TradeTek, LLC Announces Its Spin Off From Commonwealth Financial Holdings, Inc.

Business/Technology Editors

NEEDHAM, Mass.--(BUSINESS WIRE)--Dec. 12, 2001

Independent Software Company Leaves Broker Dealer Parent to Become One

of a Select Group of Independent and Proprietary

Direct Access Trading Software Providers

TradeTek, LLC, a provider of real-time, direct access trading software, today announced its spin off from Commonwealth Financial Holdings, Inc., a financial holding company, to become one of a select group of independent and proprietary developers of a direct access trading solution. The divestiture from the broker dealer holding company will better position the software company to service the needs of the professional trading community, without tying direct access to a specific broker dealer.

"TradeTek has a competitive advantage over platform providers affiliated with brokerage firms because our independent and proprietary solution enables us to be flexible with our customers," said Gene Gilman, Co-Founder and Chairman of TradeTek. "Licensing direct access products from platform providers tied to a broker dealer parent company can result in a competitive conflict for traders, complicating the cost of the trade. TradeTek Pro offers the professional trading community direct access to the best prices on the market floor."

TradeTek's trading platform was built from the ground up with the input of traders from Financial Links, a Raleigh, NC-based broker dealer, to accommodate the requests of the traders to develop a better solution using electronic technology to access the New York Stock Exchange, NASDAQ, AMEX and the leading Electronic Communications Networks (ECNs). The product offers customers direct access to the U.S. equities markets via a customizable Microsoft Windows user interface with real-time back office integration to enable the fastest execution at the best available price, while minimizing trading risk. TradeTek also released its enhanced version TradeTek Pro Version 2.0 today. (See news release, "TradeTek, LLC Announces TradeTek Pro Version 2.0, the Newest Edition of Its Proprietary, Real-Time, Direct Access Trading Solution.")

"TradeTek is well positioned in a growing market," said Octavio Marenzi, founder and managing partner of Celent Communications. "The company's independent nature coupled with its versatile, proprietary product will enable it to capitalize on the growth."

TradeTek, founded by Chairman Gene Gilman and CTO David Gelfond, brought a rare combination of financial and software expertise to develop a superior direct access trading solution. Gilman, who has been licensed with the National Association of Securities Dealers (NASD) since 1983 and is a member of the National Association of Financial and Estate Planning (NAFEP), specializes in portfolio management for high net worth individuals. Gelfond, who is an expert in digital communication, transaction processing and consumer software, worked at Lotus Development Corporation for nine years as one of the company's principal software designers before bringing his expertise to TradeTek.

About TradeTek

TradeTek, LLC is one of only a few fully independent and proprietary direct access software providers. TradeTek Pro Version 2.0 was built by the company's traders and programmers to meet the individual needs of professional traders through the provision of real-time access to all U.S. equities markets. It has a customizable user interface, and a real-time back-end Trade Management Console integrated to help achieve the fastest execution at the best available price, while minimizing trading risk. Unlike other direct access trading platforms, TradeTek's independence assures customers they can adopt a proprietary solution that meets their needs to maximize investment gains, while also significantly lowering trading and implementation costs. For more information on TradeTek, visit www.tradetekonline.com or call their corporate offices at [phone].

About Commonwealth Financial Holdings, Inc.

Commonwealth Financial Holdings, Inc., was organized in 1999 as the holding company for TradeTek LLC, the developer of direct access trading platforms, and Financial Links, Inc., a Security and Exchange Commission (SEC) registered broker dealer and National Association of Securities Dealers (NASD) member. Commonwealth Financial Holdings, Inc., which expects the spin off of TradeTek to be complete in December 2001, will remain the holding company of Financial Links.