Transaction Advisory Services Submits a Letter to the SEC Outlining Potential Inaccuracies in SEC Filings by World Health Alternatives, Inc. about Mr. Richard E. McDonald

Business Wire, July 11, 2005

NEW YORK -- Transaction Advisory Services, LLC (the "Company") submitted a letter to the Securities and Exchange Commission outlining potential inaccuracies in SEC filings by World Health Alternatives, Inc. ("WHAI") about Richard E. McDonald, Chairman and President of WHAI and requesting the SEC to investigate. As part of its preparation for trial in the Company's lawsuit with WHAI, a private investigator performed a background check of Mr. McDonald and, specifically, Mr. McDonald's educational claims in his biography that have been included in multiple SEC filings. The Company also provided a copy of its letter to the SEC to WHAI's Board suggesting that they look into this matter, as, based on available SEC filings, it does not appear WHAI's Board has taken any action to confirm Mr. McDonald's biographical information since the last filing referencing this biographical matter more than one year ago. A copy of the text of the Company's letter to the SEC, along with attached exhibits, is posted on the Internet at www.transactionadvisoryservices.com.

In his biography included in multiple SEC filings, Mr. McDonald claims that he graduated from the University of Pittsburgh in April 1996 with a Business Administration degree and that he holds a Masters and Doctoral degree in Business Administration from Bridgewater University - London. Attached to the Company's letter to the SEC was a copy of a transcript confirmation statement stamped and signed by the University of Pittsburgh - Supervisor of Transcripts & Certifications, which indicates that Mr. McDonald only attended the University of Pittsburgh from September 1992 to April 1995 and that he did not earn any degree. Additionally, information provided to the SEC about Bridgewater University - London indicated that Bridgewater is not recognized by UK's Department of Education and Skills as an institution having the power to award educational degrees and the State of Oregon Student Assistance Office of Degree Authorization has completed its own investigation of Bridgewater University - London and its report lists Bridgewater not simply as a non-accredited institution but as an invalid institution.

WHAI allowed Mr. McDonald's biography to be included in numerous SEC filings, which were all signed and/or certified by Mr. McDonald, for almost a year and half until July 15, 2004 when WHAI filed a Form 8-K with the SEC, again signed by Mr. McDonald, stating that in connection with a purported "ongoing compliance procedure, it was confirmed that Mr. McDonald did attend the University of Pittsburgh but the records available at the time could not confirm that he graduated with a B.S. degree". The 8-K went on to state that "While the Company believes that the University of Pittsburgh ultimately will provide such confirmation, the Company has determined that, as part of its duty to update reported information, it shall replace the previously reported biographical information of Mr. McDonald as follows without the discretionary disclosure of his educational background".

Following the filing of this 8-K on July 15, 2004, Mr. McDonald's education background was removed from his biography in its entirety and, as of this date, no confirmation of his graduation from the University of Pittsburgh has ever been put forth by Mr. McDonald and/or WHAI in a public filing.

The Company's letter to the SEC also included reference to George O'Leary, the short-lived head coach of Notre Dame, who resigned only one week after revelations of inaccuracies regarding his academic and athletic background. At that time, Mr. O'Leary stated that "Due to a selfish and thoughtless act many years ago, I have personally embarrassed Notre Dame, its alumni and fans. The integrity and credibility of Notre Dame is impeccable and with that in mind, I will resign my position ...".

The Company continues to vigorously pursue its $2.2 million lawsuit against WHAI and the Company's parent company also continues to vigorously pursue its more than $20.0 million libel lawsuit against WHAI and Mr. McDonald, individually. The Company is anxious to get through the pre-trial motions that are now pending before the Court and move into the discovery and trial phases when the Company will include a long list of people for deposition who were involved in the transactions that are at the heart of the lawsuits. The Company is confident it will prevail in its lawsuit.

Transaction Advisory Services, through its affiliates, is a boutique investment bank with offices in New York and Los Angeles. Through its extensive relationships with institutional and private investors, the Company provides its public and private clients access to attractive sources of capital through both private placements and public offerings. The Company also offers traditional investment banking advisory services including merger and acquisition advice. The Company's goal is to build enduring, long-term client relationships by providing professional, independent and strategically advantageous advice.