WEST PALM BEACH, FL--(Marketwired - July 10, 2014) - FastFunds Financial Corporation ("FastFunds" or the "Company") (FFFC) and its wholly-owned subsidiaries, Cannabis Angel, Inc., and The 420 Development Corporation, are pleased to announce the completion of a signed letter of intent pertaining to the acquisition of a revenue producing company in the security industry. The acquisition candidate specializes in armed and unarmed security, training and investigations. Their existing team is made up of active and former police officers, private investigators, law enforcement and military tactical trainers, private security consultants, skip tracers and school security professionals. Upon closing of this proposed acquisition, the Company will look to diversify their existing marketing strategy to include security based services within the cannabis sector.
The Company has scheduled an in-person meeting with the acquisition candidate during the week of July 14th. During the Company's visit, due-diligence will be initiated. Following this upcoming meeting, the Company plans on completing its due-diligence as soon as possible. At that time, the Company will work alongside its accounting and legal staff to prepare a definitive agreement to pursue the completion of this proposed transaction.
The aforementioned letter of intent is non-binding. Completion of this transaction is subject to, amongst other things, further due diligence by the parties, negotiation and execution of a definitive agreement, and any board of director and/or stockholder approvals as necessary.
Mr. Henry Fong, President of FastFunds Financial Corporation states: "We are very pleased in having this opportunity materialize in such a short time frame. The company that we are currently looking into acquiring has a solid business with long-term growth potential amongst their existing portfolio of customers in addition to the proposed transition into the cannabis industry. Most importantly, the company is producing revenues that will accelerate and maximize our shareholder value exponentially. We hope to have successful meetings during the week of the 14th and look forward to updating our shareholders pertaining to this exciting development as things progress in the coming weeks."
Given its ongoing initiative of maximizing shareholder value, the Company's management strives to locate and capitalize on revenue producing opportunities. Its goal in building FastFunds into a sustainable going concern will elevate the Company into a higher playing field and separate it from other publicly traded companies competing in the space. The Company anticipates that once this proposed transaction has been finalized, the investment community at large will recognize the value that has been generated and will reward our current and future shareholders with higher valuations.