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 since the majority parent company attained control over a year ago. We are able now to implement our business plan for FFPP and provide for future expansion through strategic acquisitions and partnerships that we believe should help to build long-term value for shareholders, collaborative partners and other stakeholders."
About Fast Finance 24 Holding AG
Fast Finance 24 Holding AG is a German public company headquartered in Berlin whose shares are traded on the Frankfurt Stock Exchange. The German FinTech businesses of Fast Finance 24 Holding AG were acquired by Fast Finance Pay Corp in March, 2021 in an all-equity transaction.
About Fast Finance Pay Corp.
Fast Finance Pay Corp. provides merchant payment processing, consumer e-banking and instant money transfer solutions for a range of the world's major currencies. The initial target group are private individuals and SMEs who use either euros (€; EUR) or other European currencies as their base currency. Fast Finance Pay Corp. offers European customers the following services: IBAN accounts, debit cards, processing of multiple currencies, SEPA and SWIFT transfers, as well as recurring payments. Easily accessible apps for Android and iPhone can currently be downloaded from the app stores in FFPP's target markets; desktop and laptop versions of the apps are also downloadable. The goal by the end of 2022 is 10,000 customers in Europe and the successful establishment of Fast Finance Pay Corp. as a modern and secure e-banking solution.
This news release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended, and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the Company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many of which are not within management's control.
* Keith, Bayley, Rogers & Co. Limited is corporate advisor to the Company. It intermediated in 2021 as broker to the equity exchange arrangements mentioned above between Standard Vape Corporation and Fast Finance 24 Holding AG. Keith, Bayley, Rogers & Co. Limited is a member of The London Stock Exchange and a member of Aquis Exchange: AQSE. It is authorised and regulated by the Financial Conduct Authority of the United Kingdom of Great Britain and Northern Ireland.
SOURCE: Fast Finance Pay Corp.