SOURCE: FastFunds Financial Corp.

FastFunds Financial Corp.

February 14, 2014 08:45 ET

FastFunds Financial Corporation Provides Corporate Update on Subsidiaries Cannabis Angel and Financiera Moderna

WEST PALM BEACH, FL--(Marketwired - February 14, 2014) - FastFunds Financial Corporation ("FastFunds" or the "Company") (OTCQB: FFFC) provided today a general corporate update on recent activities. The Company's wholly-owned subsidiary, Cannabis Angel, Inc., since its announcement on January 22, 2014, has received numerous inquiries, proposals and prospective business opportunities relating to the ancillary aspects of the cannabis industry in addition to its previously announced projects. These inquiries have been both national and international in scope. The Company has been undergoing fact finding and due diligence on several of these and while no agreements or understandings have been reached, the Company believes there is a high likelihood in the near future one or more could reach fruition. The Company will be keeping shareholders updated on a timely basis as events occur. Our private equity funding source has been encouraged by this high level of interest and has agreed to give our projects the highest priority and in addition has allocated additional funds for this sector.

The Company also updated the activities of its majority-owned subsidiary, Financiera Moderna, Inc. ("FM"). After several months of working on its marketing approach, FM's affiliated marketing groups have been evaluating their marketing concept and working to sharpen their strategy. Accordingly, these affiliates are working to implement a more direct to consumer approach. The current method required the time and cost involved with recruiting and training agents whereas the new direct to consumer approach is a more proven method of hiring licensed sales people to work leads and generate sales directly with the consumer. The Company believes it will have this more efficient approach in place by March 1, 2014. There are currently negotiations taking place with the principals of the affiliated marketing groups to amend the Company's agreements providing for stock ownership in exchange for a substantially larger percentage of gross revenues generated by the affiliates to the Company. 

About FastFunds Financial Corporation

FastFunds Financial Corporation is a holding company that is publicly traded on the Over-the-Counter QB 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 and offer growth opportunities for our stockholders; and recently announced the formation of Cannabis Angel, Inc., a company involved in providing financing alternatives, corporate finance and general management consulting services to early-stage cannabis companies and projects.

FORWARD-LOOKING STATEMENTS

This news release may include "forward-looking statements" regarding FastFunds Financial Corporation, and its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where FastFunds Financial Corporation expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. FastFunds Financial Corporation does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contact Information

  • For Further Information Contact:
    Henry Fong
    Chairman & CEO
    561-514-9042