FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
30 July 2019
FastForward Innovations Ltd ("FastForward" or the "Company")
Investee Company Update: Factom
SAFE Agreement with Factom, Inc. Extended
AIM listed FastForward Innovations Limited has agreed terms with Factom Inc. ("Factom") for the extension of the Company's Simple Agreement for Future Equity ("SAFE Agreement") for an unlimited period. In the absence of the extension, the SAFE Agreement was due to convert into shares of Series A preferred stock of Factom on 20 July 2019. Under the terms of the SAFE Agreement the Company advanced US$6 million to Factom, which sum shall now convert into Factom's equity securities at a future date at a 25 percent discount to the price of Factom's next round of financing in which it raises at least $3 million (USD).
Further details regarding the terms of the SAFE Agreement are set out in more detail in the announcement by the Company dated 23 July 2018.
About Factom Inc.
Factom, Inc. is an Austin-based blockchain technology company that provides blockchain data provenance for complex industries. Factom specializes in building scalable blockchain technology to handle complex enterprise data and volume. Factom is the recognized leader in providing blockchain solutions in order to preserve, ensure and validate digital assets. For information, please visit factom.com.
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 and the future plans and objectives of Factom, Inc. 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. Neither FastForward Innovations nor Factom, Inc. assumes any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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 /
Beaumont Cornish Limited
Tel: +44 (0) 207 628 3396
Optiva Securities Limited
Tel: +44 (0) 203 411 1881
St Brides Partners Ltd
Tel: +44 (0)207 236 1177