Fast Finance Pay Corp (FFPPD)

[shanak10]

https://finance.yahoo.com/news/standard-vape-closes-rto-fast-131000550.html
STANDARD VAPE CLOSES ON RTO WITH FAST FINANCE HOLDING

LOCUST VALLEY, NY / ACCESSWIRE / May 12, 2021 / Standard Vape Corporation (OTC PINK:SVAP); "SVAP" or "Standard Vape" announces today the closing of a reverse takeover resulting in a change of control, divestures of two existing subsidiaries, the acquisitions of two new subsidiaries and a change in the business focus of the Company to financial technology.

Effective at the close of business on Monday, May 10, 2021, Standard Vape acquired FF24 Merchant Services GmbH and FF24 Ventures GmbH, two private limited companies organized under German law which were hitherto wholly-owned subsidiaries of Fast Finance 24 Holding AG ("FF24 Holding"). FF24 Holding, a public corporation traded on the Frankfurt Stock Exchange and Xetra (symbol: FF24) in Germany, has thus become the new controlling shareholder of SVAP by virtue of the issue to it of 100,000 shares of the Class D Convertible Voting Preferred Stock ("Class D") of SVAP as consideration for the sale to the latter of FF24 Merchant Services GmbH, which trades as ff24Payments, and FF24 Ventures GmbH, trading as ff24Pay. Each Class D preferred share entitles the holder to exercise 12,416 votes, along with convertibility into this number of common shares.

Mr. Daniel Fisher and Ms. Elizabeth Ehrlich Kellogg, the recently appointed interim directors of SVAP, resigned at closing and were replaced by Mr. Armin Dartsch, who is the Chairman of Fast Finance Holding's Supervisory Board and a practising lawyer, will also become the Company Secretary. SVAP's long-serving President, Mr. John F. Fruhmann, also resigned and was replaced by Mr. Andreas Garke, CEO and co-founder of FF24 Holding. The Chief Financial and Accounting Officer will be Mr. Sayed Iqbal. More information concerning the new management appears below.

As part of the transaction, Nano Vape Corporation is being returned to its shareholders prior to its acquisition by Standard Vape in 2018, along with certain liabilities owed to Melvin Ehrlich and to a patent law firm totaling $106,107. Those shareholders will retain ten percent (10%) of their former holdings in SVAP. The balance of their common stock has been returned to SVAP and cancelled, resulting in the new issued and outstanding common share capital now totaling 138,256,970 shares of common stock (previously outstanding: 463,424,470). The issued and outstanding common stock figure of 138,256,970 shares includes 5,889,463 shares issued to eliminate debts of $312,473.17 as a term of the Stock Exchange Agreement entered into on March 5, 2021 between FF24 Holding and SVAP. In addition, SVAP will be spinning off its Neo Virucide, Inc. subsidiary to shareholders of record as of March 5, 2021. The costs of these two transactions will be borne by the Nano Vape Corporation and Neo Virucide, Inc. shareholders respectively.