Raffi Festekjian

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Armenia Fund Chairman

Press release

Armenia Fund USA Welcomes Raffi Festekjian as New Chairman of the Fund

NEW YORK, New York - Armenia Fund USA is pleased to announce that Raffi Festekjian, co-founder and CEO of PCi Corporation and a Member of Armenia Fund USA Board of Directors, will succeed Kevork Toroyan as Chairman of the organization beginning January 2007. Unanimously elected by the Board of Directors, Raffi, a successful and visionary businessman who is very actively involved in outreach to Armenia, is taking the leadership of the Fund at a busy and important time. Armenia Fund, with its 20 international affiliates in all continents of the world, is marking the anniversary of the organization's 15-year presence and development work in Armenia and Karabakh since the republic's independence in 1991. Established in 1992 by a special presidential decree of the newborn independent republic's first president, for already 15 years Armenia Fund has been investing in one of the most vital economic sectors of the country - large-scale socio-economic infrastructure. Securing long-term sustainable development in every project sponsored, the Fund has had an outstanding impact on the lives of countless citizens of Armenia and Karabakh.

As co-founder and CEO of PCi, a leading provider of compliance solutions to the financial services industry, Mr. Festekjian is responsible for the overall strategic direction of the company. Under his leadership, PCi has become one of the largest IT corporations with over 2500 clients, including 95 of top 100 institutions in the United States. Prior to co-founding PCi, Mr. Festekjian was a consultant and investment banker at Kellett Ventures Management and Private Capital Investments where he aided capital deficient community banks through operations consulting and recapitalizing on sale of the institution. Mr. Festekjian received a BS in Engineering from American University of Beirut and an MBA, with distinction, from the J.L. Kellogg Graduate School of Management.

Mr. Festekjian's staunch support for Armenia and Karabakh is present in his professional, as well as personal endeavors. In addition to his professional activities, he is also engaged with several non-profit organizations that are focused on building the future of Armenia. In 2004, he co-founded Yerazart, an organization that assists talented young Armenian artists in Armenia. Raffi is also a Board Member of Armenia 2020, Vem Radio and a Trustee of the Armenian Assembly of America.

Armenia Fund USA Board of Directors and staff look forward to working with Raffi as the organization advances its mission of touching lives in Armenia and Karabakh.

"After seven years of my involvement in the Fund, with the last four years as Chairman, I am convinced that it is time to pass the torch to younger leadership, who, I am convinced, will take the Fund's mission to new horizons" said Kevork Toroyan, now former Chairman of the Fund. Noting that change of leadership will not distance, but instead strengthen his devotion to the organization, Mr. Toroyan also pledged his professional commitment and oversight to the Fund's agricultural development project that, launched in the spring of 2005, is making tangible improvements in the lives of underserved rural communities throughout Karabakh. An engineer by profession with extensive institutional experience in international construction business, Mr. Toroyan's leadership and guidance have been instrumental in the success of this pilot innovative development project.