Seed Innovations Limited Investee Company Update: Factom Inc. (9269L)
16 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMSEED
RNS Number : 9269L
Seed Innovations Limited
16 September 2021
Seed Innovations Ltd / AIM: SEED / Sector: Closed End
Investments
16 September 2021
SEED Innovations Limited ("SEED" or the "Company")
Investee Company Update: Factom Inc.
SEED Innovations Limited, the AIM quoted company investing in
fast growing and industry leading businesses with a focus on the
medical cannabis, health and wellness space, is pleased to announce
that Inveniam Capital Partners Inc. ("Inveniam") has completed the
purchase of Factom Inc.'s ("Factom") assets (the "Acquisition").
Factom is a SEED portfolio company that was written down to GBPnil
as announced in April 2020 and this Acquisition follows on from the
previous mention in the Company's Annual Report published in July
2021, and Factom's exit from Chapter 11 bankruptcy proceedings.
Summary
-- Under the terms of the Acquisition , Inveniam will settle all
of Factom's creditor obligations and will issue to the Factom
preferred shareholders, of which SEED is one, a fixed number of
Inveniam Preferred shares. The value of this investment whilst
initially expected to be approximately GBP250,000 for SEED, will be
priced in our accounts in accordance with the price at which the
same class of Inveniam preferred shares has been sold in concurrent
private sales.
-- Under the terms of the Acquisition, SEED (and other Factom
preferred shareholders) may also receive a further future
consideration in relation to the US Government contracts held by
Factom, should future revenues be generated in relation to these
contracts.
Ed McDermott, Chief Executive Officer of SEED, commented:
"Whilst very disappointing to see the final demise of Factom Inc.,
which has been held at nil value since March 2020, the agreement
reached with Inveniam Capital Partners Inc. brings what has been a
very difficult 18months for Factom to a close and presents an
opportunity for SEED to possibly recoup some of that investment via
the preference share holding in Inveniam. We wish Inveniam every
success and will monitor their progress and communicate the
development of their business to our own shareholders as conditions
allow."
About Inveniam
Inveniam is a private Fintech company with offices in New York
and Northville, MI. Founded in 2017, Inveniam has built Inveniam.io
, a powerful technology platform that utilises big data, AI and
blockchain technology to provide not only surety of data, but
high-functioning use of that data in a distributed data ecosystem.
When verified by Inveniam, users can obtain real-time pricing of
private, infrequently traded assets, accelerate diligence,
accurately price, and identify buyers for those assets. Inveniam's
operating system credentials data to commute trust - allowing
payments throughout the global financial system. This ability to
commute trust in data artifacts is regardless of their place of
rest, origin, or application. Inveniam holds numerous patents
around the ingestion of data into smart contracts.
***ENDS***
For further information on the Company please visit www.seedinnovations.co or contact:
Ed McDermott SEED Innovations Ltd Email: info@seedinnovations.co
/
Lance de Jersey
James Biddle Beaumont Cornish Limited, Tel: +44 (0) 207 628
/ Nomad 3396
Roland Cornish
-------------------------- -----------------------------------
Isabella Pierre Shard Capital Partners T: +44 (0)20 7186 9927
/ LLP
Damon Heath
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Catherine Leftley St Brides Partners Email: info@stbridespartners.co.uk
/ Ltd,
Isabel de Salis Financial PR
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END
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