FastForward Innovations Limited Investee Company Update: Schoold (9018J)
03 July 2017 - 6:48PM
UK Regulatory
TIDMFFWD
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 info@fstfwd.co
Josh Epstein/ Ian Burns
------------------------------------------------------------
Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396
James Biddle / Roland Cornish
------------------------------------------------------------
Optiva Securities Limited (Broker) Tel: +44 (0) 203 411 1881
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUOSWRBSABRRR
(END) Dow Jones Newswires
July 03, 2017 04:48 ET (08:48 GMT)
Seed Innovations (LSE:SEED)
Historical Stock Chart
From Apr 2024 to May 2024
Seed Innovations (LSE:SEED)
Historical Stock Chart
From May 2023 to May 2024