FastForward Innovations Limited Investee Company Update (0603S)
21 June 2018 - 3:20AM
UK Regulatory
TIDMFFWD
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 info@fstfwd.co
Sue Saunders/ Ian Burns
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Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396
James Biddle / Roland Cornish
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Optiva Securities Limited (Broker) Tel: +44 (0) 203 411 1881
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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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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