GOVERNOR PATAKI SIGNS PEO REGISTRATION BILL INTO LAW

Albany, New York, September 25, 2002 - Yesterday, Governor Pataki signed into law the New York State Professional Employer Organization ("PEO") Registration Act, which had passed the New York State Senate and Assembly earlier this summer by unanimous votes.

The law declares "Professional Employer Organizations provide a valuable service to commerce and the citizens of this state." The Act provides statutory certainty to PEOs' rights and responsibilities under New York law and establishes financial requirements for operating as a "registered" PEO in New York State. Greg Slamowitz, Co-Founder of Ambrose, said "the Governor, the State Senate and the State Assembly have placed a huge stamp of approval on the PEO and have recognized the tremendous value PEOs provide to businesses throughout the State. This is great news for our industry." Ambrose was a principal drafter of the law and, along with its fellow trade association members, worked to promote the passage of this legislation..

About Ambrose Employer Group, LLC
Ambrose Employer Group, LLC is a professional employer organization ("PEO") providing human resources, payroll, benefits services, and human resources information systems 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 36 states, including corporate spinouts, venture backed companies, financial service firms, not-for-profits and business service firms. Ambrose has offices in New York City, Boston, and Mountain View, California. Additional information about Ambrose is available by visiting www.ambrosegroup.com or contacting Daniel Solomon at (212) 847-2428 or dsolomon@ambrosegroup.com