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Fast Finance Pay Corp ('FFPP' or the 'Company'): Announces Conclusion of Long-Running Litigation; and Clarifies the Terms of its Recent Ok.de Holding, Inc. Acquisition
Fast Finance Pay Corp ('FFPP' or the 'Company'): Announces Conclusion of Long-Running Litigation; and Clarifies the Terms of its Recent Ok.de Holding, Inc. Acquisition.
About this update from Fast Finance Pay Corp.
[{"type":"text","content":"BERLIN, GERMANY / ACCESSWIRE / November 15, 2022 / German-managed Fintech investor and incubator Fast Finance Pay Corp announces that all remaining litigation against the Company and others by Life Wellness, Inc. ended on Thursday, November 10, 2022 with the filing of a motion of discontinuance with the Supreme Court in New York County (Manhattan), thus bringing to a close this protracted litigation. It was previously reported on May 17, 2022 that the parties had conditionally settled by FFPC issuing 5,000,000 shares of restricted common stock and the co-defendants contributing 5,000,000 shares of previously-issued equity in settlement of all claims asserted by Life Wellness, Inc. Commenting on the motion of discontinuance, FFPP Director Armin Dartsch said, ‘We are pleased that the matter has been resolved. Whilst we have viewed this litigation throughout as meritless, settling the case removes any residual uncertainty and allows the Company to move forward with its strategic plans for 2023.'The Company has received enquiries from shareholders and others regarding the recent acquisition of Ok.de Holding, Inc. announced on November 8, 2022. The management of the Company wishes to clarify the mechanics of the Ok.de Holding, Inc acquisition by FFPP:FFPP acquired 100% of Ok.de Holding, Inc., the owner through Ok.de Services GmbH, a German private company, of the Ok.de secure email service with 2 million-plus users along with its encrypted instant messaging App;The purchase was effected through the issuance by FFPP to approximately 190 European holders of Ok.de Holding, Inc.'s common stock (98,505,164 common shares, being 100% of that company's issued share capital) of a total of 3,940,206 new Series E convertible preferred shares (‘Series E Shares') under a share exchange scheme (the ‘Share Exchange');Principal among the owners of OK.de Holding, Inc. was FFPP's controlling shareholder, the Frankfurt-listed Fast Finance 24 Holding AG, with 87.85% or 86,536,587 common shares;Collectively, prior to the Share Exchange, European minority investors had invested more than €5,000,000 in the German private company, to develop the technology and infrastructure, giving these investors a stake of 12.15% represented by 11,968,677 Ok.de Holding, Inc. common shares;The common shares of Ok.de Holding, Inc. were exchanged on ...