October 28, 2005

State Banking Commissioner John P. Burke, acting in his capacity as Receiver of Circle Trust Company (“CTC”), announced today that MG Colorado Holdings, Inc. (“MGCH”) has been selected and has agreed to acquire certain assets of CTC relating to CTC’s third-party administrator (“TPA”) business.  The transaction involves MGCH’s acquisition of all TPA custodial and trust business through assignment of all applicable custodial and trust agreements from the TPAs.  MGCH is the parent company of Matrix Settlement & Clearance Services, LLC (“MSCS”) and MG Trust Company, LLC.  The proposed agreement still requires the approval of the Connecticut Superior Court.

“The department is pleased that MGCH moved quickly in completing its due diligence and agreeing to acquire these assets,” stated James Heckman, spokesman for the Connecticut Department of Banking. “We are confident that MGCH will successfully manage the TPA business of the CTC.”  Commissioner Burke also noted that all TPA accounts must be transitioned out of CTC by November 30, 2005.

“We look forward to a speedy and orderly assignment of this business,” Cliff D’Amato, CEO of MSCS commented.  “We also look forward to developing a relationship with the TPAs who we do not currently serve, many of whom we know, in addition to supporting our current customers who are impacted,” added John Moody, President of MSCS.