24 Mar 2017 09:23
24 March 2017
FastForward Innovations Ltd
("FastForward" or the "Company")
Investee Company Update
Schoold signs Letter of Intent with Lingo Media Corp.
FastForward Innovations Limited ("FFWD" or the "Company") is pleased to announce that investee company, Vested Finance Inc. (trading as "Schoold"), the developer and operator of the leading, mobile college marketplace app in the United States, Schoold, has signed a letter of intent with TSX-V listed Lingo Media Corp. (CVE:LM) ("Lingo Media") to complete a business combination (the "Transaction"). This follows the announcement on 3 January 2017 that Schoold had executed a letter of intent for a proposed recommended offer from another party. The 75-day exclusivity period under this letter of intent has now lapsed.
It is expected that the resulting entity, which will continue trading on the TSX-V stock exchange as Lingo Media, will also retain the name "Schoold" for use within the college marketing and counseling market.
The parties are working towards finalising a definitive agreement within the next 30 to 60 days with respect to the Transaction, which is anticipated to be a merger of equals in which shareholders of each party will acquire 50 per cent. of the resulting entity, pre-new money. It is anticipated that Lingo Media will complete a private placement concurrently with the closing of the Transaction. A further announcement will be made once the definitive agreement is finalised.
The Company has an approximate 12.3 per cent. interest (on a fully diluted basis) in the issued shares of Schoold. Schoold shareholders also include Silicon Valley and New York investment firms including Social Capital and University Ventures.
About Lingo Media
Lingo Media is a global EdTech company that is 'Changing the way the world learns English', developing and marketing products for learners of English through various life stages, from classroom to boardroom. By integrating education and technology, the company empowers English language educators to easily transition from traditional teaching methods to digital learning. Lingo Media provides both online and print-based solutions through two distinct business units: ELL Technologies and Lingo Learning. ELL Technologies provides online training and assessment for English language learning, while Lingo Learning is a print-based publisher of English language learning programs in China. Lingo Media has established successful relationships with key government and industry organizations internationally, with a particularly strong presence in Latin America and China, and continues to both extend its global reach and expand its product offerings.
The closing market capitalization of Lingo Media as at 23 March 2017 was approximately C$13.1million.
For further information please visit www.lingomedia.com
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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 Fast Forward 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. Fast Forward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.