Investee Company Update: Factom Inc

RNS Number : 3653H

FastForward Innovations Limited

14 November 2018

 

14^th November 2018

 FastForward Innovations Limited

("FastForward" or the "Company")

Investee Company Update: Factom Inc.

The Board of AIM-traded FastForward Innovations Limited, trading under the symbol FFWD, ("FastForward", the "Company" or "FFWD"), notes the following announcement released on 13 November concerning investee company Factom Inc. ("Factom"). FastForward has a current equity interest in Factom of 2.06% and an investment of US$6million under a SAFE Agreement (see terms as announced on 23 July 2018).

The announcement is set out below without material changes or adjustments.

LUXEMBOURG, Nov. 13, 2018 (GLOBE NEWSWIRE) - Equator, an Altisource business unit and a leading provider of residential loan default software and marketing solutions for many of the country's top servicers, real estate agents and vendors, today announced an agreement with Factom, Inc. to integrate the Factom^® Harmony blockchain-as-a-service (BaaS) platform into the Equator^® PRO solution.

Equator PRO is a software-as-a-service (SaaS) solution that helps servicers increase efficiency and vendor oversight across the default servicing process. Designed for all portfolio sizes, the Equator PRO product suite of loan management, loan modification, short sale/deed-in-lieu, foreclosure/bankruptcy, and real estate owned (REO) focused products, provides servicers with tools to help manage defaulted loans and REO and make more strategic and cost-efficient default servicing decisions.

Factom's Harmony BaaS platform harnesses the power of blockchain to create an immutable record of activities, data, events and decisions. Factom's blockchain solutions will provide a distributed mechanism to preserve data, files and digital records, making them verifiable and independently auditable.

"Equator is committed to delivering technology that provides transparency and compliance throughout the default process," said Patrick G. McClain, Senior Vice President of Equator and Hubzu Auction Services for Altisource. "Incorporating Factom's blockchain tools will support our customers' compliance obligations. At Equator we are regularly working to improve and advance our default servicing technology, and adding cutting-edge tools like Factom's Harmony is another example of our continued leadership."

The addition of Factom's Harmony provides Equator customers the opportunity to incorporate the recordation of data, documents and key audit events onto Factom's blockchain solution. Factom's Harmony provides options for individual loans to be tracked as individual chains of data on the blockchain. This design allows Equator PRO customers the option to embed blockchain preservation into their various workflows, allowing for an immutable and encrypted blockchain audit record to be built for each loan and each workflow step.

"At Factom we know a practical blockchain solution is needed to specifically deal with complex business data and documents," said Laurie Pyle, COO of Factom. "We look forward to working with Equator, who shares the vision of using blockchain technology to bring transparency and efficiency to the default servicing process."

Equator PRO with Harmony offers a blockchain technology solution to help address the complexities of the default mortgage process. The combination of Equator's powerful workflow technology and Factom's blockchain offers default mortgage participants the opportunity for enhanced tracking, management and collaboration within the default servicing process. In this model, each party retains their documents, files and data securely within their data centers while providing confidence in the integrity of the information being shared and accessed.

About Equator^®

Equator, an Altisource^® business unit, is a leading provider of default software solutions for servicers, real estate agents, vendors and other mortgage and real estate industry professionals. Equator's REO, short sale and loss mitigation modules have processed transactions totalling more than $330 billion since its inception, including nearly $12 billion in 2017. Equator is part of the Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) family of businesses. For more information, please visit equator.com.

About Factom, Inc.

Factom, Inc. is an Austin-based blockchain technology company that is on a mission to provide blockchain data provenance for complex industries. Factom specializes in building scalable blockchain technology to handle enterprise data and volume with a predictable cost model. Factom is the recognized leader in providing blockchain solutions in order to preserve, ensure and validate digital assets. For information, please visit factom.com.

About Altisource^®

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.

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

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

Optiva Securities Limited (Broker) [phone] Jeremy King

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

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 Fast Forward 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. Fast Forward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

 

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