FastForward Inn Ltd

Investee Company Update: Factom Inc.

RNS Number : 3741X
FastForward Innovations Limited
27 August 2020
 

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

27 August 2020

 

FastForward Innovations Ltd

("FastForward", "FFWD" or the "Company")

 

Investee Company Update: Factom Inc.

 

FastForward Innovations Ltd is pleased to announce that the revised Chapter 11 Plan of Reorganization for investee company Factom, Inc. ('Factom'), which allows for FastForward's US$6 million SAFE note be converted to equity in Factom, has been approved by the United States Bankruptcy Court for the District of Delaware and shareholders of Factom.  As a result, FastForward expects the conversion of the SAFE note will occur in the coming days and following this, the Company will hold 6,311,330 shares in Factom, representing 30.39% of the issued share capital.

 

Whilst the Company's interest in Factom has been written down to zero as announced on 14 April 2020, today's announcement forms part of continuing action by the Company to recover value for Shareholders from its investment in Factom. Further updates will follow in due course.

 

As announced on 30 July 2020, a provisional agreement ('the Agreement') was reached with Factom which proposed that FastForward's US$6 million SAFE note be converted to equity by the issue of 5,911,330 new shares in Factom. The Chapter 11 Plan of Reorganization was amended by Factom to reflect the Agreement and lodged with the Court on 30 July 2020. Following the confirmation hearing, the revised plan has now been approved by the United States Bankruptcy Court for the District of Delaware and shareholders of Factom.

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

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

Ed McDermott / Lance de Jersey

FastForward Innovations Ltd

Email: [email protected]  

 

James Biddle / Roland Cornish

Beaumont Cornish Limited,

Nomad

 

Tel: +44 (0) 207 628 3396

 

Graham Dickson

Optiva Securities Limited,

Broker

 

Tel: +44 (0) 203 411 1881

 

Susie Geliher / Beth Melluish

St Brides Partners Ltd,

Financial PR

 

Tel: +44 (0)207 236 1177

 

About FastForward Innovations Limited

FastForward Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

 

 

 

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