Shadow Financial Services Continues Expansion - Global Securities Software Leader Welcomes David Weaver as Vice President, Financial Systems-

EDISON, N.J. (June 1, 2004) - - Shadow Financial Services, developers of the ShadoSuite global securities processing system, today announced that David Weaver has joined the Company as vice president, financial systems. In this capacity, Weaver will be responsible for the ongoing design and implementation of ShadoSuite's financial and regulatory modules as well as assisting Shadow's clients with the integration of ShadoSuite into their operations.

Prior to joining Shadow Financial, Weaver was president of Global Securities Services in Red Bank, N.J. Before that, he was the CFO of the Capital Markets Division of The Refco Group, LLC in New York City, where he managed all financial reporting, reporting of daily firm trading, and market risk exposure of proprietary trading. His earlier experience includes management positions at Cerberus Partners, LIT America, Thomson McKinnon and Cantor Fitzgerald. He holds a bachelor's degree in accounting from St. Peter's College in New Jersey and has held NASD Series 7, 27 and 63 licenses.

Donald J. Marino, President and CEO of Shadow Financial Services, said, "We're pleased to welcome Dave to our team and look forward to his contributions to our growing organization."

Dave Weaver added, "Shadow Financial Services' ShadoSuite is rapidly becoming the de facto one platform multi-currency trade processing, clearing and accounting solution. The feedback from our customers and prospects is very positive and I'm eager to be key contributor to our ongoing success."

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