Freerealtime Com Inc

FreeRealTime.com Inc., an Aliso Viejo provider of stock market data and other business information, has filed for bankruptcy protection. The company also said recently that five of its seven directors have resigned. FreeRealTime said it intends to continue operating its Web site as it pursues options for its business and properties, including selling assets. The company filed a Chapter 11 bankruptcy petition for itself and its Canadian unit. Its RedChip.com Inc. and Digital Offering Inc.

FreeRealTime.com Inc., an Irvine provider of real-time stock market data online, said Wednesday that it will issue 4 million shares of stock to merge with privately held RedChip.com Inc., an independent research company in Portland, Ore. FreeRealTime.com shares gained $1 to close at $5 a share, making the deal worth $20 million. The companies said in a joint press release that RedChip.com shareholders will own, on a pro forma basis, about one-third of the combined company.

The Irvine company, which provides stock quotes and market information online, said the net loss for its first quarter, ended June 30, narrowed to $75,000, or 1 cent a share, from $1.3 million, or 20 cents a share, for the same period in 1999. Revenue doubled to a record $3 million.

The Irvine Web-based financial media and investment services company incurred a net loss of $2.6 million, or 23 cents a share, for its fiscal second quarter, compared with a net loss of $896,000, or 13 cents a share, a year earlier. Revenue for the quarter ended Sept. 30 more than doubled to $2.8 million from $1.3 million. During the second quarter, the company completed its merger with Redchip.com.

FreeRealTime.com Inc., which gives professional and individual investors access to stock market information online, postponed introduction of stock trading services because a business partner is being sold. Los Angeles-based FreeRealTime said its alliance with FarSight Financial Services was delayed pending FarSight's planned sale by its owner, New York-based D.E. Shaw & Co. FreeRealTime had said in October that it would start offering online trading by this week.

The Irvine digital financial media company said it lost $1.3 million, or 20 cents a share, for the first quarter ended June 30. Revenue rose to $1.5 million from $101,000.