HyperFeed receives Pico cash boost
22 August 2002 | 3436 views | 0
US market data vendor HyperFeed Technologies has secured a $305,000 cash infusion from the exercise of warrants by principle shareholder Pico Holdings.
In accordance with the terms of the warrants, Pico acquired 949,032 shares of HyperFeed common stock at $0.3215 per share, raising its total stake in the company to 44.3%.
Jim Porter, HyperFeed's chairman and CEO, describes Pico's continued interest as a vote of confidence in the direction of the company.
John Hart, president, CEO and director of Pico, says the investment was made on the back of favourable feedback from proprietary trading firms as to HyperFeed's speed and accuracy advantages during volatile trading condistions.
He adds: "These factors combined with HyperFeed's initiative to aggressively pursue new and expanded markets...encouraged us to exercise options at this time."
HyperFeed recently appointed Paul Pluschkell as executive vice president with a mandate to structure agreements and partnerships to place the vendor's core ticker plant technology with large financial institutions.