Investee Company Update
FastForward Innovations Limited Company
(“FastForward” or the “Company”)
The Board of AIM-traded FastForward Innovations Limited Company is pleased to announce that its investee company Yooya has announced today their adoption of the Factom® Harmony™ platform as their blockchain solution delivered through Wancloud, Factom’s re-seller in China. This will deliver immutable recording and validation of the performance of online video content in China. FastForward has a current equity interest in Factom of 2.06% and an investment of US$6million under a SAFE Agreement (see terms as announced on 23 July 2018). FFWD owns 15% of Yooya.
China has the world’s largest online video market, with nearly 610 million online video users on fifty competing online video platforms generating over 31.9 billion hours of video viewing per month. As such, validating actual traffic and performance data for online video is a growing problem for brands and advertisers alike.
Yooya has adopted the Factom® Harmony™ platform for its blockchain solution delivering highly transparent and data-centric solutions without the requirement for unwieldy new tokens, wild price fluctuations, specialized cryptocurrencies, proprietary wallets, or other similar overhead. Few, if any, other blockchains offer the scale required to keep up with Chinese media demand while also creating an efficient, decentralized digital media exchange. Harmony™, resold by Wancloud in China, is done with Factom in collaboration with strong economic benefits for both companies. This also allows Factom to now publish to the Factom® blockchain both inside and outside China.
Yooya will utilize the Factom® Harmony™ platform flexible enough to deliver either a public blockchain experience, a private blockchain that anchors into the public Factom® Protocol for proof of immutability, or a completely private instance of the Factom® Harmony™ platform hosted by Factom. Harmony™ pricing is SaaS based with a monthly fee for platform-level APIs, which includes an initial number of writes for publishing to the Factom® Protocol per month and purchasing optional packages for additional monthly writes to publish more proofs to the blockchain at increasing efficiencies. Yooya’s long-term growth will be accommodated by utilizing Harmony™, which never requires customers to manage cryptocurrencies or wallets.
Yooya CEO Rick Myers said, “Yooya’s adoption of the market-leading Factom® Protocol is a powerful addition to our roster of solutions for brands and online video advertisers in China.” He further added that “Factom will be a critical part of our ongoing development of China’s first blockchain-based marketplace for the buying and selling of media rights in China.”
Factom’s CEO Paul Snow also said, “Factom has been preparing for terrific customers such as Yooya since its first vision of the blockchain industry in 2013. We are very pleased to see another great company like Yooya take advantage of the powerful Harmony Platform™. Yooya has a robust business model that now has the advantages of a distributed ledger and the power of immutable data to create huge efficiencies in building things like a digital media exchange. Factom has begun seeing a change in the blockchain industry as we prepare for 2019. Factom’s Q3 2018 revenues were up over 675% from Q3 last year as it prepares to begin 2019 busier than it has ever been.”
FastForward’s Chief Executive Officer Lorne Abony added, “It is extremely pleasing that two of our investee companies have found synergies and we look forward to further commercial news from both companies. Having worked closely with both companies, I am excited to report significant progress from both businesses. It is an incredibly exciting time for companies working in the Blockchain-as-a-service industry and it is still an area that my board and I believe offers the potential of exceptional returns.”
Yooya is one of China’s largest independent business-to-business online video networks. The company manages and tracks video content on over forty-five online video distribution platforms in China, including Alibaba’s Youku, Baidu’s iQiyi, and Tencent Video. Yooya’s network includes hundreds of content creators delivering billions of video views each month. Yooya is backed by FastForward Innovations (LSE:FFWD), Dream Incubator (TSE:4310), and other investors. For more information on the company, please visit http://www.yooya.com/
About Factom Inc
Factom, Inc. is a blockchain innovations company established in 2014 with the creation of the Factom® blockchain Protocol. Factom’s 2017 Series A raised $8 million led by Tim Draper, of Draper Associates. Since its Series A, Factom has expanded its team, filed 24 patents and built its Harmony Platform™, a Blockchain-as-a-Service for Enterprise businesses. Harmony provides a full suite of REST APIs and managed services to build Factom blockchain capabilities into applications, systems and processes, providing data provenance and integrity solutions built on the Factom® blockchain.
During 2018, Factom announced a number of partnerships including FTP Software and is acquiring new customers such as Yooya and Equator, an Altisource business unit. Factom has also released the fully decentralized Factom® Protocol as open source in Milestone 3, the third and final technical milestone for the Factom® Protocol. Factom continues to support the protocol’s advancement and adoption as an active contributor and community member. For more information about Factom, please visit https://www.factom.com/
For further information on the Company, please visit www.fstfwd.co or contact:
FastForward Innovations Limited
Ed McDermott / Sue Saunders / Ian Burns
Beaumont Cornish Limited (Nomad)
James Biddle / Roland Cornish
Tel: +44 207 628 3396
Optiva Securities Limited (Broker)
Jeremy King Tel: +44 (0) 203 137 1902
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 Fast Forward 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. Fast Forward Innovations assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
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