Investee Company Update: Vemo

RNS Number : 0176R

FastForward Innovations Limited

03 March 2016

 

3 March 2016

FastForward Innovations Limited

("FastForward" or the "Company")

Investee Company Update: Vemo Education Inc

FastForward notes the announcement made by Vemo Education, Inc. ("Vemo") today in relation to the appointment of former Sallie Mae CEO C.E.Andrews to its Board. Fastforward has a 12.5% equity interest in Vemo and believes this appointment represents a strong endorsement of Vemo's student debt solution as well as Vemo's own position in this growing market.

"C.E. ANDREWS, FORMER SALLIE MAE CEO, JOINS VEMO EDUCATION BOARD OF DIRECTORS

RESTON, VIRGINIA (March 3, 2016) - Vemo Education, an education technology company working with U.S. colleges and universities to develop and service value-oriented, income-based student financing programs, announced today that C.E. Andrews, former CEO of Sallie Mae and current CEO of MorganFranklin Consulting, has been elected to the company's Board of Directors as an independent director.

As the CEO of MorganFranklin Consulting, Andrews leads all operations and activities focused on long-term growth strategy and vision for the company.  Andrews also sits on the Washington, D.C.-based business consulting firm's Board of Directors. 

Prior to joining MorganFranklin, Andrews was President and Chief Operating Officer of RSM McGladrey, Inc., a leading provider of audit, tax and consulting services, while the company was under the ownership of H&R Block, Inc.  He started his career in 1974 at accounting firm Arthur Anderson where he advanced over 29 years to hold key leadership roles, including as global managing partner of the worldwide audit and business advisory practice and managing partner for the firm's mid-Atlantic region. But Andrews is best known in the education industry as the former CEO of SLM Corp. (Sallie Mae).  He joined Sallie Mae in 2003 and eventually served as Chief Financial Officer and then Chief Executive Officer.

"C.E. brings a wealth of knowledge and leadership to the Vemo board, and we are honored to have him join as director," said Vemo Education CEO Tonio DeSorrento.  "He has deep expertise in financial services, including education finance, and he is greatly admired by those with whom he has worked.  C.E.'s supportive network will help him provide especially valuable advice on our partnership outreach and recruiting efforts."

In addition to his board seat at Vemo, Andrews holds board positions at Junior Achievement of Greater Washington, The Global Good Fund, NVR Inc., WashingtonFirst Bankshares Inc., Marriott Vacations Worldwide Corporation, Wolf Trap Foundation, Greater Washington Board of Trade, Capital Group/American Funds and Washington Mutual Investors Fund.  He also serves as an Advisory Board Member of Virginia Tech's Pamplin College of Business, his alma mater, where he earned his Bachelor of Science in Accounting degree in 1974.

About Vemo Education

Vemo Education's mission is to help higher education institutions align the value and the cost of their education by developing custom, value-oriented student financing programs.  Providing a full-service approach to its educational partners, Vemo has invested in the infrastructure required to design, price, originate, disburse, and service income-based payment products.  Vemo's management team has extensive experience in education finance and the financial aid sector.  Learn more at www.vemo.com."

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For further information, please visit www.fstfwd.co or contact:

FastForward Innovations Limited Tel: [phone] Elysium Fund Management Limited

Beaumont Cornish Limited (Nomad) Tel: [phone] James Biddle / Michael Cornish

Peterhouse Corporate Finance Limited (Broker) Tel: [phone] Guy Miller / Lucy Williams

 

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