FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
26 September 2019
FastForward Innovations Ltd ("FastForward", "FFWD" or the "Company")
Investee Company Update: Cryptologic Corp enters Amended and Restated Loan Agreement
FastForward Innovations Ltd, the AIM listed closed end investment fund with a focus on disruptive high growth technology and life sciences businesses, is pleased to provide an update on its investee company Cryptologic Corp. ("Cryptologic").
As per the announcement dated 6 August 2019 and 12 August 2019, FastForward is looking for opportunities to realise its investment in Cryptologic following its change of strategy. The Board believes that the latest update increases the opportunity of the transaction to complete and will facilitate the exit from the Company's investment.
· Cryptologic has entered into an amended and restated loan agreement with Maricann Inc. ("Maricann"), a subsidiary of Wayland Group ("Wayland"), a vertically integrated cultivator and processor of cannabis, including issuance of a further $1 million and provision for issuance further loans up to a total aggregate sum of $25 million (the "Agreement");
· Monies to be used towards Cryptologic's purchase of the Canadian business of Wayland, including a partially complete, EU-GMP certified, cannabis cultivation and processing facility in Langton, Ontario ("Asset Purchase");
· The exclusivity period has been extended to 16 December 2019 to provide sufficient time for all regulatory approvals regarding the Asset Purchase to be received;
· A non-completion fee introduced to be paid in the instance that the Asset Purchase is not completed as a result of Wayland completing an alternative transaction
· The Asset Purchase is in contravention of FastForward's investment strategy and due to legislative and regulatory differences between the UK and Canada, would preclude the continued involvement of FFWD in Cryptologic
Lorne Abony, Chief Executive Officer of FastForward, commented: "We believe this latest update highlights the proposed acquisition of Wayland is advancing and is getting closer to completion, as evidenced by this amended and restated loan agreement. As previously stated, Wayland's activities are not in line with our investment mandate and we will look to dispose of our interest in a timely manner on confirmation of the transaction. We shall keep shareholders updated with all relevant updates regarding this as well as our other investments which we are actively supporting."
For details of the full terms of the Agreement, please refer to the regulatory announcement released by Cryptologic dated 24 September 2019, which can be found using the following link: https://webfiles.thecse.com/sedar_filings/00032738/1909231505256591.pdf.
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.
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
Gaby Jenner/Megan Dennison
St Brides Partners Ltd
Tel: +44 (0)207 236 1177
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014