FOR IMMEDIATE RELEASE

Contact: James Ferrara
516.498.7765
jferrara@chi-development.com

CHI NAMES TANPIENGCO PRESIDENT
Former Healthcare System Executive

November 1, 2007, New York –Chi (Central Healthcare Initiatives), an innovator in real estate and operational strategies for healthcare related entities, has announced the appointment of Nestorio (Nate) Tanpiengco as president and chief operating officer. 

Tanpiengco, a CPA, has been a senior financial manager in multi-state health systems from $40M to $1B+ in EBDITA, for the past 20 years. He is an expert in the analysis, development and operation of healthcare related facilities, including both for profit and not for profit organizations, academic and non-academic institutions. As CFO of TMC Healthcare, a major regional health system in Tuscon, he led the successful redevelopment of an underperforming acute hospital into a profitable multi-specialty, sub-acute facility which was subsequently sold to a private equity firm.

Tanpiengco also served as Division CFO for LifePoint Hospitals Inc. and Hospital Corporation of America Inc. (HCA), managed hospital start-ups and acquisitions in 14 States for Banner Health, and acted as a tax-exempt financing and healthcare industry consultant at Ernst & Young. His professional experience also includes mergers and acquisitions, bond financings, strategic planning, real estate development and financial operations.

"As a true-believer in our industry, I chose to join chi because its approach is new and uniquely powerful, and supports the underlying mission of our clients and partners to continue delivery of quality care to their communities," Tanpiengco explained.

According to Joseph Traina, chi chairman, "Nate provides the financial and operational keystone in our ground-breaking model. His breadth of real industry expertise alloyed to our fresh methods and extensive resources allow him to analyze assets and find solutions in a way that no other investment fund or consulting firm can."

Chi recently announced a joint venture with Montecito Medical, one of the largest privately held American real estate companies specializing in the acquisition and development of medical office and medical specialty buildings in the United States and Canada. Montecito (www.montecitomedical.com; www.montecitoinvestments.com) controls a $1.3 billion private equity fund, underwritten by ING/Clarion, earmarked for healthcare real estate development. The joint venture with chi is an exclusive partnership in areas along the US East Coast, leveraging chi's experience in regional real estate and economic development to identify and develop projects.

Chi was created to leverage proven operational, financial and real estate strategies to help healthcare institutions enhance the overall effectiveness of their systems, compete successfully in a changing marketplace, and meet their continuing mission to their communities, employees, patients and physicians.

Chi principals are recognized experts in specialized healthcare design & construction services, healthcare facility and operations analysis, real estate development and management, economic development incentives, tax exempt financing, zoning & land use, and government relations.

                                 ###