News

Release No. 0507-99
May 10, 2007

BALLAST POINT VENTURE PARTNERS
ANNOUNCE INVESTMENT IN
COMMUNITY CARE HEALTH NETWORK,
dba MATRIX MANAGEMENT SERVICES.

ST. PETERSBURG, Fla. – Ballast Point Ventures L.P. (BPV), a venture capital firm affiliated with Raymond James Financial, Inc. (NYSE-RJF) today announced it has closed a growth equity investment in Community Care Health Network, dba Matrix Management Services (Matrix).  BPV led the $3.0 million financing, which will be used to fund Matrix’s market expansion.  Current investors also participated in the financing.

Matrix provides high-quality, cost-effective care to patients in long-term care facilities through the use of employed physicians.  These practitioners are focused solely on caring for patients in nursing homes, assisted living facilities and other long-term care facilities.  The company currently operates in 10 states, and has contracts with several managed healthcare plans.  Matrix’s dedicated physicians help these managed healthcare plans to improve the quality of care, avoid costs associated with inappropriate hospital re-admissions, and gather clinical information to support the plan’s risk-adjusted payments. 

Matrix is led by its co-founder and Chief Executive Officer, Michael Quilty.  Quilty has spent his career in the healthcare industry and has extensive experience in long-term care and managed healthcare, and has worked with leading companies including Pfizer, Humana, and Mariner Healthcare.  He is a founding member of the board of directors of the Disease Management Association of America (DMAA), the leading organization for promoting disease management principles throughout the US healthcare industry.

“We are pleased to welcome Ballast Point Ventures to Matrix,” said Quilty.  “The partners at BPV have an impressive background in the healthcare industry and a successful track record of investing in high-quality growth companies.  With this investment we now have the resources to enable us to execute on our growth plans.”

Dick Brandewie, managing partner of Ballast Point Ventures, will join the company’s board of directors.  Brandewie remarked, “We are pleased to have the opportunity to invest in Matrix.  Mike and his team have a business model that is changing the way healthcare is delivered to patients in the long-term care setting.  They have done an outstanding job building the company to date.  This infusion of capital will allow Matrix to accelerate its growth and aggressively pursue additional opportunities.” 

The investment in Matrix reflects the Ballast Point Ventures strategy of providing expansion capital to rapidly growing, well-managed companies.

About Matrix Management Services

Matrix Management Services (“Matrix”) utilizes a model of employed physicians to provide high-quality, cost-effective care to patients in the long-term care setting.  Matrix physicians are focused solely on the care of patients in nursing homes, assisted living facilities and other long-term care facilities.  Members of the Matrix care team do not have office-based practices; their only priority is delivering the best possible care to patients by working with the facility, its administration, and staff.  Matrix partners with managed healthcare organizations, hospitals, and state Medicaid programs to improve the health status of long-term care patients.
www.matrixhealth.net

About Ballast Point Ventures, L.P.

Ballast Point Ventures, L.P. is a venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, consumer products and specialty retail.  The Fund seeks to make equity investments ranging in size from $2 million to $5 million.

For additional information, please contact
Dick Brandewie at 727-567-1500 or rbrandewie@ballastpointventures.com
Please visit ballastpointventures.com