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Cognotec appoints Mervyn Farrant as non-executive Chairman of the Board

19th August 2002, London: Cognotec, the world’s leading provider of foreign exchange and money market e-commerce automated dealing solutions, has announced the appointment of Mervyn Farrant to serve as non-executive Chairman to the Board.

Farrant has spent his entire career in the IT industry, a total of 30 years. He worked for a number of major IT suppliers before setting up his own software and consultancy business which he ran successfully for 16 years. His consultancy specialised in the insurance and pensions sector and he has subsequently gained extensive experience at meeting the technology needs of the financial services sector. Mervyn now acts as a director and advisor to a number of different companies. He is the non-executive Chairman of several other software companies focused on the Financial Services industry including Strategic Asset Management Solutions Ltd, (SAMS) and Future Dynamics Ltd in addition to his new role at Cognotec.

Commenting on the appointment, Brian Maccaba, CEO and founder of Cognotec said: "Mervyn has a wealth of valuable experience in the IT industry which I am proud he has chosen to bring to Cognotec. Recent new investment makes this a crucial time in the company’s development. Mervyn’s guidance will enable the executive team to maximize the challenges and opportunities ahead to ensure Cognotec’s continued leadership in the marketplace."

"Cognotec has an exceptional depth of knowledge about the FX marketplace and the company enjoys a leading position in the industry. My role within the company is threefold: to ensure the efficient use of resources, to maximize client satisfaction and to contribute to the smooth running of the Board. I will very much enjoy contributing to what I believe will be a very exciting future for the company," said Farrant.