News

Release No. 0607-99
June 25, 2007

BALLAST POINT VENTURE PARTNERS
ANNOUNCE SUCCESSFUL EXIT FROM
PDSHEART, INC.

ST. PETERSBURG, Fla. – Ballast Point Ventures L.P. (“BPV”), a venture capital firm affiliated with Raymond James Financial, Inc. (NYSE-RJF), announced it has successfully exited its growth equity investment in PDSHeart, Inc. (“PDSHeart”) via an acquisition by CardioNet, Inc. BPV and co-investors, including the Burton Partnerships, invested $5 million in PDSHeart in September 2003. The sale of PDSHeart is the fourth successful exit from BPV’s 2003 vintage year fund. BPV has also successfully exited Optical Experts Manufacturing, Inc. (“OEM”), Cbeyond Communications, Inc. (NASDQ: CBEY) and Knology, Inc. (NASDAQ: KNOL).

Founded in 2000, PDSHeart is a leading provider of cardiac monitoring services, including physician-prescribed remote and ambulatory care monitoring of asymptomatic and symptomatic arrhythmia detection via landline, cellular telephone and the Internet. Prior to the acquisition, PDSHeart provided monitoring services to approximately 150,000 patients annually in 49 U.S. states with monitoring centers in Minneapolis, Florida, and Georgia.

PDSHeart’s line of cardiac event monitors and related services will be combined with CardioNet’s real-time, wireless mobile cardiac outpatient monitoring platform and marketed as the CardioNet System. The combination positions CardioNet as a single source for a comprehensive range of arrhythmia monitoring solutions and makes the company the leader in the real time ambulatory cardiac monitoring industry.

Richard J. Brandewie, a Managing Partner with BPV, served on PDSHeart’s board of directors prior to the acquisition. Brandewie remarked, “We are pleased to have partnered with the outstanding management team at PDSHeart and appreciate their excellent work in creating substantial value for all the shareholders. PDSHeart fits the profile of the type of well managed, rapidly growing firms with which Ballast Point Ventures seeks to partner.”

PDSHeart’s management team was led by Sean Heyniger, Chief Executive Officer, and Greg Marsh, Chief Operating Officer. Heyniger commented after the acquisition, “We enjoyed our partnership with Ballast Point Ventures and thank Dick Brandewie and the BPV team for both their capital and their counsel as we built PDSHeart. They were great partners for us.”

About Ballast Point Ventures, L.P.

Ballast Point Ventures, L.P. provides growth equity capital to private companies in a diversified range of industries, including healthcare, communications, business services, consumer/retail, financial services and technology. The partners of Ballast Point Ventures have invested in more than 50 companies over the past twenty years and offer their entrepreneur partners an extensive network of industry veterans and a wealth of experience surrounding the challenges facing rapidly growing companies. BPV has partnered with twelve companies from its current fund since 2003 and is currently seeking to make $2 million to $5 million growth equity investments throughout the Southeast and Texas.

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