Ashton Technology Group (fka ASTN)

[jmhollen]

Ashton Technology Group Elects New Board of Directors

PHILADELPHIA, Sep 18, 2002 (BUSINESS WIRE) -- Ashton Technology Group, Inc. (OTCBB:ASTN), elected Carmine F. Adimando and William A. Lupien as new directors of the board and seven others were re-elected during the company's annual shareholders meeting.

The two new directors are:

Carmine F. Adimando is the chairman and president of CARMCO Investments and also a principal with Redstone Capital Partners. Previously, Adimando held various executive positions with Pitney Bowes Inc. from 1979 through 1996, including vice president of finance, treasurer, chief financial officer and president of Pitney Bowes International Holdings, Inc.

William A. Lupien is currently chairman of OptiMark Holdings, Inc. Previously, he served as a specialist on the equity-trading floor of the Pacific Exchange for 17 years. From 1983 to 1988, Lupien served as president, then chairman and chief executive officer, of Instinet Corporation.

The other directors who were re-elected include:

Donald E. Nickelson, vice-chairman and director of Harbour Group Industries Inc; Robert J. Warshaw, Ashton's acting chief executive officer; James R. Boris, chairman of JB Capital Management, LLC; Ronald D. Fisher, vice chairman of SOFTBANK Holdings Inc; Jonathan F. Foster, managing director at The Cypress Group; Roy S. Neff, chief executive officer of BarterSecurities, Inc.; and Fred S. Weingard, vice president and chief technology officer of Ashton.

The stockholders also approved Ashton's 2002 Stock Option Plan and authorized Ashton's board to consider and implement a reverse split of Ashton's common stock in a conversion ratio of 10-for-1 or 30-for-1, or in any ratio between. The latter board action, if taken, must be made by October 30, 2002.

The Ashton Technology Group, Inc. is headquartered in Philadelphia with offices in New York and Chicago. Ashton and its subsidiaries provide electronic trading solutions to institutional investors and broker-dealers that reduce market impact and lower transaction costs, resulting in superior trade execution. Ashton trades under the symbol ASTN.OB.

CONTACT: Ashton Technology Group, Inc., Philadelphia Media Relations: Paul Shapiro, 215/789-3320 [e-mail] or Investor Relations: Julian Willis, 215/789-3317 [e-mail]

.