SOURCE: FastFunds Financial Corp.

FastFunds Financial Corp.

February 18, 2014 09:45 ET

FastFunds Financial Corporation Subsidiary Cannabis Angel Signs Agreement to Acquire 49% Interest in Financial Services Company Focused on Cannabis Merchants

WEST PALM BEACH, FL--(Marketwired - February 18, 2014) - FastFunds Financial Corporation's ("FastFunds" or the "Company") (OTCQB: FFFC) wholly-owned subsidiary, Cannabis Angel, Inc., a company involved in providing financing alternatives, corporate finance and general management consulting services to early-stage cannabis companies and projects, and Minnesota-based Merchant Business Solutions, LLC ("MBS"), a provider of financial solutions and products to businesses, have signed an agreement to form Cannabis Merchant Financial Solutions, Inc. ("CMFS") to focus specifically on the financial needs of cannabis related businesses. Cannabis Angel will own 49% of this entity and has executed a consulting agreement to provide general business consulting services and financing support to MBS and CMFS.

MBS, in operation since 2006, is focused on providing financial services to small businesses including credit card processing, ATM services, cash advance and business financing, leasing, accounting software integration and debit/gift cards. MBS has served over 1,000 clients and has processed over $400,000,000 in credit card processing transactions to an array of businesses including restaurants, gas stations, online business, hotels and motels, convenience stores and other small businesses. MBS has many partner relationships with cash advance services, hardware vendors, ATM and credit card processing companies. Their partnerships cover some of the leading financial services companies both nationally and internationally. With these vast relationships, MBS is in a position to build the best solutions for a particular client's needs. 

CMFS will be focused on providing a custom built suite of MBS's services to cannabis related businesses initially focusing on Colorado, but eventually moving to Washington and other States with medical cannabis sales.

Henry Fong, Chief Executive Officer of FastFunds and Cannabis Angel, stated, "We are very pleased to be partnering with an experienced company like MBS and intend to hit the ground running given the recently announced guidelines provided by the federal government to banks for working with Cannabis dispensaries." 

Kurt Martig, MBS managing member and founder said, "We are excited about entering this rapidly growing new business sector that has had extremely limited access to these types of services. We believe we have the experience, know-how and wide range of products to offer cannabis businesses financial solutions they have long needed to effectively serve their clients and help to grow their businesses."

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.

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:
    FastFunds Financial Corporation
    & Cannabis Angel, Inc.

    Henry Fong, Chairman & CEO