FORM Holdings (FH) Unit Enters Partnership with Papp Plastics
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FLI Charge, a technology company that offers the fastest and most powerful charging solution for virtually all mobile devices including smartphones and tablets, announced its official partnership with Papp Plastics & Distributing Ltd., a tier-1 and tier-2 auto supplier. Papp Plastics currently manufactures an assortment of plastic products production parts and OEM accessories to most of the major OEMs in North America.
The collaboration with Papp Plastics is just one example of FLI Charge's efforts to expand the FLI Charge ecosystem, delivering easier access to power and charging to major markets. As part of the partnership, Papp Plastics will incorporate FLI Charge's technology into various locations in vehicles, and into other auto accessories. With over 25 years of experience, Papp Plastics is acknowledged as a leader in plastic molding manufacturing. FLI Charge and Papp Plastics anticipate providing a wide array of demos at the SEMA Show this November.
"FLI Charge's technology is unlike any we've seen. Its ability to provide power at much higher levels, combined with its relatively low cost has already ignited interest with the auto makers. It is crucial for us that our clients have access to the latest in technology, especially as it relates to in-car charging, which is a constant need in the automotive space. Now, people will have the ability to charge multiple devices on one charging surface regardless of their positioning," said Michael Papp, President of Papp Plastics & Distributing Ltd.
"Automotive is one of the most important target markets for our company," said Cliff Weinstein, President of FLI Charge, "The partnership we are announcing today will make FLI Charge's technology available to Papp's client list, which consists of nearly every auto manufacturer in the world, at the OEM level, and will play a significant role in growing the FLI Charge ecosystem. Papp's expertise in developing interior consoles, plastics and molding, makes the potential to develop new products with their team an exciting opportunity," Mr. Weinstein concluded.
About FLI Charge
Based in New York, FLI Charge designs, develops, manufactures and markets wireless conductive power and charging solutions. Its patented technology is the only wireless power solution that is fully interoperable between different types of devices. The FLI Charge family of products are easily integrated into your everyday life and simple to use. For more information, visit: www.FLICharge.com
About PAPP Plastics
PAPP Plastics & Distributing Ltd. is an award winning Canadian-based plastics parts manufacturer headquartered in Windsor, Ontario. Operations are in Canada, South America, Mexico and China. Established in 1991, PAPP Plastics is a tier-one and tier-two supplier for the world's major automobile companies. PAPP Plastics manufactures an assortment of plastic parts/ assemblies and molds for both automotive interiors and exteriors; this includes large painted "Class A" surface parts. Primary manufacturing capabilities include injection molding, as well as sonic and vibration welding, painting and secondary assembly operations. Its press tonnage ranges from 150T to 3000T for injection and specializes in rotary two shot molding of multi material applications. For more information, visit: www.PappPlastics.com
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.
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 proposed merger between FORM and XpresSpa; the expected timetable for completing the transaction; the potential value created by the proposed 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 risk that FORM and XpresSpa may not be able to complete the proposed transaction; the inability to realize the potential value created by the proposed 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.
Important Additional Information Filed with the SEC
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of FORM, or XpresSpa or the solicitation of any vote or approval. In connection with the proposed transaction, FORM filed with the SEC a Registration Statement on Form S-4 containing a proxy statement/prospectus. The proxy statement/prospectus contains important information about FORM, XpresSpa, the transaction and related matters. FORM will mail or otherwise deliver the proxy statement/prospectus to its stockholders when it will be declared effective by the SEC. Investors and security holders of FORM and XpresSpa are urged to read carefully the proxy statement/prospectus relating to the proposed merger (including any amendments or supplements thereto) in its entirety because it contains important information about the proposed transaction.
Investors and security holders of FORM will be able to obtain free copies of the proxy statement/prospectus for the proposed merger and other documents filed with the SEC by FORM through the website maintained by the SEC at www.sec.gov.
FORM and XpresSpa, and their respective directors and certain of their executive officers, may be deemed to be participants in the solicitation of proxies in respect of the transactions contemplated by the merger agreement between FORM and XpresSpa. Information regarding FORM's directors and executive officers is contained in FORM's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which was filed with the SEC on March 10, 2016. Information regarding XpresSpa's directors and officers and a more complete description of the interests of XpresSpa's directors and officers in the proposed transaction is available in the proxy statement/prospectus that was filed by FORM with the SEC in connection with the proposed transaction.
PAPP Plastics & Distributing Ltd.
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
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