Investee Company Update: Schoold

RNS Number : 8104I

FastForward Innovations Limited

22 June 2017

 

22 June 2017

FastForward Innovations Limited

("FastForward")

Investee Company Update: Schoold

FastForward is pleased to provide the following update from its portfolio company Vested Finance, Inc. (trading as "Schoold"): Schoold yesterday announced the ahead-of-schedule signing of two long-term commercial agreements with higher education clients adopting the company's new recruitment and retention solution.

The new solution, marketed as "Mobile Mentorship," leverages Schoold's proprietary in-app mobile messaging platform to reach, recruit, and retain more students.  For each of the company's higher education clients this is expected to generate additional tuition revenue in excess of $70 million over the lifetime of a contract.

In light of this value proposition, Schoold expects to offer Mobile Mentorship in exchange for a double-digit revenue share on tuition revenue earnt through the App, with an up-front retainer.

As of June 2017, retainer amounts exceed $300,000, and the company reports a pipeline of over 40 prospective clients.

FFWD CEO Lorne Abony commented: "In March, when this new solution was first unveiled, Schoold forecasted it would sign its first Mobile Mentorship client by summer 2017. The ahead-of-schedule signing of two such contracts is a signal of strong market demand for the company's unique, mobile-first approach."

The revenue-share model employed by Schoold is similar to the approach popularized by 2U (NASDAQ:TWOU), which notably at the time of its $500M initial public offering had signed eight (8) university clients in long-term contracts of 10 or more years. 

The two contracts signed by Schoold each carry an initial term of 12 years. 

The Company has an approximate 12 per cent. interest (on a fully diluted basis) in the issued shares of Schoold.  Schoold shareholders also include Silicon Valley and New York investment firms including Social Capital and University Ventures. FastFoward understands that finalization of the agreement between Lingo Media and Schoold is continuing (as announced on 1 June 2017), and that Schoold management expects the transaction to close shortly, at which time FastForward will update the market.

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

FastForward  Innovations Limited [e-mail]   Josh Epstein/ Ian Burns

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

Optiva Securities Limited (Broker) Tel: [phone] Ed McDermott

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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