FastForward Innovations Limited Investee Company Update : Cryptologic Corp (8045N)
September 26 2019 - 6:21AM
UK Regulatory
TIDMFFWD
RNS Number : 8045N
FastForward Innovations Limited
26 September 2019
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
26 September 2019
FastForward Innovations Ltd ("FastForward", "FFWD" or the
"Company")
Investee Company Update: Cryptologic Corp enters Amended and
Restated Loan Agreement
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 Cryptologic Corp. ("Cryptologic").
As per the announcement dated 6 August 2019 and 12 August 2019,
FastForward is looking for opportunities to realise its investment
in Cryptologic following its change of strategy. The Board believes
that the latest update increases the opportunity of the transaction
to complete and will facilitate the exit from the Company's
investment.
Summary:
-- Cryptologic has entered into an amended and restated loan
agreement with Maricann Inc. ("Maricann"), a subsidiary of Wayland
Group ("Wayland"), a vertically integrated cultivator and processor
of cannabis, including issuance of a further $1 million and
provision for issuance further loans up to a total aggregate sum of
$25 million (the "Agreement");
-- Monies to be used towards Cryptologic's purchase of the
Canadian business of Wayland, including a partially complete,
EU-GMP certified, cannabis cultivation and processing facility in
Langton, Ontario ("Asset Purchase");
-- The exclusivity period has been extended to 16 December 2019
to provide sufficient time for all regulatory approvals regarding
the Asset Purchase to be received;
-- A non-completion fee introduced to be paid in the instance
that the Asset Purchase is not completed as a result of Wayland
completing an alternative transaction
-- The Asset Purchase is in contravention of FastForward's
investment strategy and due to legislative and regulatory
differences between the UK and Canada, would preclude the continued
involvement of FFWD in Cryptologic
Lorne Abony, Chief Executive Officer of FastForward, commented:
"We believe this latest update highlights the proposed acquisition
of Wayland is advancing and is getting closer to completion, as
evidenced by this amended and restated loan agreement. As
previously stated, Wayland's activities are not in line with our
investment mandate and we will look to dispose of our interest in a
timely manner on confirmation of the transaction. We shall keep
shareholders updated with all relevant updates regarding this as
well as our other investments which we are actively
supporting."
For details of the full terms of the Agreement, please refer to
the regulatory announcement released by Cryptologic dated 24
September 2019, which can be found using the following link:
https://webfiles.thecse.com/sedar_filings/00032738/1909231505256591.pdf.
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
-------------------------- ----------------------
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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of Article 7 of EU Regulation 596/2014
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END
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