Eastern Technology Fund's Portfolio Company, SeamlessWeb, Acquired by ARAMARK

PHILADELPHIA, June 7 /PRNewswire/ -- Eastern Technology Fund (ETF), a venture capital fund located in the Philadelphia area, today announced the sale of its portfolio company, SeamlessWeb Professional Solutions Inc., an Internet-based provider of food and related services to businesses, their customers, and their employees to ARAMARK Corporation (NYSE: RMK) , a world leader in providing professional services.

SeamlessWeb, headquartered in New York, offers customers new levels of speed, convenience, flexibility and service excellence in getting food and a variety of related services and products where they work and live. The company offers a Web-based system that allows a business to offer its employees or customers the ability to order food and other services from local restaurants, caterers, in-house food service providers, and other vendors. For businesses, the system streamlines billing and reimbursement processes, helps improve expense control, and reduces administrative overhead. This helps businesses reduce costs while enhancing their employees' and customers' satisfaction.

SeamlessWeb serves approximately 1,000 clients across dozens of industries throughout the United States and in London. Its clients range in size from small, locally based businesses and institutions to Fortune 1000 companies.

SeamlessWeb earned the number one ranking among Internet-based services in the 2005 Deloitte Technology Fast 500, a list of the fastest-growing technology companies in North America. It was also named among the fastest-growing private companies in the United States by Inc. magazine in 2004 and 2005.

ETF was SeamlessWeb's only Venture Capital investor, and since 2000 ETF has worked with SeamlessWeb's management to develop and implement SeamlessWeb's strategic plan to grow the company.

"This is a very exciting day for SeamlessWeb and ETF," said ETF's Managing Directors, Ian J. Berg and Wayne D. Kimmel. "The potential of this transaction for both SeamlessWeb and ARAMARK is significant. ARAMARK will enhance SeamlessWeb's access to new clients, while SeamlessWeb brings the latest in Internet-based transaction technology to ARAMARK. This is a win-win for SeamlessWeb and ARAMARK." Additional information about SeamlessWeb can be found at http://www.seamlessweb.com/.

About Eastern Technology Fund (ETF)

ETF is one of the top performing venture capital funds in the United States. The fund invests in technology-enabled companies in the healthcare, financial and business services sectors of the economy. ETF's investments include: NutriSystem, 2005's #1 performing stock in the U.S.; SeamlessWeb Professional Solutions, the #1 ranked Internet-based services company in the 2005 Deloitte Technology Fast 500 which was recently acquired by ARAMARK (NYSE: RMK) ; Take Care Health Systems, which recently raised $77 million, the largest ever healthcare funding for the emerging retail healthcare sector; and Philadelphia Media Holdings, which recently agreed to acquire The Philadelphia Inquirer, Philadelphia Daily News and Philly.com. For more information on ETF, please visit http://www.easterntechnologyfund.com/.