News...
Ashton Technology Group, Inc.Announces Creation of ATG-Canada
June 8, 1999 02:54 PM
PHILADELPHIA--(BUSINESS WIRE)--June 8, 1999--The Ashton Technology Group, Inc. ASTN announced today that ATG(tm)'s subsidiary UTTC(tm), and eTK, a wholly-owned subsidiary of Thomson Kernaghan & Co., Ltd. (TK), a Canadian investment dealer, recently signed a letter of intent to create a joint venture company - "ATG-Canada."
The purpose of the Canada-based ATG(tm) subsidiary is to co-develop, co-market and introduce innovative alternative trading systems (ATSs) for seamless use by US and Canadian institutions as well as other financial intermediaries such as broker-dealers and banks.
The first such ATS to be co-marketed and co-operated will be based on the volume weighted average price (VWAP(R)) trading system (VTS(tm)) developed by UTTC. The ATG-Canada joint venture arrangement will expedite opening the Canadian institutional market to UTTC and enable eTK to expand TK's customer base into the very large Canadian and US institutional markets.
"Thomson Kernaghan has a solid, longstanding reputation in the Canadian investment community and is the ideal joint venture partner to make VWAP(R) and VTS a readily recognized standard and trading mechanism for Canadian institutions," stated ATG's Chairman, Fredric W. Rittereiser.
"Our firm has been an investor in ATG primarily because we believe in ATG's management, technology and vision. Today, we have expanded that investment into a total business commitment towards leveraging ATG's technologies into Canada through ATG(tm)-Canada," said Mark Valentine, TK's Chairman.
Established and headquartered in Toronto, Canada, Thomson Kernaghan is one of Canada's oldest privately-owned investment dealers. The firm provides a wide range of brokerage services to its corporate, institutional and retail clients, and is a member of all major Canadian exchanges.
ATG is an Internet technology company that is designing products and services for use by the financial services industry. ATG is developing a family of on-line transaction systems using advanced telecommunication technologies, computing technologies, together with data and information security technologies designed to facilitate transactions among participants in the financial markets. ATG proprietary transaction systems will be made available to end users through both proprietary communications networks and the Internet.
The forgoing press release contains forward-looking statements based on current management expectations. For a discussion of other factors which may cause actual results to differ from current expectations, see ATG's reports filed with the SEC.
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