FORM HOLDINGS ANNOUNCES CLOSING OF XPRESSPA ACQUISITION
(Thomson Reuters ONE) -
NEW YORK - December 23, 2016 - FORM Holdings Corp. (NASDAQ: FH), a diversified
holding company focused on acquiring, investing in and developing small to mid-
market businesses, today announced the closing of its acquisition of XpresSpa
Holdings LLC ("XpresSpa"). XpresSpa is now a wholly-owned subsidiary of FORM
Holdings Corp.
On August 8, 2016, FORM Holdings entered into a definitive agreement to acquire
100% of XpresSpa. On November 28, 2016, FORM Holdings' stockholders approved the
acquisition, and, on December 23, 2016, the transaction closed.
"We are excited to call XpresSpa a FORM Holdings company," said Andrew Perlman,
FORM's Chief Executive Officer. "Since announcing the agreement to acquire
XpresSpa in August, the company's store level performance has outperformed all
of our expectations. I look forward to working closely with Ed Jankowski and the
XpresSpa team, and am delighted to welcome Andrew Heyer to our board of
directors. Our management team and board of directors continue to feel strongly
that this is a transformative acquisition for our company. We look forward to
updating the market on recent developments at XpresSpa as well as our
expectations and vision for 2017 and beyond," Mr. Perlman continued.
"Since I joined XpresSpa in June of this year, the company has been focused on a
variety of initiatives to build value and strengthen the XpresSpa brand," said
Ed Jankowski, XpresSpa's Chief Executive Officer. "This transaction will help
accelerate our growth, and we are very happy to be a part of the FORM Holdings
family," Mr. Jankowski continued.
"Having been a part of many innovative retail companies and concepts, both
inside and outside of the airport, I can say that I am particularly excited
about this transaction," said Andrew Heyer, Chief Executive Officer of Mistral
Equity Partners, and now, also a director of FORM Holdings. "I look forward to
being a significant shareholder of FORM Holdings and working with the team as a
board member." Mr. Heyer continued.
FORM Holdings will issue a comprehensive business update early in the first
quarter of 2017.
About FORM Holdings Corp.
FORM Holdings Corp. (NASDAQ: FH) is a publicly held diversified holding company
that specializes in identifying, investing in and developing companies with
superior growth potential. FORM's current holdings include Group Mobile, FLI
Charge, Infomedia and intellectual property assets. Group Mobile is a provider
of rugged, mobile and field-use computing products, serving customers
worldwide. FLI Charge designs, develops, licenses, manufactures and markets
wireless conductive power and charging solutions. Infomedia is a leading
provider of customer relationship management and monetization technologies to
mobile carriers and device manufacturers. FORM Holdings' intellectual property
division is engaged in the development and monetization of intellectual
property. To learn more about Form Holdings Corp., visit: www.FormHoldings.com.
About XpresSpa
XpresSpa is the industry-leading luxury travel spa business, serving almost one
million air travelers each year at its 51 stores worldwide as of December
23, 2016. XpresSpa offers travelers premium spa services, including massages,
reflexology, stress and tension release, manicures, pedicures, facials and
waxing. Its Xpress nail, massage and hair blow-out services are designed
specifically for the busy traveling customer, with treatments completed in 30
minutes or less. In stores and online, XpresSpa also offers exclusive luxury
travel products and accessories, including travel pillows, blankets, massagers,
and personal, hair, nail and bath and body products. XpresSpa has over 750
employees, including talented teams of professionally licensed massage
therapists, cosmetologists and nail technicians who are committed to providing
exceptional customer experiences.
Forward-Looking Statements
This press release includes forward-looking statements, which may be identified
by words such as "believes," "expects," "anticipates," "estimates," "projects,"
"intends," "should," "seeks," "future," "continue," or the negative of such
terms, or other comparable terminology. Forward-looking statements are
statements that are not historical facts. Such forward-looking statements are
subject to risks and uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein. Statements in
this press release regarding the potential value created by the merger for
FORM's stockholders and XpresSpa's equity holders; the potential of FORM's
business after completion of the merger; XpresSpa's projected revenue, the
ability to raise capital to fund operations and business plan; the continued
listing of FORM's securities on the Nasdaq Capital Market; market acceptance of
FORM products; the collective ability to protect intellectual property rights;
competition from other providers and products; FORM's management and board of
directors after completion of the Merger; and any other statements about FORM's
or XpresSpa's management teams' future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. There are a number of
important factors that could cause actual results or events to differ materially
from those indicated by such forward-looking statements, including, but not
limited to: the inability to realize the potential value created by the merger
for FORM's stockholders; FORM's inability to maintain the listing of its
securities on the Nasdaq Capital Market after completion of the merger; the
potential lack of market acceptance of FORM's products; FORM's inability to
monetize and recoup FORM's investment with respect to assets and other
businesses that that were acquired or will be acquired in the future; general
economic conditions and level of information technology and consumer electronics
spending; unexpected trends in the mobile phone and telecom computing
industries; the potential loss of one or more of FORM's significant Original
Equipment Manufacturer ("OEM") suppliers, the potential lack of market
acceptance of FORM's products; market acceptance, quality, pricing, availability
and useful life of FORM's products and services, as well as the mix of FORM's
products and services sold; potential competition from other providers and
products; FORM's inability to license and monetize FORM's patents, including the
outcome of litigation; FORM's inability to develop and introduce new products
and/or develop new intellectual property; FORM's inability to protect FORM's
intellectual property rights; new legislation, regulations or court rulings
related to enforcing patents, that could harm FORM's business and operating
results; FORM's inability to retain key members of its management team; and
other risks and uncertainties and other factors discussed from time to time in
our filings with the Securities and Exchange Commission ("SEC"), including
FORM's Annual Report on Form 10-K for the year ended December 31, 2015 filed
with the SEC on March 10, 2016. Investors and stockholders are also urged to
read the risk factors set forth in the proxy statement/prospectus carefully when
they are available. FORM expressly disclaims any obligation to publicly update
any forward-looking statements contained herein, whether as a result of new
information, future events or otherwise, except as required by law.
Contacts
FORM HOLDINGS
212-309-7549
info(at)FormHoldings.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FORM Holdings Corp. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 23.12.2016 - 15:25 Uhr
Sprache: Deutsch
News-ID 514723
Anzahl Zeichen: 9153
contact information:
Town:
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Kategorie:
Business News
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