FFWD.L Regulatory News (FFWD)

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

22 June 2020

FastForward Innovations Ltd ("FastForward" or, "FFWD")

Investee Company Update: Leap Gaming

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"), including details of a loan to support its robust growth plan. FFWD currently holds 43.4 per cent. (on a diluted basis) of the issued share capital of Leap Gaming.

Highlights

· Leap Gaming has delivered a 123% year-on-year increase in gross gaming and a 95% y-o-y increase in revenues (Jan-May 2020 vs same period for 2019)

· 30 new customers signed and/or partnerships agreed and expanded geographic footprint including ATP, NASCAR and Carnoustie;

· To support the rapid growth and provide a bridge through to profitability FastForward has invested a further €117,647 in Leap Gaming as part of its pro rata allocation of a €250,000 loan being provided by all shareholders.

· Leap expects to reach profitability in Q3 2020, under the present circumstances.

Ed McDermott, Chief Executive Officer of FastForward, said, " As Leap nears profitability it's an exciting time for FFWD, I believe this could lead to potential liquidity opportunities in a very reasonable timeframe. With the support of FastFoward and its other shareholders including IMG, Leap Gaming has rapidly developed new products, created new partnerships and expanded its global reach to build market share; this has seen a 95% year-on-year increase in revenues in the first five months of 2020. We are therefore delighted that the business continues to be ahead of schedule and that in providing this modest bridging loan we, together with the other shareholders, have given them additional funding as the company moves towards profitability. We look forward to continuing to support Yariv and his team during the next exciting growth phase."

Details

Leap Gaming is a B2B developer of high-end 3D gaming applications whose games are offered by leading online and retail gaming operators worldwide. During the first five months of 2020, Leap Gaming made significant progress advancing its business plan with substantial growth delivered including 123% year-on-year (y-o-y) increase in gross gaming revenues (Jan-May 2020 v Jan-May 2019). Additionally, it has seen a 95% y-o-y increase in revenues (Jan-May 2020 v Jan-May 2019), with more than 30 new customers signed and/or partnerships agreed. Notably, it has also signed deals with ATP 1000 and NASCAR and expanded its footprint to new territories such as Latin America.

To support Leap Gaming's continued growth, all its shareholders, including FastForward, have advanced to Leap Gaming (pro rata to their respective interests) a €250,000 loan (the "Loan") maturing 31 December 2021. The Loan accrues interest at 1.02% per month and will be used to fund Leap Gaming working capital. The expectation of Leap Gaming management is that this bridging loan will see the company through to profitability. The Loan replaces a much larger fundraise by Leap Gaming originally planned for Q3 2020 and is reflective of the materially improved performance of Leap Gaming in the first five months of 2020.

Yariv Lissauer, CEO of Leap Gaming, said "Leap Gaming started 2020 strongly with the completion of its own RGS (Remote Gaming Server), accelerated pace of game title releases, new distribution deals and deepening relationships with incumbent partners. Our strategy of further evolving virtual sports through embedding officialisation into the products had started to manifest itself with the partnerships deals we recently announced with ATP (for the creation of Virtual Tennis ATP 1000 Tour, first version of which is already live); NASCAR; and Carnoustie. Gaming revenues and company revenues have materially increased and the expectation of management, and our shareholders, is that the relatively modest amount of €250,000 is needed as a working capital to fund Leap Gaming's growing development and operational activities through to profitability." 

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.

ENDS

For further information please visit www.fstfwd.co or contact:

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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

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.