FastForward invests in Leap Gaming

FastForward Innovations has announced that it has subscribed for 29.4 per cent. (on a fully diluted basis) of Nevis incorporated private company,Frails LLC, the sole owner of a subsidiary providing and developing gaming products and technology with a focus on Virtual Sports and Virtual Casino products, trading under the brand “Leap Gaming”. Leap partners with top-tier online and land-based gaming companies to provide advanced gaming products for end-users. FastForwardexpects to complete a transaction for the additional acquisition of 11.75 per cent. of the fully diluted shares of Leap within thirty days of the initial subscription bringing its total stake in Leap to 41.15 per cent (on a fully diluted basis), for a total consideration of US$3.5 million. This will be funded from the Company’s existing cash resources.

This brings the total investee companies in which FFWD has invested to eight as it continues to develop its exciting portfolio of venture businesses across a range of subsectorswithin the tech and bio-tech sectors.

This is the Company’s first investment in the gaming subsector, an industry in which FFWD has been actively seeking the right opportunity to expand its portfolio.

Commenting on the Leap Gaming Subscription, FastForward’sCEO Mr. Lorne Abony noted: “Gaming, and particularly 3D and virtual gaming, is an incredibly exciting sector that is growing dramatically. The world’s biggest online and retail gaming operators alike are increasingly seeking state of the art immersive, real life experience, which is exactly what Leap’s technology offers.  We anticipate that Leap will become a leading provider of virtual sports and virtual casino gaming technology, thanks to their proprietary graphic generation platform, their already impressive existing portfolio of gaming products, their innovative technology-driven approach toseamlessly integrating their new and existing products into the online as well as retail operators, and of course their extraordinarily strong management team. 

The LeapGaming investment is another example of an investment aligned with our core philosophy. We invest in visionary entrepreneurs like the team at Leap who are developing innovative technologies to solve problems in their industries.  We aim to bring early stage private investment opportunities, previously reserved for venture capital firms, to our shareholders and offer liquidity to all our shareholders through our listed platform. FastForward is uniquely poised to eliminate the barriers to investing in private technology and life sciences startups that previously existed for retail investors.”

About Leap Gaming

Virtual Sports is an over $1billion industry, growing at double digit rates per year and involves substantial barriers to enter while online casinois a $7 billion industry growing at over 5% per year.  Leap Gaming is uniquely positioned to capitalize on both of these opportunities.

Leap Gaming is a developer and provider of 3D gaming technology and products with a focus on Virtual Sports and virtual casino. Leap partners with top-tier online and land-based gaming companies to provide advanced gaming products for end-users.

Leap and its partners have already signed deals with a substantial and growing number of leading gaming operators as well as with established other providers who offer products and services complementary to Leap’s.

The market for virtual sports is growing rapidly and Leap Gaming believes there is a real and immediate need for better technology and product features in the gaming sector in order to effectively reach consumers seeking a more realistic and immersive gaming experience.

For the 12 months ended 31 December 2015, Leap Gaming had revenue of US$247,000 and incurred a trading loss of US$646,000 for the period.  At 31 December 2015 Leap Gaming had total assets of US$2,303,000.

FFWD : FastForward invests in Leap Gaming