AMBROSE RENEWS HEALTH PLANS WITH UNITED HEALTHCARE; INCREASE UNDER 6.5 PERCENT

NEW YORK, June 29, 2005  - Ambrose Employer Group, LLC, a Professional Employer Organization (PEO), announced an agreement with United HealthCare to renew its health plans offered to serviced employees nationwide at an average rate increase of less than six and one half percent.

As announced this morning by Marc Dwek, Ambrose’s Chief Operating Officer, Ambrose and United HealthCare reached agreement to renew the health plans without plan modifications. This is Ambrose’s eighth consecutive year with United HealthCare. “We are pleased to continue our relationship with United HealthCare for another year under such favorable terms,” says Dwek. “Our longstanding relationship with United HealthCare has resulted in substantial operational efficiencies and technical investments on both sides that are significantly reducing the health plans’ overall administrative costs as well as delivering a consistent and accurate service to Ambrose’s clients and serviced employees,” he adds. The reduced administrative costs coupled with another year of favorable claims experience produced a renewal increase under 6.5%, which is about half the rate of premium increase experienced by companies nationwide. The renewed health plans begin August 1, 2005 and continue through July 31, 2006.

About Ambrose Employer Group, LLC

Ambrose Employer Group, LLC is a PEO providing human resources, payroll, and benefits administration services to small and mid-size companies. Ambrose provides health and dental coverage, 401(k) plans, payroll processing, workers' compensation coverage, flexible spending accounts, a host of other employee benefits, and regulatory and administrative services. Founded in 1997, Ambrose serves clients in 40 states, including corporate spinouts, financial service firms, venture backed companies, not-for-profit organizations and business service firms. Ambrose has offices in New York City and Boston. Additional information about Ambrose is available by visiting www.ambrosegroup.com or contacting Dan Solomon, Managing Director, at (646) 356-8624 or dsolomon@ambrosegroup.com.