FastForward Innovations Limited Investee Company Update: Factom Inc. (4984I)
02 April 2020 - 5:00PM
UK Regulatory
TIDMFFWD
RNS Number : 4984I
FastForward Innovations Limited
02 April 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
2 April 2020
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: Factom Inc.
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
hereby provides an update in respect of investee company, Factom
Inc.'s (" Factom").
Further to the announcement of 19 March 2020, the Company has
been notified by the directors of Factom that in a board meeting on
31 March 2020 they concluded that, in the absence of further
funding, they now needed to begin the process of assignment of
assets for the benefit of creditors.
This action will be treated as a Dissolution Event under the
terms of the Company's $6m Simple Agreement for Future Equity
("SAFE") and, as such, FastForward will become the largest creditor
representing well over 90 per cent. of the creditors. As such
FastForward shall control the receivership process and is currently
seeking to appoint a receiver to take control of Factom's assets
including all intellectual property ("IP") upon which the Factom
Protocol operates (the "Receivership").
The Company's interest in Factom was divided between Series Seed
shares and the SAFE valued at GBP581,000 and GBP4,880,000
respectively as at 30 September 2019. In light of the Receivership
it is likely that the Series Seed shares shall have no carrying
value. Likewise the value of the SAFE will also need to be reviewed
dependent on the outcome of the Receivership, the resulting value
of the assets acquired and the ability to realise value out of
them.
As soon as a Receiver is appointed and the process and timetable
is understood the Company will make further updates. In the
meantime the Directors of FastForward are proactively working with
previous Factom management in evaluating options to maximise any
value for the assets and the IP.
FastForward Director, Ed McDermott, said, "We are extremely
disappointed with this news from Factom. In light of this
Dissolution Event under the SAFE we are taking swift action to
protect our position as best we can in the circumstances albeit the
ability to generate any meaningful return is uncertain. As we go
through the Receivership process and understand more of the events
that led to this position our position as investors in Factom is
expressly reserved. "
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.
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.
*** ENDS***
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Limited, Tel: +44 (0) 207 628
Cornish Nomad 3396
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Graham Dickson Optiva Securities Tel: +44 (0) 203 411
Limited, 1881
Broker
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Isabel de Salis / Beth St Brides Partners Tel: +44 (0)207 236
Melluish Ltd, 1177
Financial PR
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END
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