13 May 2019 10:21
13 May 2019
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Disposal of interest in investee company, Vemo Education Inc.
The Board of AIM-listed FastForward Innovations Limited, trading under the symbol FFWD, is pleased to announce the partial sale of its shareholding in investee company Vemo Education Inc. ("Vemo") for cash consideration of US$442,235.33 (approximately £339,500 at 10 May exchange rates). The transaction represents the disposal of the entire Series seed-1 preferred holding of 2,527,059 shares and leaves FastForward with a holding of 1,000,000 Series seed-2 preferred shares, representing an interest of 0.47% in Vemo, a share class which enjoys significantly preferential conversion rights. The proceeds of the sale will be held in cash and deployed in accordance with the Company's investing policy.
Commenting on the Disposal, CEO Lorne Abony noted, "The partial sale of the Company's interest in Vemo is the Company's first exit from an investment in 2019. The Board believes further investments can be realized during the course of 2019 and intends to reinvest the proceeds in the medicinal cannabis sector, furthering FFWDs investment focus on life science, health and technology."
About Vemo Education
Vemo Education's mission is to help higher education institutions align the value and the cost of their education by developing custom, value-oriented student financing programs. Providing a full-service approach to its educational partners, Vemo has invested in the infrastructure required to design, price, originate, disburse, and service income-based payment products. Vemo's management team has extensive experience in education finance and the financial aid sector. Learn more at www.vemo.com.
For further information on the Company and its investments please visit www.fstfwd.co or contact:
FastForward Innovations Limited info@fstfwd.co Lance De Jersey/Guerhardt Lamprecht
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Beaumont Cornish Limited (Nomad) +44 (0) 207 628 3396 James Biddle/ Roland Cornish
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Optiva Securities Limited (Broker) +44 (0) 203 411 1881 Graham Dickson |
For further information please visit www.fstfwd.co or contact:
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognisable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Fast Forward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.