Lorne Abony Appointed as Chief Executive Officer

RNS Number : 2164N

FastForward Innovations Limited

27 January 2016

 

For immediate release

27 January 2016

FastForward Innovations Limited

("FastForward" or the "Company")

Lorne Abony Appointed as Chief Executive Officer

The Board of FastForward is pleased to announce that Mr. Lorne Abony has, today, been appointed by the Company as Chief Executive Officer. Prior to his appointment, Mr. Abony was a non-executive director of the Company.

Co-Chairman Mr. Stephen Dattels was delighted that Mr. Abony agreed to take up the position:

"I was one of Lorne's first investors almost 17 years ago. I know Lorne well.  His integrity, hard work, intelligence, sector expertise and business judgment is as good as I have ever seen. In addition, he is the single largest investor in FastForward and his financial commitment to FastForward and two of its investee companies is in excess of US$8 million. In accepting the role as FastForward CEO, Lorne has committed the three substantive things one can commit to a business namely: capital, time and reputation. For a company of our current size to have a CEO of the calibre of Lorne Abony is remarkable, and great news for all shareholders.  I am certain Lorne will create significant shareholder value for all FastForward shareholders."

Mr. Abony was delighted to accept the position:

"I am very excited to accept the role as FastForward CEO. The opportunity to work closely with Stephen Dattels is very meaningful for me. Stephen is a world class businessperson who has consistently created enormous shareholder value for his shareholders. In addition, the Company has assembled a vastly experienced board with the likes of Jim Mellon involved, as well as a supportive shareholder base including Norbert Teufelberger and Russell Geyser, which I feel puts us in a great position to execute on our plan."

As the Company currently has investments in two companies associated with Mr Abony (Vemo Education Inc. ("VEMO") and Vested Finance Inc. ("Schoold")), to ensure the Company continues to operate independently of VEMO and Schoold, Mr Abony has stood down from executive roles at both companies prior to accepting his appointment as Chief Executive Officer of FastForward.  As previously noted by the Company in its announcement dated 26 January 2016, any subsequent investment decisions in respect of these two investments will be taken by the Independent Directors (comprising Mr Dattels, Mr Mellon, Mr Burns and Mr Smith).

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

James Biddle/ Michael Cornish (Nomad) Beaumont Cornish Limited Tel: [phone] Peterhouse Corporate Finance Limited Guy Miller/ Lucy Williams Tel: [phone]

Elysium Fund Management Limited PO Box 650 1st Floor Royal Chambers St Peter Port Guernsey GY1 3JX Tel: [phone] Fax: [phone] e-mail: [e-mail]

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 Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognisable 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 Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

 

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