FiNet breaks deal with

October 11, 2002

Agreement to purchase domain name and related assets terminated

Inman News Features has killed a previously announced deal to buy the assets of the domain.

In a statement filed with the Securities and Exchange Commission, the online mortgage provider said the termination was a mutual agreement with the current owner of the domain, R.E. Ventures Inc., according to news sources. FiNet gave no reason for the termination.

In April, Finet agreed to purchase the domain name and related assets including intellectual property, computer equipment and several thousand real estate broker, mortgage broker and insurance agent hosted Web sites for approximately 1.4 million shares of its common stock.

At the time of the initial agreement, shares of were trading for approximately 90 cents per share. The stock closed trading at 55 cents per share Wednesday.

San Ramon, Calif.-based provides technology and loan products and automated services for mortgage brokerages, real estate brokerages and consumers.

Copyright: Inman News Service

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