Investee Company Update: Schoold

RNS Number : 9018J

FastForward Innovations Limited

03 July 2017

 

3 July 2017

FastForward Innovations Limited

("FastForward" or the "Company")

Investee Company Update

Update on Schoold Letter of Intent with Lingo Media Corp.

FastForward Innovations Limited ("FFWD" or the "Company") previously announced that investee company, Vested Finance Inc. (trading as "Schoold"), the developer and operator of the leading, mobile college marketplace app in the United States, Schoold, had signed a letter of intent with TSX-V listed Lingo Media Corp. (CVE:LM) ("Lingo Media") to complete a business combination (the "Transaction").

Schoold and Lingo Media have agreed to extend the term of their previously announced letter of intent ("LOI") until 31 July 2017. The extension is required to provide sufficient time to complete the definitive agreements between the parties.

"Both companies have each recently achieved significant commercial milestones, including two long-term university contracts for Schoold and the strategic alliance between HP and Lingo Media," said Schoold Chairman and FastForward CEO, Lorne Abony. "With the focus that was required to close these high-priority deals for each company now behind us, we look forward to concluding the merger."

Michael Kraft, CEO of Lingo Media, said: "With these exciting commercial developments, spanning Latin America and the United States, we are positioning the merged entity for greater cross-selling opportunities and synergies."

As previously announced, the parties are working towards finalizing a definitive agreement with respect to the Transaction, which is anticipated to be a merger of equals in which shareholders of each party will acquire 50% of the resulting entity, pre-new money.  Upon execution of a definitive transaction agreement, Lingo Media will issue a subsequent press release containing more specific details of the Transaction, including a private placement financing to be completed concurrently with the closing of the Transaction.

FastForward will provide a further update as soon as information becomes available.

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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