FreeRealTime.com Files 10-SB With SEC to Attain "Fully Reporting" Status...
SEC Filing Addresses NASD Eligibility Requirements for Listing on the OTC Bulletin Board...
IRVINE, Calif.--(BUSINESS WIRE)--Sept. 30, 1999-- FreeRealTime.com Inc., (OTC BB:FRTI), a digital financial media company, and a leading provider of on-line, real-time stock market quotes and on-line financial services, announced today that the filing of its Form 10-SB statement, including audited financial statements for its fiscal year ended March 31, 1999, has been completed and submitted to the Securities & Exchange Commission, in preparation of becoming a "fully reporting" public company trading on the OTC Bulletin Board. The company hopes to have the form 10-SB declared effective prior to Dec. 1, 1999 in order to comply with the rules applicable with the Over-the-Counter Bulletin Board, however there can be no assurance that the SEC review process will be complete prior to such date.
FreeRealTime.com completed its Fiscal year ended March 31, 1999 with over 500,000 registered members to its financial services Web site, www.freerealtime.com. The Company has enjoyed substantial growth in page views since its launch in February 1998. During the month of March 1999, the final month of fiscal 1999, these registered members viewed approximately 103 million pages, representing over 50 percent growth from December 1998, the last month of the third quarter of fiscal 1999.
According to FreeRealTime.com President and CEO Brad Gunn, in the Company's first fiscal 2000 quarter ended June 30, 1999, FreeRealTime.com reported continued strong growth in site traffic, as registered members increased to approximately **660,000 registered users, who for the month of June, viewed approximately 136 million pages.
The Company's subscription service, BullSession.com, finished Fiscal 1999 with over 3,500 subscribers compared to approximately 1,700 subscribers at the end of December 1998. At the end of the Fiscal 2000 first quarter ended June 30, 1999, FreeRealTime.com reported 4,700 paid subscribers to its Web site, BullSession.com, a 34 percent increase over the Company's Fiscal 1999 fourth quarter ended March 31, 1999.
The audited financial results showed the Company achieved approximately 1.4 million in net revenues for its first full year of operations and produced a net loss of approximately 3.0 million. Gunn reported that the Fiscal 2000 first quarter ended June 30, 1999, would likely show net revenues approximating those realized during the entire twelve months of fiscal 1999. Gunn continued, "We are pleased with the continued substantial growth in the first quarter of fiscal 2000, but like most of our Internet peers, our net losses will likely continue for the foreseeable future as we make the investments in personnel and systems necessary to manage our rapid growth.
"Providing our shareholders with detailed, audited financial data and information about our business activities and opportunities reaffirms our commitment to providing full disclosure and being responsible fiduciaries for our shareholders and other constituents," said Gunn. "We are also proud of our substantial growth since inception and are pleased to be able to share our revenue trends, membership expansion, and site usage statistics with our shareholders. As a "fully reporting" company, we will continue to keep our shareholders and the financial community updated through timely news releases, public filings with the SEC, and quarterly conference calls," added Gunn.
The Form 10-SB Information Statement, as filed with the SEC, is available through the SEC's EDGAR system at www.freeedgar.com or from the companies' investor relations firm at 949/566-9860.
About FreeRealTime.com
FreeRealTime.com, Inc. is a digital financial media company providing an array of stock market data, business information, and sophisticated research, analysis, and management tools for institutional investors, brokers, independent investors and respected resellers. CNBC's Power Lunch selected FreeRealTime.com as its 'Cool Web Site of the Day' on April 27, 1999. FreeRealTime.com was also featured in Online Investor's May/June 1999 issue, as a "Blue Chip Pick" for market data. Visit our FreeRealTime.com web site at www.freerealtime.com.
-------------------------------------------------------------------------------- Contact: Investor Relation Resources Marty Tullio, 949/566-9860
**NOTE: Subscribers now total some 700,000...
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