Ashton Technology Group Subsidiary Electronic Market Center to Acquire E-Trustco.com.Business Editors/Hi-Tech Writers PHILADELPHIA--(BUSINESS WIRE)--April 4, 2000 The Ashton Technology Group, Inc. (Nasdaq: ASTN ASTN Automatic Switched Transport Network (optical networks) ASTN Automatically Switched Transport Network (ITU-T) ASTN Automotive Satellite Television Network ASTN Astern ASTN Astronomic ) announced today that its subsidiary, Electronic Market Center, Inc., has entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to acquire E-Trustco.com, Inc. E-Trustco is a privately held, business to business electronic trust company. It intends to outsource an electronic professionally managed investment advice program - in the form of multi-manager wrap-fee accounts - to partners such as online brokers. E-Trustco will offer and outsource comprehensive and objective financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal using a sophisticated electronic delivery system and patent-pending process. The process segregates advice into a tactical and strategic component, accomplished using a platform of independent Investment Managers who will work in conjunction with E-Trustco's staff of Investment Consultants. This is the core of E-Trustco's proprietary I.M.A.P.(TM) process. Matthew Saltzman, President of E-Trustco will receive 20 percent of the outstanding common stock of eMC and be named President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of eMC. E-Trustco will be operated as a subsidiary of eMC and is expected to be headquartered in Hartford, CT. eMC plans to develop, operate and market a global electronic distribution channel offering a full range of financial products and services. eMC is intended to be designed for interactive Internet market access by clients of member users. eMC plans to offer established financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. access to eMC's technology, distribution and communications network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. . Through eMC, these financial intermediaries will be able to provide on-line financial products to their clients and to clients of other member users. It is anticipated that the transaction between eMC and E-Trustco will be completed by April 30, 2000, subject to the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and a definitive acquisition agreement. Fredric Rittereiser, Ashton's Chairman and Chief Executive Officer, expressed "I am personally very excited about our deal with Matthew Saltzman and E-Trustco. Matthew brings over 15 years of experience in the 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. His abilities to develop concepts and build a successful business are evidenced in E-Trustco and the strategic partnerships he is building. His leadership abilities will enable us to accelerate our eMC efforts. We look forward to the same kind of successful partnership with E-Trustco that we have enjoyed with Gomez Advisors." Matthew Saltzman stated "Ashton's eMC strategy is very consistent with my own thoughts and plans regarding the future of the financial services industry. I see tremendous opportunities to leverage E-Trustco's activities with the products and services of eMC and the other Ashton 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. ." The Ashton Technology Group is an evolving network of affiliated companies that develop and market 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. Ashton's operating strategy is to maximize the value of each of the companies within its network. Ashton provides the initial strategic investment capital, develops and licenses technology to the network companies, and employs innovative financial strategies to unlock shareholder value. This strategy enables Ashton to leverage the collective knowledge of the network companies and create a critical mass from which to enhance the value of its individual businesses. The forgoing press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 whether the acquisition will be completed according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. management's timetable, if at all, whether the acquisition will meet management's expectations, securities and banking regulatory issues that may arise, difficulties in deploying eMC's and E-Trustco's technology, the ability to develop markets for E-Trustco's and eMC's products,, and the emergence of other competitors. These and other risks pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to Ashton are described in greater detail in the Company's filings with the filings with the Securities and Exchange Commission including those on forms 10-KSB and 10-Q. |
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