April 22, 2008

Damian Dell’Anno joins Formation Capital as Chief Operating Officer

Alpharetta, GA --- April 22, 2008

Formation Capital, LLC is pleased to announce that Damian N. Dell’Anno, former CEO of Harborside Healthcare, has joined the company as Senior Executive Vice President and Chief Operating Officer. In this role, he will be leading the day-to-day operations and direction of the organization. He brings with him 26+ years expertise in leading change, building shareholder value, and managing Board and investor expectations. He has a demonstrated track record of developing new businesses, driving mergers and acquisitions, and raising capital through leading and developing high quality, rapid growth teams and organizations.

"Damian brings a wealth of operating experience and organizational skills that are extremely complimentary to Formation Capital’s investment strategy," said Arnold Whitman, CEO. "We are very excited about the addition of Damian. He is o­ne of the most respected professionals in the long-term-care industry."

Prior to joining Formation Capital he was co-founder of Next Step Healthcare in April 2007. Previously he was with Harborside Healthcare for 17 years where he served as Chief Operating Officer since 1994, President since 2001, and Chief Executive Officer and Chairman since 2005. He served as head of Harborside's specialty services group and was instrumental in the initial development of Theracor, Harborside's rehabilitation therapy company.

Prior to joining Harborside, Mr. Dell'Anno served as Director of Budget, Reimbursement, and Cash Management for the Mediplex Group, Inc. In addition, he has held several other positions in the senior housing and healthcares services sector. Mr. Dell'Anno is a past member of the Alliance for Quality Nursing Home Care, and the Massachusetts and Ohio Nursing Home Associations.

Mr. Dell'Anno is presently a member of the Board of Directors of the Connecticut Association for Healthcare Facilities and serves as Chairman of the Board of Directors, Millennium Pharmacy Systems, Inc. Mr. Dell'Anno holds a B.S.B.A degree in Accounting from Suffolk University.

Formation Capital, LLC invests in senior housing and care and currently is invested in over $3 billion of assets. For more information, go to www.formationcapital.com.