October, 2008

Pershing Unit of Bank of New York Extend Alliance with Broker's Ally Pro and its NetExchange Pro

Exton, PA (October, 2008) Scherrer Resources, Inc. announced today that Pershing, LLC has extended its partnership and distribution agreement of Broker's Ally Pro for their joint licensing, marketing, and technical transfer agreement involving the two companies' brokerage technology products. A customized version of Scherrer Resources' popular Broker's AllyTM software product has been integrated into Pershing's NetExchange ProTM for Windows platform and ParadigmTM client/server application. The tailored version, called Brokers AllyTM Pro, includes 30 customizable data fields that are designed specifically for use by Pershing correspondents.

Broker's Ally is an integrated database management and word processing system that includes account information, notepads, and the scheduling of calls, meetings, and actions. It also retains client information such as investment objectives, income, net worth, and account numbers. Developed by Pennsylvania-based Scherrer Resources, Inc., the product is used by more than 35,000 retail brokers and their sales assistants nationwide. Pershing will install Broker's Ally Pro as an integrated offering under this agreement.

According to Jim Scherrer, president of Scherrer Resources, Inc., "Combining the powerful NetExchange Pro for Windows and Paradigm applications with Broker's Ally Pro enables Pershing correspondents and their investment professionals to better manage client information and relationships, and gives them the ability to better retain and serve their clients."

Pershing developed NetExchange Pro for Windows to address the specific needs of its customers and their investment professionals. In addition to online order entry and complete account information, NetExchange Pro for Windows provides real-time quotes, market news, and investment research. It also offers the ability to browse client accounts, and retrieve execution reports and order status. Paradigm is a robust, client/server application designed to assist front, middle, and back office personnel in conducting their business more efficiently. The ability to integrate Broker's Ally Pro with our NetExchange Pro platform allows the firm to offer investment professionals a powerful desktop and Windows-based client information management tool.

BNY Pershing executes and clears equity, fixed income, mutual fund, and option transactions for more than 550 firms and provides account administration, management information, and investment related services to the financial services community.

Headquartered in Exton, PA Scherrer Resources, Inc. specializes in developing sales force automation systems, management tools, and business workstations for the financial services community. It also provides related services that include emergency hotline support, system installation, software training, and software upgrades to their popular line of Broker's Ally software products.