Investee Company Update: Factom Inc.

RNS Number : 9269L

Seed Innovations Limited

16 September 2021

 

Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments 

16 September 2021

SEED Innovations Limited ("SEED" or the "Company")

Investee Company Update: Factom Inc.

SEED Innovations Limited, the AIM quoted company investing in fast growing and industry leading businesses with a focus on the medical cannabis, health and wellness space,  is pleased to announce that Inveniam Capital Partners Inc. ("Inveniam") has completed the purchase of Factom Inc.'s ("Factom") assets (the "Acquisition").  Factom is a SEED portfolio company that was written down to £nil as announced in April 2020 and this Acquisition follows on from the previous mention in the Company's Annual Report published in July 2021, and Factom's exit from Chapter 11 bankruptcy proceedings.

Summary

· Under the terms of the Acquisition , Inveniam will settle all of Factom's creditor obligations and will issue to the Factom preferred shareholders, of which SEED is one, a fixed number of Inveniam Preferred shares.  The value of this investment whilst initially expected to be approximately £250,000 for SEED, will be priced in our accounts in accordance with the price at which the same class of Inveniam preferred shares has been sold in concurrent private sales.

· Under the terms of the Acquisition, SEED (and other Factom preferred shareholders) may also receive a further future consideration in relation to the US Government contracts held by Factom, should future revenues be generated in relation to these contracts. 

Ed McDermott, Chief Executive Officer of SEED, commented: "Whilst very disappointing to see the final demise of Factom Inc., which has been held at nil value since March 2020, the agreement reached with Inveniam Capital Partners Inc. brings what has been a very difficult 18months for Factom to a close and presents an opportunity for SEED to possibly recoup some of that investment via the preference share holding in Inveniam. We wish Inveniam every success and will monitor their progress and communicate the development of their business to our own shareholders as conditions allow."  

About Inveniam 

Inveniam is a private Fintech company with offices in New York and Northville, MI. Founded in 2017, Inveniam has built Inveniam.io , a powerful technology platform that utilises big data, AI and blockchain technology to provide not only surety of data, but high-functioning use of that data in a distributed data ecosystem. When verified by Inveniam, users can obtain real-time pricing of private, infrequently traded assets, accelerate diligence, accurately price, and identify buyers for those assets. Inveniam's operating system credentials data to commute trust - allowing payments throughout the global financial system.  This ability to commute trust in data artifacts is regardless of their place of rest, origin, or application.  Inveniam holds numerous patents around the ingestion of data into smart contracts.

***ENDS***

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

Ed McDermott / Lance de Jersey	SEED Innovations Ltd	Email:    [e-mail]
James Biddle / Roland Cornish	Beaumont Cornish Limited, Nomad	Tel: [phone]
Isabella Pierre / Damon Heath	Shard Capital Partners LLP	T: [phone]
Catherine Leftley / Isabel de Salis	St Brides Partners Ltd, Financial PR	Email:  [e-mail]

 

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