AMBROSE CO-CEO ASSUMES LEADERSHIP ROLE WITH NATIONAL TRADE GROUP

Alexandria, Va. (September 30, 2004) — Greg Slamowitz, Co-Chief Executive Officer of Ambrose Employer Group LLC (Ambrose)  in New York City, will serve in 2005 and 2006 on the Board of Directors of the National Association of Professional Employer Organizations (NAPEO). The association represents the $43 billion PEO industry, which delivers Fortune 500 employee benefits and human resources expertise to America’s main-street businesses.

Slamowitz was elected to his first term as a NAPEO Director by a vote of the national membership during NAPEO’s annual conference in late September.  More than 700 PEO leaders and vendors participated in the conference and trade show held at the Arizona Biltmore in Phoenix.

“I am honored to serve on the NAPEO Board, and I welcome the opportunity to advance the professionalism of our industry.  I will work hard to ensure that NAPEO’s programs deliver exactly what PEO leaders need in a changing and challenging business climate.”

Slamowitz co-founded Ambrose in 1997 and co-led the company through successive years of rapid growth in revenues and profitability.  He led Ambrose’s successful development, implementation and transition to a web based human resources information system. He was honored for his entrepreneurial success when he received the 2001 Ernst & Young New York Entrepreneur of the Year® award in the Employment Services category.

Ambrose is a member of the Employer Services Assurance Corporation (ESAC), a nonprofit, independent organization that monitors and certifies a PEO’s ongoing compliance with ethical, financial and operational standards.  ESAC provides a surety bond to the Ambrose and other ESAC members, thus giving financial assurance to clients, worksite employees, insurers and taxing authorities. ESAC is the nationally recognized entity for providing financial assurance and establishing responsibility standards and certification for the PEO industry.

Prior to co-founding Ambrose, Slamowitz practiced tax law with Brown & Wood in New York City. He holds two law degrees — a Master of Laws in Taxation from New York University School of Law, and a Juris Doctorate, with distinction, from Emory University School of Law in Atlanta.  He received his undergraduate degree, cum laude, from New York University.

NAPEO is the oldest and largest national association representing PEOs in the United States. Formed 20 years ago, NAPEO represents more than 350 PEOs generating 70 percent of the industry’s revenues. The association provides education, government relations, public relations and industry best practices for its members, which are located in all 50 states.

PEOs enable clients to outsource the management of human resources, employee benefits, payroll and workers’ compensation.  Their clients focus on their core competencies to maintain and grow their bottom line.  PEOs provide enhanced access to employee benefits to more than 2.5 million working Americans. PEO expertise also improves the work environment and enhances safety.  In a 2002 Harvard Business Review article on trends that are changing the way companies manage talent, the publication identified PEOs as the “fastest-growing business service in the United States during the 1990s.”  According to a May 2002 report on independent research conducted by the Society of Human Resource Management (SHRM), PEOs allow small to midsized business clients to “reduce costs and free up time to devote to revenue generating activities, improvements that can be instrumental to gaining competitive advantage.”

For more information, visit NAPEO’s Web site at www.napeo.org and Ambrose’s Web site at www.ambrosegroup.com.