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Non-Tech : Ashton Technology (ASTN) -- Ignore unavailable to you. Want to Upgrade?

To: Dana Johnson who wrote (2881)	10/19/1999 9:30:00 AM
From: Nanchate	Read Replies (1) \| Respond to of 4443

Ashton Technology Group, Inc. Announces Creation of Kingsway ATG Asia PHILADELPHIA and HONG KONG--(BUSINESS WIRE)--Oct. 19, 1999--The Ashton Technology Group, Inc. (Nasdaq Small Cap: ASTN) and Kingsway Electronic Services Ltd., a member company of Kingsway International Holdings Ltd. (Kingsway) announced today that they have signed a binding letter of intent to create a joint venture company, Kingsway ATG Asia Ltd. with headquarters in Hong Kong. The new company intends to 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 (eVWAP+). Fredric Rittereiser, Ashton's Chairman and Chief Executive Officer, stated, "Kingsway is a well managed investment firm whose strengths are well respected in Hong Kong's financial services market. Kingsway's strong regional reputation, brokerage and back office expertise, and its growing customer base, make it the ideal joint venture partner to introduce eVWAP+ and Ashton's other leading edge trading systems to Hong Kong and elsewhere in Asia." William Lam, Kingsway's Managing Director, said, "Kingsway ATG Asia will unite Ashton's technological prowess with Kingsway's market stature and standing in the region to capitalize on the electronic trading opportunities emerging in Hong Kong and other Asia Pacific markets. Kingsway ATG Asia is expected to be a leading electronic trading force in these fertile frontiers just now opening. As Kingsway ATG Asia's eVWAP+ for Hong Kong-listed issues is being developed, Kingsway ATG Asia is expected to assist Ashton in attracting regional order flow in U.S. securities to the U.S.-based eVWAP+, a facility of the Philadelphia Stock Exchange." 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/underwriter 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 forgoing press release contains forward-looking statements based on current management expectations. Factors which could cause actual results to differ from current expectations include the definitive terms of the joint venture, whether the joint venture will be able to successfully introduce ATSs in Hong Kong, regulatory issues that may arise in Hong Kong which may affect the joint venture, 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 expectations, see Ashton's reports filed with the United States Securities and Exchange Commission. --30--CL/ph* CONTACT: The Ashton Technology Group, Inc., Philadelphia Company Contact: Christine A. Geisser, Director of Corporate Relations, 215/751-1900, Fax: 215/970-3481 www.ashtontechgroup.com. or Kingsway Contact: Kingsway Electronic Services Ltd., Hong Kong Nelson Tang, (852) 2877-1830, Telefax: (852) 2845-3368 Website: www.kingsway-group.com.hk or Contact: Siegel & Gale Fraser P. Seitel, 201/784-8880, Telefax: 201/784-1446