Baltimore-Based PERFORMAX Announces Capital Investment; Investment to Fuel National Expansion and Technology Growth

Apr 24, 2001, 01:00 ET from PERFORMAX

    BALTIMORE, April 24 /PRNewswire Interactive News Release/ -- PERFORMAX, a
 Baltimore-based national developer, manager and administrator of employee
 health and benefit plans, announced today that a fund managed by Legg Mason
 Merchant Banking, Inc. has made a significant capital investment in the
 company.  This investment, together with financing provided by First Union
 Bank, will be used to purchase shares from the company's co-founder and former
 CEO, Louis Nicholas, and to fuel a series of strategic initiatives, including
 the company's planned national expansion and the rollout of a series of
 technology advancements.  Legg Mason Merchant Banking, Inc. is a private
 equity investment subsidiary of Legg Mason, Inc. (NYSE:   LM), a Baltimore-based
 investment firm.
     PERFORMAX plans to sustain its national growth by expanding into major new
 markets and fully capitalizing on opportunities in existing markets.  The
 company also plans to increase its substantial investment in technology
 systems, most specifically expanding the capabilities of the company's online
 health benefits management portal, MyPERFORMAX.com, and completing automation
 of the company's internal operational workflow.  Already PERFORMAX plan
 participants may order prescriptions online, identify physicians by specialty
 or geographic location, and research health care and life care topics.  The
 interactive site soon will allow for online enrollment of new participants,
 look-up of claims history and status, access to detailed plan information, and
 enhanced management reports and analyses.
     In addition, PERFORMAX President Keith Sullivan will take on the
 additional title of Chief Executive Officer and will be responsible for
 spearheading the development and execution of the company's strategic plan.
     Mr. Sullivan stated, "Expansion over recent years, most notably in central
 and western markets such as Seattle, Houston and Phoenix, has returned strong
 positive results.  Our goal is to continue extending our reach into major
 metropolitan markets on the national landscape as we apply our smart growth
 strategy to a carefully crafted operational and customer service model."
     Sullivan added, "As a dedicated member of the Baltimore community, we are
 proud of the fact that this entire deal was executed on a local level."
     Louis Nicholas, PERFORMAX co-founder along with Sullivan, has stepped down
 from his role as Chief Executive Officer.  A long-term Baltimore resident and
 active member of the City's civic and cultural community, Mr. Nicholas has
 more than thirty successful years in the health benefits industry.  He will
 remain a shareholder and member of the PERFORMAX Board of Directors.  In
 addition, he will serve for two years as consultant to the growing company
 while pursuing other business ventures and interests.
     PERFORMAX offers middle market employers strategic, customized solutions
 to their health and benefit needs.  Utilizing the proprietary PERFORMAX
 system, the company designs and manages flexible, strategic programs that
 support employers' evolving business objectives.  With a management team
 holding more than 150 years' experience in health benefits, PERFORMAX has
 offices stretching from New York City to Seattle and plan participants in
 every U.S. state, as well as in Europe, Asia, and South America.  For more
 information on PERFORMAX, visit us on the web at www.GetPERFORMAX.com.
 
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SOURCE PERFORMAX
    BALTIMORE, April 24 /PRNewswire Interactive News Release/ -- PERFORMAX, a
 Baltimore-based national developer, manager and administrator of employee
 health and benefit plans, announced today that a fund managed by Legg Mason
 Merchant Banking, Inc. has made a significant capital investment in the
 company.  This investment, together with financing provided by First Union
 Bank, will be used to purchase shares from the company's co-founder and former
 CEO, Louis Nicholas, and to fuel a series of strategic initiatives, including
 the company's planned national expansion and the rollout of a series of
 technology advancements.  Legg Mason Merchant Banking, Inc. is a private
 equity investment subsidiary of Legg Mason, Inc. (NYSE:   LM), a Baltimore-based
 investment firm.
     PERFORMAX plans to sustain its national growth by expanding into major new
 markets and fully capitalizing on opportunities in existing markets.  The
 company also plans to increase its substantial investment in technology
 systems, most specifically expanding the capabilities of the company's online
 health benefits management portal, MyPERFORMAX.com, and completing automation
 of the company's internal operational workflow.  Already PERFORMAX plan
 participants may order prescriptions online, identify physicians by specialty
 or geographic location, and research health care and life care topics.  The
 interactive site soon will allow for online enrollment of new participants,
 look-up of claims history and status, access to detailed plan information, and
 enhanced management reports and analyses.
     In addition, PERFORMAX President Keith Sullivan will take on the
 additional title of Chief Executive Officer and will be responsible for
 spearheading the development and execution of the company's strategic plan.
     Mr. Sullivan stated, "Expansion over recent years, most notably in central
 and western markets such as Seattle, Houston and Phoenix, has returned strong
 positive results.  Our goal is to continue extending our reach into major
 metropolitan markets on the national landscape as we apply our smart growth
 strategy to a carefully crafted operational and customer service model."
     Sullivan added, "As a dedicated member of the Baltimore community, we are
 proud of the fact that this entire deal was executed on a local level."
     Louis Nicholas, PERFORMAX co-founder along with Sullivan, has stepped down
 from his role as Chief Executive Officer.  A long-term Baltimore resident and
 active member of the City's civic and cultural community, Mr. Nicholas has
 more than thirty successful years in the health benefits industry.  He will
 remain a shareholder and member of the PERFORMAX Board of Directors.  In
 addition, he will serve for two years as consultant to the growing company
 while pursuing other business ventures and interests.
     PERFORMAX offers middle market employers strategic, customized solutions
 to their health and benefit needs.  Utilizing the proprietary PERFORMAX
 system, the company designs and manages flexible, strategic programs that
 support employers' evolving business objectives.  With a management team
 holding more than 150 years' experience in health benefits, PERFORMAX has
 offices stretching from New York City to Seattle and plan participants in
 every U.S. state, as well as in Europe, Asia, and South America.  For more
 information on PERFORMAX, visit us on the web at www.GetPERFORMAX.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X20823267
 
 SOURCE  PERFORMAX