Ashton Technology Group Adds Five Institutional Marketing Executives.

Business Editors/Hi-Tech Writers

PHILADELPHIA--(BUSINESS WIRE)--Sept. 18, 2000

The Ashton Technology Group, Inc. (NASDAQ: ASTN) announced today that its UTTC(TM) (Universal Trading Technologies Corporation) subsidiary has expanded its institutional marketing and sales team responsible for selling its intelligent matching system products, including the eVWAP(TM) trading system.

The eVWAP(TM) (Electronic Volume Weighted Average Pricing) system is a facility of the Philadelphia Stock Exchange that allows pre-opening order matching for large-sized equity orders at a standardized volume-weighted average price with absolute end-to-end electronic anonymity, including "straight-through" clearing and settlement.

Following the morning order entry session, executions occur and are reported to participants at 9:20 a.m. Eastern Standard Time (EST), with the final eVWAP price calculated and assigned to the trade at 4:20 p.m. EST each trading day. In addition, UTTC is working on readying eVWAP for deployment through the Toronto Stock Exchange, where it is expected to trade Canadian securities.

Marc Gresack, President and COO of UTTC, announced the following five personnel additions:

Pamela R. Schumacher was named UTTC's Vice President of Institutional Sales, responsible for establishing sales coverage relationships with institutional clients and developing a professional coverage team to solicit and manage client order flow. Previously, Ms. Schumacher was a Vice President of International Equities with Instinet who was responsible for developing business from European and Far East customers.

Stephen Hovagimyan has joined UTTC as Vice President of the Institutional Sales Group and will have responsibilities for identifying new product initiatives. Mr. Hovagimyan's experience includes founding MeCCA, LLC, an e-capital markets consulting firm and as a Director in Instinet's Strategic Investment Group.

Jill Cucurullo, previously an Account Executive in the Global Client group for Reuters America, Inc.; Shari Grant, formerly Vice President of Institutional Sales of Boston Institutional Services; and Allison Merna, from institutional sales and research services for FirstCall Corporation, a division of Thomson Financial, will be responsible for enrolling institutional clients for UTTC's Intelligent Matching System products.

Paul I. Curtis, who, after a long career at Instinet, joined UTTC in April as SVP and Director of Global Equity Development stated, "this experienced team of buy-side professionals will help expand the reach of our intelligent matching system products."

The Ashton Technology Group is an evolving network of affiliated companies that develops and markets technology-based products and services to enable businesses and consumers to execute better-informed transactions within global electronic marketplaces.

Ashton utilizes advanced telecommunication, computing, data and information security, and Internet technologies, to develop electronic transaction and distribution systems and products for the global financial services industry.

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 availability of qualified personnel, general economic and business conditions.

These and other risks pertaining to Ashton are described in greater detail in the Company's filings with the Securities and Exchange Commission including those on forms 10-K and 10-Q.