Chelsea Management Group Appoints New Director

DENVER, Oct. 5, 2006 (PRIMEZONE) -- Chelsea Management Group Inc. (Other OTC:CLMP) Gary Kelley, President of Chelsea Management Group Inc., is pleased to announce that Mr. Fitzroy G. Goulbourne has accepted the appointment as a Director and Officer of Chelsea Management Group Inc.

Mr. Goulbourne brings with him an extensive background in the business and banking sectors. We believe that his expertise and knowledge, along with decades of experience, will be a huge asset to the Company.

www.chelseamg.com

About Chelsea Management Group Inc.

Chelsea Management Group is a start-up and early-stage venture capital firm focused on the health and life sciences industry. Formed in 2001, Chelsea searches for the winners of tomorrow -- entrepreneurs whose ideas and talents qualify them to pursue large market opportunities successfully. We seek opportunities across a broad spectrum, including biotechnology and pharmaceuticals, medical devices, services and healthcare/life sciences information technology. On a selective basis, we also consider later-stage health and life sciences investments where we can uniquely apply Chelsea's industry and capital markets experience.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

CONTACT: Chelsea Management Group Inc.
         Investor Relations
         John Viccar, Director
         (303) 657-2764
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