Investee Company Update: Factom Inc.

RNS Number : 5761Q

FastForward Innovations Limited

22 June 2020

 

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

22 June 2020

FastForward Innovations Ltd

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

Investee Company Update: Factom Inc. files for Chapter 11 reorganisation

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, announces that further to announcements on 19 March 2020, 2 April 2020 and 14 April 2020, investee company, Factom Inc. (" Factom") has filed for a Chapter 11 reorganisation. Such reorganisation includes an application for the 'writing off' of various debts of Factom, including the Company's $6 million SAFE note.

FastForward's board and legal advisers are investigating the options open to the Company given this development and will provide further update as the situation becomes clearer.

The Company's interest in Factom is divided between Series Seed shares and the SAFE which were valued at £581,000 and £4,880,000 respectively as at 30 September 2019 but were subsequently written down to zero as announced on 14 April 2020 (to be reported at the next Balance Sheet date being 31 March 2020).

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.

*** ENDS***

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]

 

END

 

 

FURBCGDLBUDDGGB