Investee Company Update : Fralis LLC (Leap Gaming)

RNS Number : 8520N

FastForward Innovations Limited

27 September 2019

 

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

27 September 2019

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

Investee Company Update:  Leap Gaming signs Mansion Casino as New Client

 

FastForward Innovations Ltd, the AIM listed closed end investment fund with a focus on disruptive high growth technology and life sciences businesses, is pleased to provide an update on its investee company Fralis LLC ("Leap Gaming").  FFWD currently holds 43.4 per cent. (on a fully diluted basis) of the issued share capital of Leap Gaming.

Overview:

·     Leap Gaming has partnered with the established online betting and gaming platform Mansion Casino ('Mansion') around distribution of Leap Gaming's game portfolio across Mansion's footprint

·     Leap Gaming reported impressive year-on-year ("y-o-y") improvements in performance, including a 70% y-o-y increase in gross gaming revenues (August 2019 compared to August 2018)

·     Leap Gaming leverages its proprietary content generation platform, to develop state of the art games prior to partnering with leading gaming operators to serve immersive gaming experiences to users globally

·     The Company continues to support its investee company portfolio as it looks to provide exposure to disruptive technology and life sciences businesses

Leap Gaming, a leading B2B developer of high-end gaming applications, has partnered with Mansion around distribution of Leap Gaming's virtual games across Mansion's international network.  Leap Gaming, founded in 2014, leverages its proprietary content generation platform, to develop state of the art games that harness cutting-edge, 3D motion technology to capture and recreate ultra-realistic versions of some of the world's most popular sports, and then partners with leading gaming operators to serve immersive gaming experiences to users around the world.

Under the terms of the deal, Mansion will offer on-demand and scheduled virtual horse racing, tennis, trotting, speedway, cycling and greyhounds, as well as Leap's newly-launched Instant Football, which combines motion-capture animations with expert commentary and a wide range of betting options. The Instant Football product contains 16 teams, with features including the option to browse between games, immediate fixture activation and the ability to skip scenes and matches for faster interaction.

Mansion Casino represents a further high-profile client who have recognised the capabilities and track record of Leap Gaming and its ability to develop cutting edge immersive games that appeal to a global audience. It is one of a number of recent client wins since mid-2018, that is driving the significant growth of the business.  In the last year, Leap Gaming has seen a shift to a more strategic customer acquisition strategy resulting in a substantial increase in the number of B2B customers since August 2018. 

The development success of Leap Gaming has been reflected in its performance and when comparing the monthly results for August 2019 to the previous year.  Key points include:

·     Products have been launched in physical licensed gambling facilities including casinos; 

·     70% increase in Gross Gaming Revenue to (August 2019 compared to August 2018);

·     Headcount has increased almost 3 fold; and

·     Doubling of territorial office presence.

Yariv Lissauer, CEO of Leap Gaming, said "Working with our strategic partners since mid 2018 has enabled Leap Gaming to sign new customers and develop a strong pipeline for both new clients and exciting products.  Mansion Casino represents a further internationally recognised company that is offering our content.  We are working with our partners and clients on exciting new development opportunities for 2020 and expect to report further strong growth in the coming year."

Lorne Abony, Chief Executive Officer of FastForward, and the nominee director of the Company on the Leap Gaming board commented: "Leap Gaming has had an excellent 12 months since June 2018, winning major gaming clients such as Mansion and achieving significant growth (ahead of forecasts) across all key metrics in its business plan.  The traction gained with new products, customers and markets are all driving revenue and customer growth, which supports FFWD's view that the next 12 months are very exciting in terms of what Leap Gaming can achieve.  It is clear that the widening of the Leap shareholder base has been a huge factor in the outstanding performance by Leap over the last 12 months and the integration of products is continuing with new products being launched over the next 6 months (most notably golf in H1 2020). I would again like to place on record my thanks to Yariv and his team - they are working incredibly hard and beginning to deliver on the potential FFWD saw when we originally invested.

"On a wider level, we continue to support our investee companies that have the potential to generate significant capital gains and try and provide visibility to the underlying net asset value of the Company; this was c.£19 million when we last reported on 31 March 2019 against a current market cap of c.£8.6 million.  As a group we look forward to updating shareholders on progress and developments."

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.

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]
Gaby Jenner/Megan Dennison	St Brides Partners Ltd Financial PR	Tel: [phone]

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

 

END

 

 

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