Ashton Technology Group Announces $25 Million Financing.Business Editors/Hi-Tech Writers PHILADELPHIA--(BUSINESS WIRE)--Feb. 12, 2001 The Ashton Technology Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASTN ASTN Automatic Switched Transport Network (optical networks) ASTN Automatically Switched Transport Network (ITU-T) ASTN Automotive Satellite Television Network ASTN Astern ASTN Astronomic ) today announced the completion of a financing package with Southridge Capital Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Southridge) of up to $25 million. The financing, which is structured as an equity line of credit agreement, provides Ashton the right to require Southridge to purchase shares of its common stock pursuant to the terms of the agreement, subject to certain conditions as forth in the agreement. The purchase price for the shares will be an amount equal to 90% of the defined market price during the valuation period, subject to certain adjustments as set forth in the agreement. In addition, Southridge will be entitled to receive warrants to purchase shares of Ashton common Coordinates: Ashton Common is a hamlet in Wiltshire, England, located on the Common Hill a little south of the A350 road. The hamlet belongs to the civil parish of Steeple Ashton. stock at a price determined at the time of any sale of common stock to Southridge pursuant to the equity line. Ashton has agreed to register, under the Securities Act of 1933, the resale of the common stock sold to Southridge and the common stock issuable upon exercise of the warrants. Ashton's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Fredric W. Rittereiser, said, "While we continue to work on strategic investments for both of our subsidiaries, UTTC UTTC University Technology Training Center UTTC Universal Tape-to-Tape Converter and eMC, this financing will provide us with sufficient continued funding for our initiatives." Ashton Technology is an eCommerce company developing a network of affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. . Ashton companies build and market technology-based products and services enabling businesses and consumers to execute better-informed transactions within global electronic marketplaces. Ashton creates electronic transaction and distribution systems for the global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry utilizing advanced telecommunication, computing, data and information security, and Internet technologies. 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 Ashton's ability to achieve expected future levels of revenue, expected use of proceeds, projected costs of technology development, changes in business strategy and development plans, the performance of Ashton's common stock; industry trends; and competition. These and other risks are described in greater detail in Ashton's filings with the Securities and Exchange Commission including those on forms 10-K and 10-Q. Website: www.ashtontechgroup.com. |
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