SOURCE: FinancialContent, Inc.

May 16, 2008 13:55 ET

FinancialContent Reaches Settlement With Creditor, Relinquishes Ownership of Subsidiary

FOSTER CITY, CA--(Marketwire - May 16, 2008) - FinancialContent, Inc. (OTCBB: FCON) today announced that the Company has concluded negotiations with Jade Special Strategies and has agreed to settle claims for the full and immediate repayment of senior secured convertible promissory notes in the amount of $1,165,000 by assigning the promissory notes to FinancialContent Services, Inc. ("FCS"), the Company's wholly owned subsidiary, and by relinquishing ownership of FCS.

On March 15, 2008, the Company had received a letter from Jade Special Strategies demanding full and immediate repayment of the promissory notes or alternatively the transfer of the assets of FCS. To date, the Company had been unable to pay the promissory notes by securing new financing or by selling the assets under terms that were acceptable to all parties involved. In order to avoid having the Company placed into involuntary bankruptcy and prolonging the lengthy and costly process of liquidating the assets and distributing the proceeds, the Company reached a settlement by agreeing to assign the responsibility and ownership of assets and debt to a related party that was satisfactory to Jade Special Strategies.

While the settlement is expected to address the claims made by Jade Special Strategies and to permit the Company to continue operating as a business entity, there is no assurance that the settlement will enhance the value of the Company's remaining subsidiaries and assets and the value of its securities.

The settlement has been actualized in the form of a stock purchase agreement along with an assignment and assumption and release agreement which are expected to take effect within the next 30 days pursuant to the consents or authorizations of principal shareholders and filed in accordance with regulations set forth by the U.S. Securities and Exchange Commission.

For more information, please review the Company's pre-14C filing with the U.S. Securities and Exchange Commission at

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.

Contact Information