Ashton Technology Group, Inc. Completes Kingsway ATG Asia Joint Venture Agreement; Former Hong Kong Regulator Richard Yin Named CEO.

Business Editors/Hi-Tech Writers

PHILADELPHIA and HONG KONG--(BUSINESS WIRE)--Dec. 21, 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 the creation of a joint venture company, Kingsway ATG Asia Ltd., to develop, market, and introduce electronic alternative trading systems (ATSs) in Hong Kong and other Asia-Pacific markets on an exclusive basis.

Richard Yin, former Director of Intermediaries Supervision of the Hong Kong Securities and Futures Commission and current expert advisor to the China Securities Regulatory Commission (CSRC), was named chief executive officer of Kingsway ATG Asia Ltd.

Kingsway ATG Asia, headquartered in Hong Kong, will initially market Ashton's electronic volume weighted average price trading system (eVWAP(TM)). Kingsway ATG Asia will also assist Ashton in attracting institutional order flow in U.S. securities to the U.S.-based eVWAP(TM) system deployed on a registered national exchange - the Philadelphia Stock Exchange.

Fredric Rittereiser, Ashton Chairman and Chief Executive Officer, said, "Asia is one of the fastest growing economic sectors in the world today. Hong Kong and China are the underpinning of this region. The opportunities for ATG in this joint venture coupled with the world class leadership of Richard Yin provide us with the platform to introduce our intelligent matching systems throughout the region."

William Lam, Kingsway's Managing Director, said, "Electronic trading has begun to take hold in Asia. With Richard Yin to direct our market initiatives, we fully expect Kingsway ATG Asia to be in the forefront of this electronic trading revolution in Asia."

Richard Yin

As Director of Intermediaries Supervision of the Hong Kong Securities and Futures Commission from 1994 to 1999, Mr. Yin was responsible for the financial regulation of all registered intermediaries and supervision of their business conduct.

Mr. Yin is currently serving as an expert advisor to the CSRC in the area of intermediaries supervision. In this capacity, he is assisting in formulating regulatory strategies and providing technical direction in the areas of capital adequacy and supervision programs.

Prior to the Securities and Futures Commission, Mr. Yin served in executive capacities at the Australian Securities Commission from 1991 to 1993.

Kingsway Electronic Services Ltd.

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.

Affiliated companies within Kingsway International are members of the Stock Exchange and Futures Exchange of Hong Kong.

Ashton Technology Group

Ashton Technology Group, based in Philadelphia, is developing a family of on-line transaction and intelligent systems, using advanced telecommunication and 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. Ashton concentrates on the concept of developing alternative trading system as unique adjuncts to established exchanges. Its U.S. eVWAP(TM) trading system was launched as a facility of the Philadelphia Stock Exchange in August.

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 whether the joint venture will be able to successfully introduce ATSs in Hong Kong, regulatory issues that may arise in Hong Kong affecting the joint venture, difficulties in deploying the Company's technology in Asia, 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.