SOURCE: FastFunds Financial Corp.
WEST PALM BEACH, FL--(Marketwire - Jul 9, 2012) - FastFunds Financial Corporation (OTCQB: FFFC) (OTCBB: FFFC), a Nevada Corporation, announced today that FINRA has approved the Company's 3 to 1 forward stock split on its common stock outstanding in the form of a dividend, with a Record Date of June 18, 2012. Please note the following dates:
- Payment Date for the forward split is July 9, 2012;
- Ex-Dividend Date is July 10, 2012 and
- Bill Redeemable Date is July 12, 2012.
The stock split will entitle each common stock shareholder as of the Record Date to receive two (2) additional shares of common stock for each one (1) share owned. Additional shares issued as a result of the stock split will be distributed on the Payment Date. Shareholders do not need to exchange existing stock certificates and will receive a new certificate reflecting the newly issued shares.
Shareholders who sell their common stock before the Ex-Dividend Date are selling away their right to the stock dividend. Such sale will include an obligation to deliver any shares acquired as a result of the dividend to the buyer of the shares, since the seller will receive an I.O.U. or "due bill" from his or her broker for the additional shares. The day stockholders can sell their shares without being obligated to deliver the additional dividend shares is the Ex-Dividend Date, the first business day after the stock dividend Payment Date. As of the Ex-Dividend Date, the Company's stock will trade on a post-split adjusted basis.
For a reverse or forward split, a "D" will be placed on the ticker symbol for 20 business days. After 20 business days, the symbol will revert back to its' original symbol (FFFC).
As reported on the Company's Current Report on Form 8-K filed on June 11, 2012; the Board of Directors, on June 5th, 2012, unanimously approved a dividend whereby the shareholders of FastFunds Financial Corporation (the "Company") would receive a dividend payable as a three for one (3:1) forward split of the issued and outstanding shares of the common stock (the "Dividend Shares") of the Company pursuant to Section 78.215 of the Nevada Revised Statutes. Pursuant to NRS78.215 and consistent with the Company's Articles of Incorporation there was no shareholder approval required for this action. The record date for shareholders to receive the Dividend Shares is June 18, 2012.
Barry Hollander, Acting President of the Company, stated, "The stock dividend is intended to lay the groundwork for the growth of our Company, allowing us to continue our ongoing efforts to improve trading liquidity, broaden ownership, promote capital investment for acquisitions and enhance shareholder value. As we reported on our Current Report on Form 8-K, filed on May 31, 2012 we recently acquired Carbon Capture USA, Inc. The Carbon acquisition is our first step in the Company's plan for diversification into several business segments including consumer products, natural resources and technology."
About FastFunds Financial Corporation
FastFunds Financial Corporation is a holding company that is publicly traded on the Over-the-Counter Bulletin Board under the symbol "FFFC." The Company currently operates in the financial services industry segment with a single credit card services portfolio. The Company is currently seeking new business opportunities to diversify and complement our current services and products, enhance our technical capabilities or otherwise offer growth opportunities for our stockholders.
The board of directors has approved a business plan to extend the Company's business activities into additional business segments including: technology development; consumer products; and natural resources including alternative energy.
We recently announced the formation of a new subsidiary, Advanced Technology Development, Inc., as well as the acquisition of Carbon Capture USA, Inc. through our new subsidiary. Carbon Capture USA has an exclusive US license related to provisional patent Serial number 61/077,376 and a US Patent to be issued. The patent titled, "METHOD OF SEPARATING CARBON DIOXIDE," relates to methods of decomposing a gaseous medium, more specifically, relating to methods of utilizing radio frequency energy to separate the elemental components of gases such as carbon dioxide. ATD will commence research and development with a goal of potential commercialization; subject to financing. Mr. Henry Fong, the Chairman of our Company is a shareholder and a control person of Carbon Capture.
We also intend to seek other business opportunities in natural resources and consumer products to expand our reach and diversify our business segments.
The Company's strategy is to seek potential growth opportunities, develop and incubate them, and seek industry partners for the commercialization phase. These affiliations may take the form of partnerships, joint ventures or spin-offs.