TIDMFFWD
RNS Number : 9051Z
FastForward Innovations Limited
23 September 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
23 September 2020
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Investee Company Update: Yooma Corp.
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
notes the update from TSXV traded Globalive Technology Inc.
('Globalive') regarding FFWD's investee company, Yooma Corp.
('Yooma'), in which it holds a 10.65% interest. The revised
transaction between Yooma and Globalive as further detailed below
is not expected to impact on the economic terms of FFWD's holding
in the enlarged entity post completion of the transaction (please
refer back to the Company's announcement of 14 July 2020 for this
analysis).
The announcement is set out below without material changes or
adjustments.
Globalive Technology to Pursue Two-Party Reverse Takeover
Transaction with Yooma Corp.
Globalive Technology today announced the termination of its
letter agreement with Socati Corp. in respect of a potential
reverse takeover transaction with that company, and amendments to
its letter agreement with Yooma Corp. to pursue their reverse
takeover as a two-party transaction alone.
TORONTO, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Globalive Technology
Inc. (TSX-V: LIVE) (the "Company"), a technology company based in
Toronto, Ontario, today announced changes to its proposed reverse
takeover transactions with Socati Corp. ("Socati") and Yooma Corp.
("Yooma") under letter agreements with each of those parties dated
June 3, 2020 (the "Socati Letter") and July 13, 2020 (the "Yooma
Letter"), respectively. Those transactions and the letter
agreements are described in greater detail in the Company's press
releases dated June 4, 2020 and July 13, 2020.
"We have been working diligently with Socati and Yooma to
advance our previously announced business combination and have made
substantial progress towards completing due diligence and
negotiating definitive agreements," said Anthony Lacavera, the
Company's Chief Executive Officer. "After discussions with our
transaction partners, however, we agree that it is in everyone's
best interest to focus on completing the reverse takeover between
Globalive Technology and Yooma as soon as possible." He noted that
a subsequent business combination with Socati is one of several
options that could continue to be explored once the transaction
with Yooma is complete.
The Socati Letter has been terminated, effective today.
The Yooma Letter has also been amended, effective today, to
remove any conditions or other terms relating to Socati's
participation in the transaction contemplated by that letter (the
"Transaction"). The other legal, business and economic terms of the
Transaction, described in the Company's press release dated July
13, 2020, have not been changed.
The Company will disclose additional information relating to the
Transaction as soon as it becomes available, including any
consequential amendments required to the Transaction structure,
additional financial information relating to Yooma, the backgrounds
of any person who may constitute an insider of the resulting issuer
of the Transaction (the "Resulting Issuer"), and any other relevant
information.
The Yooma Letter is binding on the Company and Yooma, however,
the parties are continuing to negotiate the more detailed,
definitive agreements that will govern the Transaction. In the
course of negotiations, material terms pertaining to the
Transaction, including its structure, timing, the consideration
payable by each party, any concurrent financing, closing conditions
and other matters may be added, amended or removed with the mutual
agreement of the Parties. The Company will provide an update on any
material terms not already disclosed as soon as reasonably possible
once that information becomes available.
Completion of the Transaction is subject to a number of
conditions precedent, including those generally described in the
Company's press release on July 13, 2020 except that they no longer
include any conditions relating to Socati. If the conditions
precedent cannot be satisfied or (if applicable) waived, the
Transaction will not close. There can be no assurance that the
Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the Transaction, any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the Company's
securities in anticipation of the Transaction should be considered
highly speculative.
The TSX Venture Exchange has not considered or made any
determination on the merits of the proposed Transaction and has
neither approved nor disapproved of the contents of this press
release.
About Globalive Technology Inc.
Globalive Technology is a next generation software company and
venture partner developing innovative solutions to disrupt
traditional industries by leveraging artificial intelligence and
machine learning technology stacks. Globalive Technology is
controlled by Globalive Capital Inc., which has founded and
co-founded 12 businesses over the past 20 years with six successful
exits ranging from US$10M to US$1.3B. It has also made over 100
venture investments and has over 45 technology companies in its
portfolio. For more information, visit www.globalivetech.com .
About Yooma Corp.
Through its wholly-owned subsidiary, Entertainment Direct Asia
Ltd (EDA) and EDA-owned entities based in China and Japan, Yooma
intends to leverage the success and experience of its senior
management to build Yooma's business into one of Asia's leading
cannabinoid (CBD) products social commerce companies through the
distribution and sale of CBD beauty and skincare products via a
strategically curated network of sales channels. Yooma has
assembled a strong international team of multicultural industry
professionals with extensive experience in digital, ecommerce and
social media in the pan-Asian region with particular depth in the
Chinese ecommerce market.
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 Tel: +44 (0) 207
Cornish Limited, 628 3396
Nomad
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Isabella Pierre / Damon Shard Capital Partners Tel: +44 (0) 207
Heath LLP 186 9927
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Isabel De Salis / Beth St Brides Partners Tel: +44 (0)207
Melluish Ltd, 236 1177
Financial PR
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Notes
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.
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END
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(END) Dow Jones Newswires
September 23, 2020 08:30 ET (12:30 GMT)
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