FastForward Innovations Limited Investee Company Update: Schoold (8104I)
June 22 2017 - 1:00AM
UK Regulatory
TIDMFFWD
RNS Number : 8104I
FastForward Innovations Limited
22 June 2017
22 June 2017
FastForward Innovations Limited
("FastForward")
Investee Company Update: Schoold
FastForward is pleased to provide the following update from its
portfolio company Vested Finance, Inc. (trading as "Schoold"):
Schoold yesterday announced the ahead-of-schedule signing of two
long-term commercial agreements with higher education clients
adopting the company's new recruitment and retention solution.
The new solution, marketed as "Mobile Mentorship," leverages
Schoold's proprietary in-app mobile messaging platform to reach,
recruit, and retain more students. For each of the company's higher
education clients this is expected to generate additional tuition
revenue in excess of $70 million over the lifetime of a
contract.
In light of this value proposition, Schoold expects to offer
Mobile Mentorship in exchange for a double-digit revenue share on
tuition revenue earnt through the App, with an up-front
retainer.
As of June 2017, retainer amounts exceed $300,000, and the
company reports a pipeline of over 40 prospective clients.
FFWD CEO Lorne Abony commented: "In March, when this new
solution was first unveiled, Schoold forecasted it would sign its
first Mobile Mentorship client by summer 2017. The
ahead-of-schedule signing of two such contracts is a signal of
strong market demand for the company's unique, mobile-first
approach."
The revenue-share model employed by Schoold is similar to the
approach popularized by 2U (NASDAQ:TWOU), which notably at the time
of its $500M initial public offering had signed eight (8)
university clients in long-term contracts of 10 or more years.
The two contracts signed by Schoold each carry an initial term
of 12 years.
The Company has an approximate 12 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. FastFoward
understands that finalization of the agreement between Lingo Media
and Schoold is continuing (as announced on 1 June 2017), and that
Schoold management expects the transaction to close shortly, at
which time FastForward will update the market.
For further information please visit www.fstfwd.co or
contact:
FastForward Innovations Limited info@fstfwd.co
Josh Epstein/ Ian Burns
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Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396
James Biddle / Roland Cornish
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Optiva Securities Limited (Broker) Tel: +44 (0) 203 411 1881
Ed McDermott
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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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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