NEW YORK, Oct. 23, 2017 (GLOBE NEWSWIRE) — 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.
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.