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Non-Tech : Ashton Technology (ASTN)

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To: mst2000 who wrote (4394)5/15/2003 10:28:38 PM
From: mmmary1 Recommendation  Read Replies (1) of 4443
 
Vie Financial Group Announces Cost-Reductions and Names New Chief Operating Officer
Thursday May 15, 6:38 pm ET

PHILADELPHIA--(BUSINESS WIRE)--May 15, 2003--Vie Financial Group, Inc. (OTCBB:VIEF - News) announced today a decline in March and April trading volumes and revenues from the strong growth rates experienced in the first two months of the year. We attributed the decline to overall difficult market conditions and increased competition within our market segment. Although the decline in volume was somewhat mitigated in April by the strongest customer acquisition rates that Vie has experienced to date, the Company has taken immediate steps to further reduce costs and restructure its management team, including:
Operational Cost Reductions: management pay reductions and an employee furlough program that reduced the number of employees in the Company by approximately 30%. This furlough program is expected to be in effect until the end of July, 2003. Furthermore, we are closing our Chicago office and are continuing to reduce our fixed cost structure. We are also pursuing relationships with third party technology providers for order entry, order management and other non-proprietary system components.

Addition of New Chief Operating Officer: the Company announced the hiring of an experienced industry professional and changes in certain management responsibilities. Daniel Nole, formerly Chief Financial Officer and Vice President of Operations at NYFIX Millennium, has joined Vie as Chief Operating Officer with responsibility for all day-to-day operations. Trevor Price, Vie's President, is focusing on strategic product development.
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