Summit Systems, Inc and CoVision Capital Group Team Up To Service Hedge Fund Managers

Strategic Alliance to Provide Fully Integrated Institutional Level Analytics, Transaction-Processing and Risk Management Operating Platform for Hedge Fund Managers

NEW YORK — July 25, 2002 — Summit Systems, Inc., widely recognized as a leading provider of integrated trading, risk management, and STP operation solutions for major global financial institutions, has formed a strategic alliance with the investment management firm CoVision Capital Group, LLC to create a full-featured investment platform specifically geared to hedge funds. The platform, which extends a robust, integrated technology and operating infrastructure previously seen only by traders at premier financial institutions, will be available exclusively through CoVision beginning the third quarter of 2002.

The CoVision and Summit alliance will strive to provide the investment platform of choice for managers of all hedge fund styles seeking to enhance operating performance and build an institutional-quality investment business. Hedge fund managers sponsored by CoVision will benefit in three ways. First, the real-time trading and risk analytics will enable managers to make better investment decisions. Second, complete analytics and processing for exchange-traded and OTC derivatives will expand their list of investment and hedging alternatives. And third, real-time risk management tools and the institutional-quality middle and back office will credibly address the growing institutional investor focus on market and operational risk management.

"Notwithstanding the recent growth in hedge fund assets," said CoVision founding partner Brian Zipp, "the growing complexity and speed of markets as well as increased investor focus on risk make sustainable manager success more difficult to achieve. As a result, we believe that creating the operating infrastructure typical of major financial institutions is becoming increasingly important in building a successful hedge fund business. Proven front-, middle-, and back-office technology that accurately and effectively delivers real-time solutions to investment professionals is a critical component."

"Hedge fund managers that we choose to partner with," Zipp continued, "will benefit from access to hundreds of turnkey Summit trading applications that have become the standard at major Wall Street firms. Our exclusive partnership with Summit Systems will become the blueprint for the type of value-added proprietary services we expect to provide to our fund managers and institutional investors at CoVision on a global basis."

"We are very enthusiastic about our joint strategic venture with CoVision and the capabilities we bring to the hedge fund marketplace," said Allen Whipple, Managing Director of Summit's New York Business Center. "Meeting the needs of hedge fund managers is a priority for our firm, and I am confident that the combination of CoVision services and Summit technology will significantly enhance the value of our platform to hedge fund managers," declared Whipple. "I feel fortunate to have forged this relationship with the team at CoVision at such an important stage in their business development."

Ken Telljohann, CoVision’s other founding partner added, "The rapid evolution of markets, hedge fund strategies and risk management standards has most hedge fund technology providers struggling to keep pace. But because it began life focusing on analytics, risk management, and trade processing for OTC fixed-income derivatives, the most complex and customized trading instruments in existence, Summit already fully handles the hedge fund strategies of tomorrow. And since its clientele include the Who’s Who of financial institutions, Summit will stay on the cutting edge in risk management. While its competitors labor up the slope, Summit is already at the peak. We are thrilled to have them with us."

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