Group of Leading Brokers Sign Letter of Intent to Acquire Cogent Consulting

SUMMIT, N.J.--(Business Wire)--
Cogent Consulting LLC of Summit, NJ, a leading developer of commission
management systems for the securities industry, has signed a non-binding letter
of intent for the sale of a majority of the company to a group of leading global
institutional broker-dealers.

Cogent`s CSA Trak enables multiple broker-dealers and money managers to
efficiently manage commission sharing arrangements (CSAs) and client commission
arrangements (CCAs) through a single online portal that shows all balances and
activities both by broker-dealer and virtually aggregated. "The objective of
this transaction is to have a widely used industry platform that will make it
easier and cost-effective for broker-dealers to offer CSAs and CCAs and for
money managers to take advantage of them," said Robin Hodgkins, President, CEO
and founder of Cogent.

CSAs and CCAs enable money managers to accumulate credits from trading that can
then be allocated to service providers for the payment of certain research or
brokerage/execution services that they value. Cogent`s other industry leading
products include trade reconciliation and a broker voting platform.

None of the broker-dealers will individually acquire a controlling interest in
Cogent, and the current owners will remain a minority stake owner in the
company. Mr. Hodgkins will continue to serve as the President and CEO, and the
existing Cogent management team will remain in place. "Cogent will continue to
operate as a stand-alone, third party service provider after the consummation of
the proposed transaction," Mr. Hodgkins added. "Cogent products will remain
available to sell-side and buy-side firms globally, and all trade, commission
and payment information will continue to be confidential."

Other terms were not disclosed, and closing of the transaction is subject to
various conditions.

According to Mr. Hodgkins, the large number of major broker-dealer firms using
CSA Trak should help overcome any apprehension among users of CSAs/CCAs stemming
from recent market uncertainties. "Through CSA Trak, the buy-side can more
easily manage their CSA/CCA credits held with multiple firms," Mr. Hodgkins
explained.

Mr. Hodgkins said that the development of a common communications protocol for
trade reconciliation and processing should lead to a new era in which money
managers can more easily allocate CSA/CCA credits to pay service providers that
deliver research or brokerage/execution services that they value.

About Cogent

Cogent Consulting LLC (www.cogentconsulting.com) of Summit, NJ is a world leader
in systems that enable money managers to gain control and transparency over
their CSA/CCA credits. Money managers and broker-dealers around the world
currently use Cogent systems to automate the broker voting process, relationship
management, commission reconciliation, commission sharing arrangements (CSAs)
and client commission arrangements (CCAs).

Anreder & Company
Michael Shallo, +212-532-3232
michael.shallo@anreder.com

Copyright Business Wire 2009