FastForward Innovations Limited Investee Company Update: Factom Inc. (4644S)
09 Julio 2020 - 1:00AM
UK Regulatory
TIDMFFWD
RNS Number : 4644S
FastForward Innovations Limited
09 July 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
9 July 2020
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: FastForward Innovations response to
Factom Inc. filing for Chapter 11 reorganisation
FastForward Innovations Ltd announces that further to its
announcement on 22 June 2020 confirming that investee company
Factom, Inc. (" Factom") has initiated a bankruptcy proceeding in
the United States Bankruptcy Court for the District of Delaware
(the "Delaware Court") seeking reorganisation under Chapter 11 of
the US Bankruptcy Code, FastForward has filed its appearance in
Factom's bankruptcy case, and also motions requesting that the
Delaware Court: (i) dismiss Factom's bankruptcy case so that a
receiver may be appointed to liquidate Factom's assets in a Texas
state court; (ii) alternatively, to convert Factom's bankruptcy
case to a liquidation proceeding under Chapter 7 of the US
Bankruptcy Code, or (ii) alternatively, to transfer Factom's
bankruptcy case from the Delaware Court to the US Bankruptcy Court
for the Western District of Texas, Austin Division (the "Texas
Court"). With these filings, FastForward also responds to certain
statements made in the proposed plan of reorganisation filed by
Factom.
Factom's proposed plan of reorganisation includes an application
for the discharge of various debts of Factom, including an
application for the Court to set aside the obligations of Factom
under FastFoward's $6 million SAFE note. The board of FastForward
strongly opposes the proposed reorganisation of Factom on the terms
proposed in Factom's proposed plan of reorganisation, and rejects
claims made by Factom that FastForward is acting as a barrier to
Factom raising capital. If Factom's case is not dismissed or
converted, then FastForward will oppose the confirmation of any
plan that would seek to discharge the SAFE note, whether in the
Delaware Court or the Texas Court.
FastForward is represented in Factom's bankruptcy case by Seth
Meisel of DuBois, Bryant & Campbell in Austin, Texas, and
Daniel Astin of Ciardi, Ciardi & Astin, LLP in Wilmington,
Delaware.
The Board of FastForward reserves its position in respect of any
future legal action and will make further announcements as the
court proceedings in the US progress and/ or new claims or and/ or
new filings are submitted by Factom and/ or the Company.
The Company's interest in Factom is divided between Series Seed
shares and the SAFE which were valued at GBP581,000 and
GBP4,880,000 respectively as at 30 September 2019 but were
subsequently written down to zero as announced on 14 April 2020 (to
be reported at the next Balance Sheet date being 31 March
2020).
About FastForward Innovations Limited
FastForward innovations is an AIM quoted investment company
focused primarily on disruptive high growth life sciences and
technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
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 / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Limited, Tel: +44 (0) 207 628
Cornish Nomad 3396
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Graham Dickson Optiva Securities Tel: +44 (0) 203 411
Limited, 1881
Broker
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Beth Melluish / Susie St Brides Partners Tel: +44 (0)207 236
Geliher Ltd, 1177
Financial PR
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END
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