25 Nov 2015 07:00
25 November 2015 RNS Reach
FastForward Innovations Limited
("FastForward" or the "Company")
Investee Company Update: Purdue Research Foundation signs with EdTech company Vemo Education, Inc.
VEMO Education. Inc. ("Vemo") is an Education Technology company working with U.S.-based colleges and universities to provide a technology platform for income-based student financing programs in the US$1.3 trillion student debt market in the United States. FastForward holds an 8.2% equity interest in Vemo.
Vemo announced on Monday, Nov. 23 the signing of a letter of intent with Purdue Research Foundation, under which Purdue University will become one of the first universities in the U.S. to study the potential benefits of income share agreements ("ISA") as an option to help students pay for higher education.
The Purdue Research Foundation program will not replace government subsidized loans, but, if viable, will offer students and their families an alternative to private education loans or PLUS loans, which can entail substantial risks to students if they cannot afford their payments during and after college.
"Through our selection process, we were impressed not only by the Vemo team's expertise in education financing, but also its strong understanding of, and appreciation for, the needs of students," said Brian Edelman, chief financial officer for the Purdue Research Foundation. "We look forward to the guidance they'll provide to the foundation as we continue to evaluate the potential of ISAs as a useful tool for Purdue students."
About Vemo Education
Vemo Education's mission is to help higher education institutions empower their students by developing customized, value-oriented student financing programs. Providing a full-service approach to its 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.
About Purdue Research Foundation
The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Established in 1930, the foundation accepts gifts; administers trusts; funds scholarships and grants; acquires property; protects Purdue's intellectual property; and promotes entrepreneurial activities on behalf of Purdue. The foundation manages the Purdue Foundry, Purdue Office of Technology Commercialization, Purdue Research Park and Purdue Technology Centers. The foundation received the 2014 Incubator Network of the Year by the National Business Incubation Association for its work in entrepreneurship.
About ISA Agreements
ISA agreements are typically designed to give students the option of drawing funds from an investment pool to cover their education costs, in exchange for agreeing to pay an affordable percentage of their post-graduation income for a set period. An ISA has no principal balance or interest, so its payments adjust with the student's income over the life of the contract. If a student makes less income than expected, he or she is not beholden to the investors for any more than the agreed-upon percentage of actual income earnings.
Further details regarding Vemo are available at its website www.vemo.com or contact:
Vemo Education Tel: +1 410 935 7765 Kerry Schneider |
For further information, please visit www.kualainnovations.com or contact:
FastForward Innovations Limited Tel: +44 1481 810 100 Elysium Fund Management Limited Follow us on Twitter @ffwdinnovation |
Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396 James Biddle / Michael Cornish |
Peterhouse Corporate Finance Limited (Broker) Tel: +44 (0) 20 7469 0930 Guy Miller / Lucy Williams |
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 Limited and the companies in which it invests. 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 Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.