Exhibit 99.1
HyperFeed Technologies Board of Directors Approves Filing of Voluntary Bankruptcy Petition
CHICAGO,
November 9, 2006 — The Board of Directors of HyperFeed
Technologies, Inc. (OTCBB: HYPR) (
“HyperFeed”),
a company that provides Exchange Grade Technology enabling firms to gain direct access to a
wide range of market data, data distribution and benchmarking tools, resolved today to file a
voluntary petition in the United States Bankruptcy Court for the District of Delaware (the
“Bankruptcy Court”) seeking relief under the provisions of Chapter 7 of Title 11 of the United
States Code (the
“Bankruptcy Code”).
As previously reported on HyperFeed’s current report on Form 8-K filed with the Securities and
Exchange Commission on
November 8, 2006, by letter dated
November 7, 2006, Exegy Incorporated
(
“Exegy”) informed HyperFeed that it was terminating a
Contribution Agreement among Exegy, HyperFeed and PICO Holdings, Inc.
dated
August 25, 2006. As reported in the November 8, 2006 8-K, HyperFeed disputes Exegy’s right to terminate the
Contribution Agreement and plans to vigorously defend its rights thereunder through all available
legal means. Also, as reported, HyperFeed was relying on the transactions contemplated by the
Contribution Agreement to finance its current and future capital
needs and operating costs. The Board of
Directors of HyperFeed has determined that, as a result of Exegy’s actions to terminate the
Contribution Agreement and transactions contemplated thereby, existing and anticipated capital resources,
including cash and cash equivalents, accounts receivable, assets related to discontinued
operations, and financing from PICO, which is currently
the Company’s only source of financing,
will not be sufficient to fund its operations on a going concern basis. In connection with the
planned Chapter 7 Bankruptcy filing, HyperFeed will cease all business activity and operations.
Upon filing of the petition, the court will appoint a bankruptcy trustee who will be responsible
for the wind-up of the business.
About HyperFeed
HyperFeed brings Exchange Grade Technology from the data source to the desktop through its High
Performance Center, a global, highly-distributed, fully-managed financial content distribution
utility that is open to direct exchange feeds, consolidated feeds and third party market data
providers — all delivered with ultra-low latency. HyperFeed’s products and services are designed to
be open — open to all sources of data, open to customers who require technical access to customize
code and applications, and open to the financial community to share and create new standards for
trading technology. This inherent flexibility helps to reduce overall cost, and gives trading
professionals, exchanges, and market data providers the power to create and deploy fast, flexible,
and smart utilities to power their businesses and reach their customers.
Safe Harbor Disclosure
Forward-looking statements (statements which are not historical facts) in this release are made
pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of
1995. For this purpose, any statements contained in this report that are not statements of
historical fact may be deemed to be forward-looking statements. Without limiting the generality of
the foregoing, words such as
“may,” “will,” “to,” “expect,” “believe,” “anticipate,” “intend,”
“could,” “would,” “estimate,” or
“continue” or the negative or other variations thereof or
comparable terminology are intended to identify forward-looking statements. Investors are cautioned
that all forward-looking statements involve risk and uncertainties. Stockholders are subject to the
risks and uncertainties described in HyperFeed’s filings with the U.S. Securities and Exchange
Commission, including HyperFeed’s Annual Report on Form 10-K for the year ended
December 31, 2005.
In addition, stockholders and others are directed to
www.sec.gov for a complete list of filed
documents, including the Schedule 14C and Schedule 13E-3 each filed on
June 14, 2006 with respect
to HyperFeed’s reverse stock split.
