BY Market Wire
— 9:00 AM ET 10/20/2014
WEST PALM BEACH, FL -- (Marketwired) -- 10/20/14 -- FastFunds Financial Corporation (FFFC) ("FastFunds" or the "Company") (PINKSHEETS: FFFC) and its wholly-owned subsidiaries, Cannabis Angel, Inc., and The 420 Development Corporation, released today a corporate update pertaining to Brawnstone Security, LLC. ("Brawnstone") and the restructuring of the Company's balance sheet.
Update Pertaining to Brawnstone
FastFunds is pleased to announce that the corporate integration of Brawnstone is progressing successfully. Since FastFunds completed the acquisition of Brawnstone, the company has reported booking in excess of $200,000 (USD) in gross revenues (unaudited) for the period ending September 30, 2014. The management of Brawnstone expects that their initial projection of reaching the $1 million gross revenue milestone will be met. On July 24, 2014, FastFunds completed the acquisition of a 70% interest in Brawnstone. The remaining balance of equity was retained by the management of Brawnstone.
In addition to offering armed security services, Brawnstone is continuing to market the availability of their online certification courses through their UrbanCombatAcademy.com website. Online courses being offered include certification in Executive Protection, Bodyguard, Private Investigator and Security Specialist. Brawnstone will look to mirror this series of certification programs in the Colorado region once their presence in the Denver area has been established.
Update Pertaining to Balance Sheet Restructuring
As previously reported in a press release dated July 2, 2014, the Company is pleased to announce that is has reached an agreement with a third-party to sell them several dormant subsidiaries owned by FastFunds. In addition to the Company's ongoing debt reduction initiative, the Company expects that over $2.5 million in debt will be eliminated from its balance sheet during the fourth quarter.
Shareholders of the Company can expect to receive regular updates as progress is being made on these and other developments.
About FastFunds Financial Corporation (FFFC
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)
FastFunds Financial Corporation (FFFC
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) is a holding company that is publicly traded on the Pink Sheets exchange, under the symbol "FFFC." The Company currently operates in the financial services industry segment with a single credit card services portfolio. The Company is currently seeking new business opportunities to diversify and complement its current services and products, to enhance its technical capabilities and to offer growth opportunities to its stockholders. The Company recently announced the formation of Cannabis Angel, Inc., a company involved in providing financing alternatives, corporate finance and general management consulting services to early-stage cannabis companies and related ventures. Most recently, the Company developed and launched GreenEnergyMedia.TV. This new website acts as an interactive social media hub that caters exclusively to providing the medical and recreational marijuana communities with access to several hundred news and social media feeds in real-time.
Forward-Looking Statements
This news release may include "forward-looking statements" regarding FastFunds Financial Corporation (FFFC
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), and its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where FastFunds Financial Corporation (FFFC
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) expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. FastFunds Financial Corporation (FFFC
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) does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For Further Information Please Contact:
FastFunds Financial Corporation & Cannabis Angel, Inc.
Mr. Henry Fong
President and Chief Executive Officer
Phone: (561) 514-9042
