7 Apr 2021 16:25
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
7 April 2021
FastForward Innovations Ltd ("FastForward", "the Company" or, "FFWD")
Completion of Sale of Investment in EMMAC Life Sciences
FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to note that, further to the announcement of 10 March 2021, the sale of its investee company, EMMAC Life Sciences Limited ('EMMAC'), to Curaleaf Holdings Inc. ('Curaleaf'), has successfully been completed (the 'Transaction').
As announced, FFWD had conditionally agreed to sell its entire interest in EMMAC (comprising 6,666,667 ordinary shares and a £750,000 convertible loan note) (the 'Sale') for £5,036,459 in cash (the 'Sale Consideration') and therefore, immediately prior to completion of the Transaction, FFWD has completed the Sale and received the Sale Consideration. The proceeds of the Sale will be used to make further investments in accordance with the Company's investing policy.
Ian Burns, Chairman of FastForward Innovations, commented: "We are pleased to note that all conditions in the sale of EMMAC to Curaleaf have been met and the transaction has completed. We are delighted to have made a significant return on our original investment in EMMAC. This will result in us being in an enviable position of having cash totalling in excess of £6.5 million, which we aim to invest in new exciting opportunities, principally within the highly active medical cannabis, cannabinoid wellness and life sciences sectors."
**ENDS**
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance de Jersey | FastForward Innovations Ltd | Email: info@fstfwd.co
|
James Biddle / Roland Cornish | Beaumont Cornish Limited, Nomad
| Tel: +44 (0) 207 628 3396
|
Isabella Pierre / Damon Heath | Shard Capital Partners LLP
| Tel: (0)207 186 9927 |
Catherine Leftley / Megan Dennison | St Brides Partners Ltd, Financial PR | Tel: +44 (0)207 236 1177 |
Notes
FastForward Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.