EXHIBIT 99.1
FastFunds Financial Corporation
NEWS
FOR IMMEDIATE RELEASE
August 30, 2004
FOR FURTHER INFORMATION CONTACT:
Ijaz Anwar, Chief Operating Officer
(952) 541-0455
FASTFUNDS FINANCIAL CORPORATION ENTERS INTO AGREEMENT WITH LONDON INVESTMENT
COMPANY FOR THE PURCHASE OF $2.94 MILLION OF FASTFUNDS' COMMON STOCK
Minneapolis, Minnesota - FastFunds Financial Corporation (OTC/BB: FFFC)
("FastFunds" or the "Company") announced today that it has signed an agreement
with a private investment company for the purchase by the investment company of
$2.94 million of FastFunds' common shares in exchange for shares of the
investment company.
The investment company is a newly formed London-based company that will apply
for its shares to be admitted to trading on the London stock exchange as an
investment trust. The investment company has been established specifically to
invest in US micro-cap companies with long-term growth potential. The investment
company expects its shares to be trading on the London Stock Exchange by
September 30, 2004.
The investment company has entered into a "lock-up" agreement with FastFunds
pursuant to which it has agreed not to trade the FastFunds shares it will
receive as a result of this transaction for a period of one year from the
closing date. The Company has agreed to file a registration statement with the
SEC allowing the public resale of the common shares by the investment company,
commencing at the expiration of the "lock-up" period. In full payment for the
shares of FastFunds common stock, the investment company will issue to FastFunds
USD $2.94 million equivalent of its shares at a price per share valued at One
Pound Sterling.
Thirty percent of the FastFunds shares issued to the investment company will be
held in escrow for one year following their issuance, and in the event the
per-share market price of the FastFunds common stock at such time is less than
the per share value of the FastFunds stock at the time of the closing, the
investment company shall be entitled to receive out of escrow a percentage of
the shares equal to the percentage of such decline. The remaining shares held in
escrow shall be released to FastFunds at such time. The closing of this
transaction is subject to certain contingencies, including the listing of the
investment company shares on the London Stock Exchange on or before September
30, 2004.
FastFunds Financial Corporation
Press Release - August 30, 2004
Page 2
FastFunds Financial Corporation is a holding company operating through its
wholly owned subsidiary, Chex Services, Inc. of Minnetonka, Minnesota. Chex
Services provides comprehensive cash access services to casinos and other gaming
facilities under the trademarked name FastFunds. The Company specializes in, and
is the industry leader for, full booth operations to Native American casinos and
has developed a suite of cash access products for use in the traditional gaming
and retail markets. Chex Services' website is located at
www.fastfundsonline.com. The Company is majority owned by Equitex, Inc. (Nasdaq:
EQTX), a holding company based in Englewood, Colorado.
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The statements included in this press release concerning predictions of economic
performance and management's plans and objectives constitute forward- looking
statements made pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended. These statements involve risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements. Factors which could cause or contribute to such differences include,
but are not limited to, factors detailed in the Securities and Exchange
Commission filings of FastFunds Financial Corporation (f/k/a Seven Ventures,
Inc.) or its majority owned parent company Equitex, Inc.; economic downturns
affecting the operations of FastFunds Financial Corporation its subsidiaries or
companies proposed for merger or acquisition; the loss of contracts or failure
to acquire new contracts; success of any legal actions; failure to successfully
implement newly developed product lines including projected increases in
revenues or earnings; the inability to initiate or complete any contemplated
restructuring, offering, acquisition, disposition or other transaction; adverse
financial performance by FastFunds Financial Corporation or its subsidiaries;
failure to obtain or maintain regulatory approval for products and services
offered by FastFunds Financial Corporation or its subsidiaries; adverse equity
market conditions and declines in the value of FastFunds Financial Corporation
common stock; and the unavailability of financing to complete management's plans
and objectives. The forward-looking statements contained in this press release
speak only as of the date hereof and FastFunds Financial Corporation disclaims
any intent or obligation to update these forward-looking statements.
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