TIDMFFWD
RNS Number : 8520N
FastForward Innovations Limited
27 September 2019
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
27 September 2019
FastForward Innovations Ltd ("FastForward", "FFWD" or the
"Company")
Investee Company Update: Leap Gaming signs Mansion Casino as New
Client
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 Fralis LLC ("Leap Gaming"). FFWD currently
holds 43.4 per cent. (on a fully diluted basis) of the issued share
capital of Leap Gaming.
Overview:
-- Leap Gaming has partnered with the established online betting
and gaming platform Mansion Casino ('Mansion') around distribution
of Leap Gaming's game portfolio across Mansion's footprint
-- Leap Gaming reported impressive year-on-year ("y-o-y")
improvements in performance, including a 70% y-o-y increase in
gross gaming revenues (August 2019 compared to August 2018)
-- Leap Gaming leverages its proprietary content generation
platform, to develop state of the art games prior to partnering
with leading gaming operators to serve immersive gaming experiences
to users globally
-- The Company continues to support its investee company
portfolio as it looks to provide exposure to disruptive technology
and life sciences businesses
Leap Gaming, a leading B2B developer of high-end gaming
applications, has partnered with Mansion around distribution of
Leap Gaming's virtual games across Mansion's international network.
Leap Gaming, founded in 2014, leverages its proprietary content
generation platform, to develop state of the art games that harness
cutting-edge, 3D motion technology to capture and recreate
ultra-realistic versions of some of the world's most popular
sports, and then partners with leading gaming operators to serve
immersive gaming experiences to users around the world.
Under the terms of the deal, Mansion will offer on-demand and
scheduled virtual horse racing, tennis, trotting, speedway, cycling
and greyhounds, as well as Leap's newly-launched Instant Football,
which combines motion-capture animations with expert commentary and
a wide range of betting options. The Instant Football product
contains 16 teams, with features including the option to browse
between games, immediate fixture activation and the ability to skip
scenes and matches for faster interaction.
Mansion Casino represents a further high-profile client who have
recognised the capabilities and track record of Leap Gaming and its
ability to develop cutting edge immersive games that appeal to a
global audience. It is one of a number of recent client wins since
mid-2018, that is driving the significant growth of the business.
In the last year, Leap Gaming has seen a shift to a more strategic
customer acquisition strategy resulting in a substantial increase
in the number of B2B customers since August 2018.
The development success of Leap Gaming has been reflected in its
performance and when comparing the monthly results for August 2019
to the previous year. Key points include:
-- Products have been launched in physical licensed gambling facilities including casinos;
-- 70% increase in Gross Gaming Revenue to (August 2019 compared to August 2018);
-- Headcount has increased almost 3 fold; and
-- Doubling of territorial office presence.
Yariv Lissauer, CEO of Leap Gaming, said "Working with our
strategic partners since mid 2018 has enabled Leap Gaming to sign
new customers and develop a strong pipeline for both new clients
and exciting products. Mansion Casino represents a further
internationally recognised company that is offering our content. We
are working with our partners and clients on exciting new
development opportunities for 2020 and expect to report further
strong growth in the coming year."
Lorne Abony, Chief Executive Officer of FastForward, and the
nominee director of the Company on the Leap Gaming board commented:
"Leap Gaming has had an excellent 12 months since June 2018,
winning major gaming clients such as Mansion and achieving
significant growth (ahead of forecasts) across all key metrics in
its business plan. The traction gained with new products, customers
and markets are all driving revenue and customer growth, which
supports FFWD's view that the next 12 months are very exciting in
terms of what Leap Gaming can achieve. It is clear that the
widening of the Leap shareholder base has been a huge factor in the
outstanding performance by Leap over the last 12 months and the
integration of products is continuing with new products being
launched over the next 6 months (most notably golf in H1 2020). I
would again like to place on record my thanks to Yariv and his team
- they are working incredibly hard and beginning to deliver on the
potential FFWD saw when we originally invested.
"On a wider level, we continue to support our investee companies
that have the potential to generate significant capital gains and
try and provide visibility to the underlying net asset value of the
Company; this was c.GBP19 million when we last reported on 31 March
2019 against a current market cap of c.GBP8.6 million. As a group
we look forward to updating shareholders on progress and
developments."
About Leap Gaming:
Leap Gaming is a B2B developer of high-end gaming applications
whose games are already offered by leading online and retail gaming
operators around the world generating tens of thousands of
engagement points with end-users. Leap Gaming positions itself in
the forefront of realistic 3D game production, which is
instrumental for offering high end, immersive and customisable
gaming content.
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.
ENDS
For further information on the Company please visit
www.fstfwd.co or contact:
Ed McDermott / FastForward Innovations Email: info@fstfwd.co
Lance de Jersey Ltd
James Biddle / Beaumont Cornish Limited Tel: +44 (0) 207
Roland Cornish Nomad 628 3396
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Graham Dickson Optiva Securities Limited Tel: +44 (0) 203
Broker 411 1881
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Gaby Jenner/Megan St Brides Partners Tel: +44 (0)207 236
Dennison Ltd 1177
Financial PR
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END
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