Investee Company Update: Factom Inc.

RNS Number : 6023U

FastForward Innovations Limited

30 July 2020

 

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

30 July 2020

FastForward Innovations Ltd

("FastForward", "FFWD" or the "Company")

Investee Company Update: Amendment of Factom Inc. Chapter 11 reorganisation

FastForward Innovations Ltd announces that further to previous releases on 9 July and 22 June 2020 regarding the proposed Chapter 11 reorganisation of investee company Factom, Inc. (" Factom") which included an application for the discharge of various debts of Factom, including an application for the Court to set aside the obligations of Factom under FastFoward's $6 million SAFE note, a provisional agreement has been reached with Factom whereby it is proposed that the SAFE note shall instead be converted to equity by the issue of 5,911,330 new shares in Factom. The proposed plan remains subject to approval by the United States Bankruptcy Court for the District of Delaware (the "Court") and shareholders of Factom.

The Chapter 11 Plan of Reorganization has been amended by Factom to reflect this agreement and has been lodged with the Court today, with a confirmation hearing expected to take place in September.  Subject to Court approval of the revised plan, together with shareholder approval, further legal action by FFWD will not be required.

Should this revised plan be confirmed FastForward will, following conversion of the SAFE note, hold 6,311,330 shares in Factom, representing 30.39% of the then issued share capital.

Whilst the Company's interest in Factom has been written down to zero as announced on 14 April 2020, these actions form part of continuing action by the Company to recover value for Shareholders from its investment in Factom. Further updates will follow once the Chapter 11 hearings have taken place.

About FastForward Innovations Limited

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.

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

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.

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

Ed McDermott / Lance de Jersey	FastForward Innovations Ltd	Email: [e-mail]
James Biddle / Roland Cornish	Beaumont Cornish Limited, Nomad	Tel: [phone]
Graham Dickson	Optiva Securities Limited, Broker	Tel: [phone]
Isabel de Salis / Beth Melluish	St Brides Partners Ltd, Financial PR	Tel: [phone]

 

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