FOSTER CITY, Calif., Aug. 24 /PRNewswire-FirstCall/ -- FinancialContent, Inc. (OTCBulletinBoard:FCON), a leading provider of stock market data, business news, and online content syndication services, today announced that it has successfully restructured the secured convertible notes issued to Jade Special Strategy, LLC.
FinancialContent has restructured the secured convertible notes to include accelerated repayment of the consolidated notes to December 31, 2007, and in exchange Jade Special Strategy has agreed to waive its rights to adjust the conversion price on the note and to waive its rights to assess redemption fees. Jade Special Strategy will also assume additional advisory duties to assist the company with the review of strategic options that would further enhance shareholder value.
"Over the next few months, we hope to demonstrate that consistent revenue growth will provide us with the ability to reduce and to eliminate debt, thereby creating more certainty for our investors," said Wing Yu, CEO of FinancialContent.
"We also plan to buy back a block of shares held by Jade Special Strategy, LLC at the original conversion price of $0.75," added Mr. Yu.
"Jade Special Strategy recognizes the progress that Mr. Yu and his team have made over the past year and has extended its full support to the company in its endeavors to strengthen shareholder value," said David Propis, Manager of Jade Special Strategy, LLC.
For more information about FinancialContent and its suite of products, please visit the corporate website at http://www.financialcontent.com
About FinancialContent, Inc.
FinancialContent is a leading provider of stock market data, business news, and online content syndication services. The Company's mission is to provide content solutions with the industry's best user experience and highest return on investment for its clients. With over 700 deployments worldwide, FinancialContent manages a global network of private-label financial channels for diversified media companies and financial services firms. For more information, please visit http://www.financialcontent.com. FinancialContent is publicly traded on the over-the-counter market under the ticker symbol FCON.
This news release may contain forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements are meant to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. While management believes such representation to be true and accurate based on the information available to the company, actual results may differ materially from those described. The company's operations and business prospects are always subject to risks and uncertainties. Important facts that may cause actual results to differ are set forth in FinancialContent, Inc.'s periodic filings with the U.S. Securities and Exchange Commission.
Source: FinancialContent, Inc.
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