FastForward Innovations Limited Investee Company Update: Vemo
February 02 2018 - 3:35AM
RNS Non-Regulatory
TIDMFFWD
FastForward Innovations Limited
02 February 2018
2 February 2018
FastForward Innovations Ltd
("FastForward" or the "Company")
Investee Company Update
VEMO Education - Progress in 2017
The Company provides the following positive updated from
investee company VEMO Education Inc. ("VEMO"). VEMO is a US based
technology company working with higher education institutions to
develop and implement income-based finance programs on their
campuses. These programs enable an institution to share some
outcome risk with its students by aligning the cost of the
students' education with the success they achieve once they are in
the workforce. The Company has a 4.38% interest in the issued
shares of VEMO.
2017 Highlights:
-- Processed over US$25M in Income Share Agreements ("ISA")
funding requests during 2017 - a x3 increase over the prior
year
-- Working with 16 schools who issued over 1,000 ISA's in 2017
-- Total ISA book (being the value of the ISA contracts executed
by VEMO client universities and colleges) topped US$30 million.
Aggregate balance on Vemo platform grew 261% year-over-year
-- X4 new schools signed with VEMO in Q4 2017 including Clarkson
University and Lackawanna College expected to come on board in
2018
-- 2018 run-rate from 20 institutions expected to top US$50 million annual ISA
-- VEMO hosted ISA Policy Summit in January 2018 to further
conversation and help position VEMO as the industry leader
-- 2018 target to sign 1,000 ISA's per quarter
-- Full-year 2017 revenue of US$588,000, up 141% compared to 2016
FastForward CEO Lorne Abony comments, "VEMO made huge strides
during 2017 and the effort and hard-work is beginning to pay off
with a material up-turn in the number of schools VEMO is working
with, the number of ISA contracts that are being written, and the
value of each ISA contact to the company. FastForward continues to
support VEMO and believes 2018 will be a year of further growth,
cementing the company as the market leader is the rapidly growing
industry. It remains early days but the Board of FastForward
believes strongly VEMO has the potential to be a truly World Class
company."
For further information on VEMO Education Inc. please visit
www.vemo.com
For further information please visit www.fstfwd.co or
contact:
FastForward Innovations Limited
info@fstfwd.co
Josh Epstein / 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
Ed McDermott
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 Fast
Forward 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. Fast
Forward 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 company news service from the London Stock Exchange
END
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