FORM Holdings Provides Update on Company Initiative to Transform into a Pure-Play Health and Wellness Company
October 23 2017 - 8:30AM
FORM Holdings Corp. (“FORM”) (NASDAQ:FH), a diversified holding
company, today updated its shareholders on its progress toward
achieving its objective to transform FORM Holdings into a pure-play
health and wellness company.
On October 20th, FORM closed a transaction to
divest the FLI Charge subsidiary to a group of private investors
and management who provided buyout and operating capital to the
company. FLI Charge management, led by CEO Cliff Weinstein, will
continue to operate the business under the new ownership structure.
The transaction includes a series of cash payments to FORM
Holdings, as well as royalty payments and equity warrants to allow
FORM to capture future upside in the FLI Charge business.
“As we focus on our health and wellness assets,
we continue to look at a variety of strategic options for our
technology portfolio. The divestment of FLI Charge is the first of
these transactions and we look forward to keeping investors and
shareholders updated on our progress toward becoming a pure-play
health and wellness company,” said Andrew Perlman, FORM Holdings'
CEO.
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 XpresSpa, Group
Mobile, InfoMedia and intellectual property assets. XpresSpa
is the world's largest airport spa company with 52 locations across
23 major airports. Group Mobile is a provider of rugged hardware
and software solutions, including laptops, tablets, and mobile
printers, as well as installation and deployment services.
InfoMedia is a leading provider of customer relationship management
and monetization technologies to mobile carriers and device
manufacturers. FORM's intellectual property division is engaged in
the monetization of patents related to content and ad delivery,
remote monitoring and mobile technologies. To learn more about Form
Holdings Corp., visit: www.FormHoldings.com.
Forward-Looking Statements
This press release contains "forward-looking"
statements within the meaning of Section 27A of the Securities Act
of 1933, and Section 21E of the Securities Exchange Act of 1934.
These include statements preceded by, followed by or that otherwise
include the words "believes," "expects," "anticipates,"
"estimates," "projects," "intends," "should," "seeks," "future,"
"continue," or the negative of such terms, or other comparable
terminology. Forward-looking statements relating to expectations
about future results or events are based upon information available
to FORM Holdings as of today's date, and are not guarantees of the
future performance of the company, and actual results may vary
materially from the results and expectations discussed. Additional
information concerning these and other risks is contained in FORM’s
most recently filed Annual Report on Form 10-K, Quarterly Report on
Form 10-Q, recent Current Reports on Form 8-K and other SEC
filings. All subsequent written and oral forward-looking statements
concerning FORM, or other matters and attributable to FORM or any
person acting on its behalf are expressly qualified in their
entirety by the cautionary statements above. FORM does not
undertake any obligation to publicly update any of these
forward-looking statements to reflect events or circumstances that
may arise after the date hereof.
Contacts:
FORM HoldingsJeff
SonnekICR646-277-1263Jeff.Sonnek@icrinc.com
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