Ashton Technology Group, Inc. Announces Management Reorganization.

PHILADELPHIA--(BUSINESS WIRE)--April 7, 1999--The Ashton Technology Group, Inc. (ATG(tm)) (ASTN - NASDAQ Small Cap Market) announced today that effective March 25, 1999, the Board of Directors of ATG and the Board of Directors of the Universal Trading Technologies Corporation (UTTC(tm)) approved a restructuring of the management of ATG and UTTC.

Fredric W. Rittereiser will serve as Chairman and Chief Executive Officer of both ATG and UTTC. Arthur J. Bacci, ATG's Senior Vice President and Chief Financial Officer, assumed the additional responsibilities of Chief Operating Officer and President of ATG.

Fred S. Weingard, ATG's Executive Vice President and Chief Technology Officer, was appointed Chief Operating Officer and President of UTTC. William W. Uchimoto, ATG's Executive Vice President and General Counsel, and Mr. Bacci were also appointed to the Board of Directors of UTTC. Mr. Uchimoto was also named to the additional position as Chief Executive Officer and President of NextExchange, Inc. ("NextExchange").

NextExchange was formed on February 5, 1999 as a wholly owned subsidiary of UTTC in response to the opportunities resulting from the Securities and Exchange Commission's ("SEC") recently articulated new rules to allow alternate trading systems to register as a non-mutualized, "for profit" exchanges. NextExchange plans to develop an electronic screen-based options and equities exchange for institutions, broker-dealers, and others.

UTTC markets, implements, and operates the on-line transaction systems developed by ATG. As previously announced, the SEC has granted approval to the Philadelphia Stock Exchange, Inc. to operate UTTC's volume weighted average price (VWAP(R)) trading system (VTS(tm)). UTTC is preparing for customer Beta testing prior to live operation of VTS.

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(tm)'s proprietary transaction systems will be made available to end users through both proprietary communications networks and the Internet.

The foregoing 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 the Company's reports filed with the SEC.