Same News, but from the other party.
KINGSWAY INTERNATIONAL HOLDINGS LIMITED
NEWS RELEASE
19 October, 1999
Trading Symbol: KIL
Creation of Kingsway ATG Asia Limited
Kingsway Electronic Services Limited, a wholly owned subsidiary of Kingsway
International Holdings Limited (Kingsway), and Ashton Technology Group, Inc.
(Nasdaq Small Cap : ASTN) announced that they have signed a binding letter of intent
to create a joint venture company, Kingsway ATG Asia Limited with headquarters in
Hong Kong. The new company will develop, market, and introduce electronic
alternative trading systems (ATSs) in Hong Kong and other Asia-Pacific markets on an
exclusive basis.
The first system to be marketed by Kingsway ATG Asia will be based on Ashton?s
electronic volume weighted average price trading system (eVWAPTM).
William Lam, Kingsway?s President and Chief Executive Officer, expressed "Kingsway
ATG Asia will unite Ashton?s technological prowess with Kingsway?s market stature
and standing in the region to capitalize on the enormous electronic trading opportunities
emerging in Hong Kong and other Asia Pacific markets. Kingsway ATG Asia will be a
leading electronic trading force in these fertile frontiers just now opening. As Kingsway
ATG Asia?s eVWAPTM for Hong Kong-listed issues is being developed, Kingsway
ATG Asia will assist Ashton in attracting regional order flow in U.S. securities to the
U.S.-based eVWAPTM, a facility of the Philadelphia Stock Exchange."
Fredric Rittereiser, Ashton?s Chairman and Chief Executive Officer, stated "Kingsway is
a superbly managed investment firm whose strengths are respected in every facet of
Hong Kong?s financial services market. Kingsway?s strong regional reputation, keen
brokerage and back office expertise, and its substantial and growing customer base,
make it the ideal joint venture partner to introduce eVWAPTM and Ashton?s other
leading edge trading systems in Hong Kong and elsewhere in Asia."
Hong Kong-based Kingsway is one of the region?s premier full service investment firms
well recognized in corporate finance, asset management and securities brokerage
services. The firm has been a sponsor/underwriting in many private and public securities
offerings, including several major Chinese public offerings. Member companies within
Kingsway International are members of the Stock Exchange of Hong Kong.
Ashton Technology Group is developing a family of on-line transaction systems using
advanced telecommunication technologies, computing technologies, together with data
and information security technologies to facilitate global financial transactions. Ashton?s
proprietary transaction systems are made available to end users through networks, third
parties, and the Internet.
The foregoing press release contains forward-looking statements based on current
management expectations. Factors which could cause actual results to differ from current
expectations include regulatory issues that may arise in Hong Kong, difficulties in
deploying the Company?s technology abroad, and the emergence of other competitors.
For a discussion of other factors, which may cause actual results to differ from current
expectation, see Ashton?s reports filed with the United States Securities & Exchange
Commission.
Kingsway Contact : Nelson Tang, Kingsway Electronic Services Limited, 10 Ice House
Street, 12/F 121 New Henry House, Central, Hong Kong. Telephone : (852)
2877-1830, Telefax : (852) 2845-3368, Website : www.kingsway-group.com.hk.
Ashton Contact : Christine A. Geisser, Director of Corporate Relations of the Ashton
Technology Group, Inc., 1900 Market Street, Suite 701, Philadelphia, PA 19103,
United States. Telephone: 215-751-1900, Telefax : 215-636-3560, Website : www.
ashtontechgroup.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
KINGSWAY INTERNATIONAL HOLDINGS LIMITED |
