just stumbled on to this and passin' along... 2/7/2001 news----
Ashton Technology Announces Investment in JAGfn Broadband; Negotiates Private
Placement of Common Stock
WEDNESDAY, FEBRUARY 7, 2001 1:52:00 PM EST
PHILADELPHIA, Feb 7, 2001 ASTN today announced it has made a minority equity
investment totaling $1.5 million in JAGfn Broadband, LLC, previously a subsidiary of
JagNotes.com Inc.
JAGfn (www.jagfn.com), based in New York, is an electronic media company offering
forward looking market information from independent market analysts and
professionals and is a leading provider of Internet-based financial news and
information. Effective February 1, 2001, JAGNotes.com, Inc., effected a sale of its 85%
membership interest in JAGfn to CALP II Limited Partnership.
Ashton also negotiated the sale of 1.33 million shares of its common stock to Thomson
Kernaghan & Co., Ltd. in a private placement. The purchase price for the shares was
$1.50 per share. Thomson Kernaghan was also granted 200,000 warrants to purchase
common stock.
Ashton has agreed to register, under the Securities Act of 1933, the resale of the
common stock and the common stock issuable upon exercise of the warrants. Gross
proceeds of $2 million from the sale of the common stock will be used to fund Ashton's
investment in JAGfn and for general working capital needs related to Ashton Technology
Canada, Inc., a majority-owned subsidiary of Ashton.
Ashton's CEO, Fredric W. Rittereiser, stated, "We are extremely pleased to participate in
the JAG transaction with our partners. Ashton has been engaged in discussions with
JAG to promote eVWAP(TM) for on-line retail investors." Mr. Rittereiser added, "The
additional funding for Ashton Canada will enable us to hire additional local staff in
technology, and sales and marketing related to the launch of our eVWAP(TM) trading
system as a facility of the Toronto Stock Exchange, Inc."
Arthur J. Bacci, Ashton's President added, "The JAG relationship, when combined with
the distribution agreements being negotiated by eMC(TM), should enable us to also
gain access to a wider market of investors who could benefit from the products and
services being assembled on the eMC platform."
Ashton Technology is an eCommerce company developing a network of affiliated
companies. Ashton companies build and market technology-based products and
services enabling businesses and consumers to execute better-informed transactions
within global electronic marketplaces.
Ashton creates electronic transaction and distribution systems for the global financial
services industry utilizing advanced telecommunication, computing, data and
information security, and Internet technologies.
The forgoing press release contains forward-looking statements based on current
management expectations. A variety of important factors could cause results to differ
materially from such statements.
Factors that could cause actual results to differ from current expectations include
Ashton's ability to develop markets for its products; whether the agreement will meet
management's expectations; securities and banking regulatory issues that may arise;
difficulties in deploying; and the emergence of other competitors.
These and other risks are described in greater detail in Ashton's filings with the
Securities and Exchange Commission including those on forms 10-K and 10-Q.
CONTACT: Ashton Technology Group, Inc., Philadelphia
Fraser P. Seitel, 201/784-8880
Telefax: 201/784-1446
www.ashtontechgroup.com
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