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Aliso Viejo-based FreeRealTime.com Inc., which filed for bankruptcy protection earlier this year, has signed an agreement to sell its RedChip.com Inc. subsidiary.
FreeRealTime, which is trying to turn around its operations and make itself marketable, said the sale will allow it to focus on doing what it is best at: providing live stock quotes via the Internet.
The sale "gives us the opportunity to focus on our core competency," said Michael Neufeld, president and chief financial officer of FreeRealTime.com.
The deal is expected to close in a couple of months.
A new company, RedChip LLC, is set to assume some liabilities of RedChip.com and take over operations from FreeRealTime.
RedChip LLC was formed recently by Spokane, Wash.-based ICM Asset Management. It plans to operate and manage RedChip.com until the asset...