Increased holding in Fralis LLC (Leap Gaming)

RNS Number : 0205U

FastForward Innovations Limited

09 July 2018

 

9^th July 2018

FastForward Innovations Limited

("FastForward" or the "Company")

Increased holding in Fralis LLC (Leap Gaming)

The Company is pleased to report that it has completed the acquisition of a further 236 units of Fralis LLC ("Leap Gaming") from a minority Leap Gaming unitholder. The units (comprising 161 Ordinary Units and 75 Preferred Units) were purchased for €3,606.28 each for total consideration of €851,082.

Following completion of the acquisition the Company is interested in a total of 1,512 units (comprising 306 Preferred A Units, 768 Preferred Units and 438 Ordinary Units), representing approximately 44.9 per cent. of issued units of Leap Gaming (on a fully diluted basis). Details regarding the rights of the different classes of unit are set out in the Company's announcement dated 12 June 2018. 

Lorne Abony, Chief Executive Officer of FastForward commented: "This acquisition of additional units further demonstrates FastForward's enormous confidence in Leap Gaming, its management team, and the potential of the company and its products following Leap's partnership with IMG. The steps that are being taken by Leap Gaming, working with IMG, are extremely exciting for all shareholders."

About Leap Gaming

Leap Gaming is a B2B developer of high-end gaming applications whose games are already offered by leading online and retail gaming operators around the world generating tens of thousands of engagement points with end-users. Leap Gaming positions itself in the forefront of realistic 3D game production, which is instrumental for offering high end, immersive and customisable gaming content.

Through 2017 Leap Gaming has more than quadrupled its customer-base and the total number of Daily Active Users who engage with its products. Gross Gaming Yield generated through Leap Gaming's products increased by more than 5 times throughout 2017.  For the 12 months ended 31 December 2017, Leap Gaming incurred a trading loss of US$ 973,000 on turnover of US$537,548 and reported Net Assets as at 31 December 2017 of US$5,575,101.

For further information please visit www.fstfwd.co or contact:

FastForward  Innovations Limited [e-mail]   Sue Saunders/ Ian Burns

Beaumont Cornish Limited (Nomad) Tel: [phone] James Biddle / Roland Cornish

Optiva Securities Limited (Broker) Tel: [phone] Jeremy King

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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

 

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