FastForward Innovations Limited Increased holding in Fralis LLC (Leap Gaming) (0205U)
09 July 2018 - 8:17PM
UK Regulatory
TIDMFFWD
RNS Number : 0205U
FastForward Innovations Limited
09 July 2018
9(th) July 2018
FastForward Innovations Limited
("FastForward" or the "Company")
Increased holding in Fralis LLC (Leap Gaming)
The Company is pleased to report that it has completed the
acquisition of a further 236 units of Fralis LLC ("Leap Gaming")
from a minority Leap Gaming unitholder. The units (comprising 161
Ordinary Units and 75 Preferred Units) were purchased for
EUR3,606.28 each for total consideration of EUR851,082.
Following completion of the acquisition the Company is
interested in a total of 1,512 units (comprising 306 Preferred A
Units, 768 Preferred Units and 438 Ordinary Units), representing
approximately 44.9 per cent. of issued units of Leap Gaming (on a
fully diluted basis). Details regarding the rights of the different
classes of unit are set out in the Company's announcement dated 12
June 2018.
Lorne Abony, Chief Executive Officer of FastForward commented:
"This acquisition of additional units further demonstrates
FastForward's enormous confidence in Leap Gaming, its management
team, and the potential of the company and its products following
Leap's partnership with IMG. The steps that are being taken by Leap
Gaming, working with IMG, are extremely exciting for all
shareholders."
About Leap Gaming
Leap Gaming is a B2B developer of high-end gaming applications
whose games are already offered by leading online and retail gaming
operators around the world generating tens of thousands of
engagement points with end-users. Leap Gaming positions itself in
the forefront of realistic 3D game production, which is
instrumental for offering high end, immersive and customisable
gaming content.
Through 2017 Leap Gaming has more than quadrupled its
customer-base and the total number of Daily Active Users who engage
with its products. Gross Gaming Yield generated through Leap
Gaming's products increased by more than 5 times throughout 2017.
For the 12 months ended 31 December 2017, Leap Gaming incurred a
trading loss of US$ 973,000 on turnover of US$537,548 and reported
Net Assets as at 31 December 2017 of US$5,575,101.
For further information please visit www.fstfwd.co or
contact:
FastForward Innovations Limited info@fstfwd.co
Sue Saunders/ 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
Jeremy King
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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 announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
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END
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