3 Nov 2017 12:00
3 November 2017
FastForward Innovations Limited
("FastForward")
Investee Company Update:
Kickwheel and Lingo Media Ends Proposed Merger
Further to the 15 August 2017 announcement, FastForward announces that investee company, Vested Finance Inc (trading as Kickwheel (formerly "Schoold") ("Kickwheel" or "the Company")) in which FastForward has an equity interest of 11.6%, has announced that the definitive agreement dated August 10, 2017 (the "Agreement") to combine in a merger of equals through an all-stock transaction (the "Transaction") with Lingo Media Corporation (TSX-V: LM; OTC: LMDCF; FSE: LIMA) ("Lingo Media") has expired and will not be extended.
Lorne Abony, CEO of Fast Forward commented; "After a long period of negotiation, the board of Kickwheel has concluded that the underlying commercial conditions of the deal have changed and the proposed merger will not create long term value for shareholders including Fast Forward. This is clearly a disappointment but I remain confident that Joe Ross, CEO of Kickwheel, and his team will move forward from this to grow a company which will create real value for Fast Forward."
For further information please visit www.fstfwd.co or contact:
FastForward Innovations Limited info@fstfwd.co Josh Epstein/ Ian Burns |
Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396 James Biddle / Roland Cornish |
Optiva Securities Limited (Broker) Tel: +44 (0) 203 411 1881 Ed McDermott |
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 recognizable 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. FastForward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.