.