NEW YORK, Oct. 27, 2016 /PRNewswire/ -- Hydra
Industries Acquisition Corp. (NASDAQ: HDRA, "Hydra") today
announced that Hydra's stockholders have approved an extension of
the date by which it must complete a business combination (the
"Extension").
Hydra obtained the Extension in order to allow more time to
complete its previously announced business combination with
Inspired Gaming Group ("Inspired"), a global games technology
company, supplying Virtual Sports, Mobile Gaming and server-based
gaming systems with associated terminals and digital content to
regulated betting and gaming operators around the world. The
Extension allows Hydra until December 29,
2016 to complete the business combination.
Following redemptions associated with the Extension, a total of
approximately $45.8 million remains
in Hydra's trust account, which, together with $20.0 million from a forward equity purchase
contract with an affiliate of Macquarie Capital, should result in
approximately $65.8 million being
available for use in connection with the proposed business
combination with Inspired.
Hydra Chairman and CEO Lorne Weil
commented, "We are excited about the level of interest we continue
to see as we have met with investors. We look forward to
closing on the transaction in the coming weeks with the support of
our stockholders."
Forward-Looking Statements
This press release
contains "forward-looking statements" within the meaning of the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements may be identified by
the use of words such as "anticipate", "believe", "expect",
"estimate", "plan", "outlook", and "project" and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. Such forward-looking
statements include statements concerning the potential business
combination. These statements are based on Hydra's management's
current expectations and beliefs, as well as a number of
assumptions concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside of Hydra's control that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. Additional factors that could cause
actual results to differ materially from those expressed or implied
in forward-looking statements can be found in Hydra's most recent
annual report on Form 10-K and subsequently filed quarterly reports
on Form 10-Q and current reports on Form 8-K, which are available,
free of charge, at the SEC's website at www.sec.gov.
About Inspired Gaming Group
Inspired is a global games technology company, supplying
Virtual Sports, Mobile Gaming and server-based gaming systems with
associated terminals and digital content to regulated betting and
gaming operators around the world. Inspired currently operates more
than 25,000 digital gaming terminals and supplies its Virtual
Sports products in more than 30,000 venues and on over 200 websites
in 30 countries. Inspired employs over 800 employees in the UK and
elsewhere, developing and operating digital games and networks.
Additional information can be found at
www.inspiredgaminggroup.com
About Hydra Industries Acquisition Corp.
Hydra is a
blank check company formed for the purpose of effecting a merger or
other business combination with a target company. Hydra was founded
by gaming industry veteran Lorne
Weil and raised $80 million on
October 29, 2014 in its Initial
Public Offering. In addition, Macquarie Capital co-sponsored
Hydra's efforts to source acquisitions and provided a $20 million forward equity commitment which, with
Hydra's existing cash in trust, will be used to fund the proposed
transaction.
Additional information can be found at www.hydraspac.com.
About Macquarie and Macquarie Capital
Macquarie Group
("Macquarie") is a global provider of banking, financial, advisory,
investment and funds management services. Macquarie's main business
focus is making returns by providing a diversified range of
services to clients. Macquarie acts on behalf of institutional,
corporate and retail clients and counterparties around the world.
Founded in 1969, Macquarie operates in more than 70 office
locations in 28 countries. Macquarie employs approximately 14,000
people and has assets under management of over $367.4 billion (as of March 31, 2016).
Macquarie Capital comprises Macquarie Group's corporate
advisory, capital markets and principal investing capabilities.
Macquarie Capital's expertise spans a variety of industry sectors,
including telecommunications, media, entertainment, gaming,
financial institutions, industrials, energy, resources, real
estate, infrastructure, utilities and renewables.
The Company and its directors and executive officers may be
deemed to be participants in a solicitation of proxies for a
special meeting of stockholders to be held to approve the proposed
business combination. Information regarding the Company's directors
and executive officers is available in its Form 10-K for the year
ended December 31, 2015 filed with
the U.S. Securities and Exchange Commission. No person other than
the Company has been authorized to give any information or to make
any representations on behalf of the Company in connection with the
proposed business combination, and if given or made, such other
information or representations must not be relied upon as having
been made or authorized by the Company.
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SOURCE Hydra Industries Acquisition Corp.