26 Jan 2021 14:14
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
26 January 2021
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Investee Company Update: Yooma Corp.
FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to confirm the merger of Yooma Corp. ('Yooma'), in which it holds a 10.65% interest, and Globalive Technology (TSX-V: LIVE) ('Globalive') has been approved at a special meeting of its shareholders.
Following completion of the merger, which remains subject to Canadian regulatory approval, FFWD will hold 4,007,165 shares in Globalive representing 8.95% of the enlarged issued share capital.
Ed McDermott, CEO of FastForward, commented: "We are delighted that the merger between Yooma and Globalive has been approved. To see a liquidity event for our holding in Yooma within less than a year from our investment is a great result and one we hope can be replicated across other portfolio companies over the next 12 months. We are very excited to see the combined forces of Globalive and Yooma continue to expand their business plan as a public company and the resulting value that this could bring to FastForward as a shareholder."
The announcement is set out below without material changes or adjustments.
Globalive Technology Announces Results of Shareholder Meeting on January 25, 2021
TORONTO, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Globalive Technology (TSX-V: LIVE) (the "Company"), a technology firm based in Toronto, Ontario, held a special meeting of its shareholders (the "Meeting") on January 25, 2021 at 10:00 a.m. (Toronto time).
The Company is pleased to announce that each of the resolutions proposed in the management information circular for the Meeting (the "Circular") were approved by the shareholders of the Company, including:
(i) | Authorization to implement a plan of arrangement to complete a reverse takeover transaction with Yooma Corp. on substantially the terms described in the Circular (the "RTO Transaction"). | |
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(ii) | Authorization to apply to have the Company de-listed from the TSX Venture Exchange in connection with the completion of the RTO Transaction. | |
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(iii) | Authorization for a new long term incentive plan, that will be the go-forward incentive plan for the resulting issuer of the RTO Transaction. |
Additional details about the Meeting, the resolutions approved by the shareholders and other matters pertaining to the RTO Transaction can be found in the Circular, and in supplementary press releases issued by the Company on January 18, 2021 and January 20, 2021, all of which are available on the Company's SEDAR page at www.sedar.com .
The Company notes that the business of the Meeting remains subject to final approval by the TSX Venture Exchange and the Canadian Securities Exchange.
ABOUT GLOBALIVE TECHNOLOGY
Globalive Technology is a next generation software company and venture partner that is developing and investing in innovative solutions to disrupt traditional industries. The company forms partnerships with leading high growth companies to develop and commercialize software solutions using optimal technology stacks. It is controlled by Globalive Capital Inc., which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from $10M to $1.3B USD, has made over 100 venture investments and has over 45 technology companies in its portfolio. For more information, visit www.globalivetech.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements relating to the Company and its proposed reverse takeover transaction with Yooma Corp. Such forward-looking statements are identified by terms such as "to apply", "will be", "remain subject to" and similar expressions. All statements, other than statements of historical fact included in this release, including those noted above, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the Company being unable to obtain final TSX Venture Exchange or Canadian Securities Exchange approvals for any items of business proposed at the Meeting, the Company or its reverse takeover transaction partner determining not to proceed with the transaction or being unable to satisfy the closing conditions for such transaction, the Company or its transaction partner proposing amendments to the long term incentive plan or determining not to proceed with the implementation of the long term incentive plan, and other risks as set out in the Company's management information circular for the Meeting dated December 21, 2020 and its supplementary press releases dated January 18, 2021 and January 20, 2021, all of which are available on its SEDAR page at www.sedar.com.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The Company cannot guarantee that any of the forward-looking statements contained in this press release will occur as disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information.
Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
For media inquiries:Rob MoyseyCommunications Manager, GlobaliveMedia@globalivetech.com
For investor inquiries:Simon LockieChief Corporate Officer1-647-977-2727InvestorRelations@globalivetech.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ENDS
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance de Jersey | FastForward Innovations Ltd | E: info@fstfwd.co
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James Biddle / Roland Cornish | Beaumont Cornish Limited, Nomad
| T: +44 (0)20 7628 3396
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Isabella Pierre / Damon Heath | Shard Capital Partners LLP
| T: +44 (0)20 7186 9927 |
Isabel de Salis / Beth Melluish | St Brides Partners Ltd, Financial PR | E: info@stbridespartners.co.uk |
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.