Investee Company Update: Vemo

RNS Number : 7632D

FastForward Innovations Limited

02 February 2018

 

2 February 2018

FastForward Innovations Ltd

("FastForward" or the "Company")

Investee Company Update

VEMO Education - Progress in 2017

The Company provides the following positive updated from investee company VEMO Education Inc. ("VEMO"). VEMO is a US based technology company working with higher education institutions to develop and implement income-based finance programs on their campuses. These programs enable an institution to share some outcome risk with its students by aligning the cost of the students' education with the success they achieve once they are in the workforce. The Company has a 4.38% interest in the issued shares of VEMO.

2017 Highlights:

•        Processed over US$25M in Income Share Agreements ("ISA") funding requests during 2017 - a x3 increase over the prior year  

•        Working with 16 schools who issued over 1,000 ISA's in 2017 

•        Total ISA book (being the value of the ISA contracts executed by VEMO client universities and colleges) topped US$30 million. Aggregate balance on Vemo platform grew 261% year-over-year 

•        X4 new schools signed with VEMO in Q4 2017 including Clarkson University and Lackawanna College expected to come on board in 2018 

•        2018 run-rate from 20 institutions expected to top US$50 million annual ISA  

•        VEMO hosted ISA Policy Summit in January 2018 to further conversation and help position VEMO as the industry leader 

•        2018 target to sign 1,000 ISA's per quarter

•        Full-year 2017 revenue of US$588,000, up 141% compared to 2016

FastForward CEO Lorne Abony comments, "VEMO made huge strides during 2017 and the effort and hard-work is beginning to pay off with a material up-turn in the number of schools VEMO is working with, the number of ISA contracts that are being written, and the value of each ISA contact to the company. FastForward continues to support VEMO and believes 2018 will be a year of further growth, cementing the company as the market leader is the rapidly growing industry. It remains early days but the Board of FastForward believes strongly VEMO has the potential to be a truly World Class company."

For further information on VEMO Education Inc. please visit www.vemo.com 

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 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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