Dear dfiala,
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Formatting of the text is preserved by Portion object, I mean; it is preserved only, when you set the text with Portion.Text property and lost, if you set it via TextFrame.Text or Paragraph.Text properties.
I think, this is what you want, please see the code below and output presentation attached by me. Source presentation is also attached.
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VB.NET CODE
Dim pres As Presentation = New Presentation("c:\srcPres.ppt")
Dim sld As Slide = pres.GetSlideByPosition(1)
Dim shp As Shape = sld.Shapes(0)
Dim tf As TextFrame = shp.TextFrame
Dim paras As Paragraphs = tf.Paragraphs
Dim para As Paragraph = paras(0)
'Now add two lines with the same formatting
Dim newPara As Paragraph = New Paragraph(para)
newPara.Portions(0).Text = "Range Instrumentation"
paras.Add(newPara)
'One more
newPara = New Paragraph(para)
newPara.Portions(0).Text = "Maintenance Status"
paras.Add(newPara)
pres.Write("c:\outPres.ppt")