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FINANCIAL NEWS NETWORK INC. ANNOUNCES AFFIRMATIVE VOTE FOR REORGANIZATION PLAN

 FINANCIAL NEWS NETWORK INC. ANNOUNCES AFFIRMATIVE VOTE
 FOR REORGANIZATION PLAN
 NEW YORK, April 28 /PRNewswire/ -- Financial News Network Inc. (NASDAQ: FNNQC) today announced that its creditors and shareholders have voted overwhelmingly in favor of FNN's plan of reorganization under Chapter 11 of the Federal Bankruptcy Code.
 Creditors holding over 90 percent of the allowed claims, in each class entitled to vote on the plan, voted to accept the plan. Common shareholders also voted overwhelmingly to accept the plan. Of the shares voted, approximately 99.7 percent voted to accept the plan.
 FNN co-chief executives, Allan R. Tessler and Alan J. Hirschfield, said, "We are gratified by the strong support that FNN creditors and shareholders have given to FNN's plan of reorganization."
 "We look forward to the challenge of building a strong on-going company," added Tessler and Hirschfield.
 Judge Francis G. Conrad of the United States Bankruptcy Court for the Southern District of New York, has set a date of April 29 for a hearing on confirmation of the reorganization plan.
 Under the plan, FNN will transfer its remaining assets to a new company that will consolidate the ongoing operations of its market data service businesses. The new company will include the operations of Data Broadcasting Corp.'s stock quote services for individual investors (Signal, QuoTrek and MarketWatch) and the professional stock quote services available through Shark Information Services Corp.
 -0- 4/28/92
 /CONTACT: Amber Gordon of Financial News Network, 703-359-6236/
 (FNNQC) CO: Financial News Network Inc. ST: New York IN: PUB SU:


TW-DC -- DC021 -- 3984 04/28/92 16:09 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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