29th Oct 2015 09:44
LONDON (Alliance News) - Kuala Innovations Ltd said Thursday since shareholders approved a change to its investment policy in July it has fully invested its currently available funds in four early stage strategic investments.
The company has proposed it change its name to Fast Forward Innovations Ltd, to reflect its strategic investment direction. This follows the appointment of Jim Mellon as co-chairman last month, who co-authored the book 'Fast Forward' in 2014.
So far it has invested in The Diabetic Boot Co, focused on medical devices for diabetic foot ulcers, Intensity Therapeutics Inc, which is focused on cancer immunotherapy, payment platform company SatoshiPay Ltd, and financial software company Factom Inc.
"The board is delighted that it has now implemented its investment policy. This gives the company a real opportunity to capitalise on the great work it has done over the last 6 months, since it switched its focus away from natural resources to technology and biotech," said Co-Chairman Stephen Dattels in a statement.
"The four investments made by the company to date all have great potential, and we expect significant business milestones to be reported by each of them over the next 12 months. All of the directors will continue to use their network to identify further investment opportunities and we are excited that the next 12 months will be a period of great growth and success for the company," Dattels added.
Shares in Kuala Innovations were up 5.6% at 9.90 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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