FastForward Inn Ltd (LON:FFWD) Increased holding in Fralis LLC (Leap Gaming)

 

The Company is pleased to report that it has completed the acquisition of a further 236 units of Fralis LLC (“Leap Gaming”) from a minority Leap Gaming unitholder. The units (comprising 161 Ordinary Units and 75 Preferred Units) were purchased for €3,606.28 each for total consideration of €851,082.

Following completion of the acquisition the Company is interested in a total of 1,512 units (comprising 306 Preferred A Units, 768 Preferred Units and 438 Ordinary Units), representing approximately 44.9 per cent. of issued units of Leap Gaming (on a fully diluted basis). Details regarding the rights of the different classes of unit are set out in the Company’s announcement dated 12 June 2018.

Lorne Abony, Chief Executive Officer of FastForward commented: “This acquisition of additional units further demonstrates FastForward’s enormous confidence in Leap Gaming, its management team, and the potential of the company and its products following Leap’s partnership with IMG. The steps that are being taken by Leap Gaming, working with IMG, are extremely exciting for all shareholders.”

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.

Through 2017 Leap Gaming has more than quadrupled its customer-base and the total number of Daily Active Users who engage with its products. Gross Gaming Yield generated through Leap Gaming’s products increased by more than 5 times throughout 2017.  For the 12 months ended 31 December 2017, Leap Gaming incurred a trading loss of US$ 973,000 on turnover of US$537,548 and reported Net Assets as at 31 December 2017 of US$5,575,101.

 

For further information please visit www.fstfwd.co

 


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