Investee Company Update: Termination of proposed acquisition of Yooya by Regent Pacific
FastForward Innovations Ltd, the AIM-quoted company focusing on making investments in fast-growing and industry-leading businesses, notes that further to the Company’s announcement of 29 May 2019 regarding the possible acquisition of Entertainment Direct Asia Ltd (“Yooya”) by Hong Kong-listed Regent Pacific Group Limited (“Regent Pacific”) (Hong Kong stock code: 00575), Regent Pacific have today reported that discussions in respect of the possible acquisition have terminated, effective as of 17 July 2019.
FastForward hold a current equity interest totalling 15% in the stock of Yooya (comprising 27,255 Preferred Shares) and continue to work with Yooya and other interested parties to leverage its content-driven e-commerce platform focussed on the beauty and cosmetics, health and wellness, apparel, and related sectors and expand Yooya’s focus into the potentially lucrative CBD products sector in China.
Yooya is a content-driven e-commerce platform that is reshaping the way that brands connect with Chinese consumers. Total e-commerce revenue in China is forecast to top US$1.8 trillion by 2022. Yooya recognises that the way that Chinese consumers shop and the factors that influence purchase decisions have changed dramatically, with video content consumption being the single most popular activity on the internet in China. Japan, Asia’s second-largest e-commerce market in dollar terms, will see nearly 90 million e-commerce shoppers by 2021.
Yooya helps brands to reach the right audiences through its targeted video platform; and a substantial network of content producers and e-commerce providers. John Possman and Richard Myers, existing directors of Yooya, have over fifty years of experience combined in media, technology, and consumer products in Greater China, Japan, and other markets in Asia.
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.
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