Business
FAST FINANCE PAY CORP, OTC Markets: FFPP (fomerly Standard Vape Corp: SVAP) SETTLES LITIGATION
FAST FINANCE PAY CORP, OTC Markets: FFPP (fomerly Standard Vape Corp: SVAP) SETTLES LITIGATION.
About this update from Fast Finance Pay Corp.
[{"type":"text","content":"BERLIN, GERMANY / ACCESSWIRE / May 17, 2022 / Fast Finance Pay Corp. (formerly Standard Vape Corporation; OTC PINK:FFPP; the "Company" or "FFPP") a European Union-focused FinTech and payment processor, announces today that Life Wellness, Inc. (the "Plaintiff"), it and sundry other parties both corporate and natural named by the Plaintiff as co-defendants (collectively, the "Defendants") have agreed terms to conclude the outstanding litigation between themselves and the Plaintiff which was initiated last year by the Plaintiff. This litigation was previously disclosed by the Company.The Company announces that the Defendants and the Plaintiff have agreed terms to end a long-running litigation involving inter alia an alleged ‘oral promise' by a former and now deceased director of Standard Vape Corporation, predecessor company of FFPP, Dr. Melvin Ehrlich, to the Plaintiff concerning control of the predecessor company (the "Settlement"). Part of the Settlement, which entails no admission of wrongdoing on behalf of the Defendants, shall be the issue to the Plaintiff by FFPP of 5,000,000 (five million) shares of common stock of $0.0001 each in the capital of FFPP; these shares will be subject to the customary resale restrictions of Rule 144. Other terms of the Settlement relevant to the Company include the exchange of mutual releases inter partes, a permanent cessation of the litigation and the extinguishment of all claims by the Plaintiff against the Defendants.Armin Dartsch, Chairman of the Supervisory Board at the Company's controlling shareholder, Fast Finance 24 Holding AG, and Director of FPPC, observed: "The Board of Fast Finance Pay Corp. is pleased to be able to put this litigation behind it. The Company can now concentrate on the vision of a series of scalable B2B and B2C FinTech solutions and associated digital technologies able to operate throughout the European Union under the Fast Finance Pay Corp. banner, providing payment processing and consumer e-banking and payment solutions through our easy-to-use, on-line app. We plan, as part of our B2C offering, soon to beta-test a multicurrency payment card which we believe should, when launched, prove popular among our target demographic. The Settlement removes a degree of uncertainty which has overhung the Company sinc...