Aetna Connecticut Private Equity Program Invests $5 Million in Two Connecticut Companies

Investments to support job growth in state

HARTFORD, Conn., December 13, 1996 — Aetna Inc. (NYSE: AET) today announced the first two investments made by the Aetna Connecticut Private Equity Program, the $100 million equity program created to help build the state’s business and job base. The investments provide $3 million in equity financing for Open Solutions, Inc., a Glastonbury company, and $2 million for Cardiopulmonary Corp. of Milford.

“These are perfect examples of the types of investments which will help strengthen Connecticut’s economy and employment base,” said Dan Kearney, executive vice president for Aetna’s investment and financial services group. “The two companies are market innovators which we expect will grow customers, revenues and jobs in the very near future.”

Open Solutions, Inc. (OSI), founded in 1992, provides client/server software and information services to the banking industry. Its initial product, The Complete Banking Solution, is a full function network client server banking system. OSI’s software provides for all of the core data processing operations of a bank, including back office, teller and platform automation. OSI currently employs 60 people. Aetna’s equity investment is a $3 million preferred stock purchase, part of a $5.5 million round of financing. The equity infusion comes at an important time for Open Solutions as it fulfills 14 contracts exceeding $4 million in value in 1996-97.

Cardiopulmonary Corp. (CPC), founded in 1988, produces the Venturi, a state of the art ventilator with primary applications in life support therapy for patients with chronic lung disease and acute respiratory problems. By automatically adjusting to a patient’s breathing needs, the Venturi minimizes ventilator dependency, which is expected to reduce patient treatment time and costs. The Venturi ventilator will be ready for market introduction at the end of this year. Cardiopulmonary Corp. currently employs 23 people. Aetna purchased $2 million in convertible Series D preferred stock.

“These two companies are exciting investment opportunities for Aetna, and new enterprises for the state of Connecticut,” Kearney stated. “In both cases, there is product and service differentiation and competitive sustainability. I am excited to participate in the early stages of the successful business lives of Open Solutions and Cardiopulmonary Corp.” Kearney added that Aetna is actively seeking other Connecticut investment opportunities for the Connecticut Private Equity Program. The program seeks to invest alongside other established private equity groups in order to support growing enterprises and jobs in the state.
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