FastForward Innovations Limited Investee Company Update (4566A)
March 24 2017 - 4:23AM
UK Regulatory
TIDMFFWD
RNS Number : 4566A
FastForward Innovations Limited
24 March 2017
24 March 2017
FastForward Innovations Ltd
("FastForward" or the "Company")
Investee Company Update
Schoold signs Letter of Intent with Lingo Media Corp.
FastForward Innovations Limited ("FFWD" or the "Company") is
pleased to announce that investee company, Vested Finance Inc.
(trading as "Schoold"), the developer and operator of the leading,
mobile college marketplace app in the United States, Schoold, has
signed a letter of intent with TSX-V listed Lingo Media Corp.
(CVE:LM) ("Lingo Media") to complete a business combination (the
"Transaction"). This follows the announcement on 3 January 2017
that Schoold had executed a letter of intent for a proposed
recommended offer from another party. The 75-day exclusivity period
under this letter of intent has now lapsed.
It is expected that the resulting entity, which will continue
trading on the TSX-V stock exchange as Lingo Media, will also
retain the name "Schoold" for use within the college marketing and
counseling market.
The parties are working towards finalising a definitive
agreement within the next 30 to 60 days with respect to the
Transaction, which is anticipated to be a merger of equals in which
shareholders of each party will acquire 50 per cent. of the
resulting entity, pre-new money. It is anticipated that Lingo Media
will complete a private placement concurrently with the closing of
the Transaction. A further announcement will be made once the
definitive agreement is finalised.
The Company has an approximate 12.3 per cent. interest (on a
fully diluted basis) in the issued shares of Schoold. Schoold
shareholders also include Silicon Valley and New York investment
firms including Social Capital and University Ventures.
About Lingo Media
Lingo Media is a global EdTech company that is 'Changing the way
the world learns English', developing and marketing products for
learners of English through various life stages, from classroom to
boardroom. By integrating education and technology, the company
empowers English language educators to easily transition from
traditional teaching methods to digital learning. Lingo Media
provides both online and print-based solutions through two distinct
business units: ELL Technologies and Lingo Learning. ELL
Technologies provides online training and assessment for English
language learning, while Lingo Learning is a print-based publisher
of English language learning programs in China. Lingo Media has
established successful relationships with key government and
industry organizations internationally, with a particularly strong
presence in Latin America and China, and continues to both extend
its global reach and expand its product offerings.
The closing market capitalization of Lingo Media as at 23 March
2017 was approximately C$13.1million.
For further information please visit www.lingomedia.com
For further information, please contact:
FastForward Innovations Limited
info@fstfwd.co
Josh Epstein / Ian Burns
Beaumont Cornish Limited (Nomad)
+44 (0) 207 628 3396
James Biddle / Michael Cornish
Optiva Securities Limited (Broker)
+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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March 24, 2017 05:23 ET (09:23 GMT)
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