Investee Company Update

RNS Number : 0603S

FastForward Innovations Limited

20 June 2018

 

  20 June 2018

FastForward Innovations Limited

("FastForward")

Investee Company Update:

Kickwheel Company ("Kickwheel")

Further to the 3 November 2017 announcement, FastForward announces that the shareholders of investee company Kickwheel Company (formerly "Schoold") ("Kickwheel") in which FastForward has an equity interest of 11.6%, have resolved to assign for nil consideration all of Kickwheel's assets to Kickwheel Liquidating Trust (the "Trust") for the benefit of all creditors of the Company pursuant to Section 228 of the Delaware General Corporations Law. Following disposal of all assets by the Trust, shareholders of Kickwheel have further resolved to dissolve Kickwheel. It is not expected that the liquidation of assets and subsequent dissolution will realise any return of equity to shareholders.

Lorne Abony, CEO of Fast Forward commented; "Kickwheel has worked hard to pivot after the collapse of a merger that resulted in significant employee attrition; however, it has not been successful in attracting sufficient funding for their go-forward strategy. This is obviously regrettable and highlights one of the key risks of investing in start-up companies."

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

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

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

Optiva Securities Limited (Broker) Tel: [phone]

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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