HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE: HCHC), a
diversified holding company, announced today that its energy
portfolio company American Natural Gas (“ANG”) has acquired ampCNG,
a natural gas fuel provider, for $41 million. ANG is funding
the acquisition through a combination of cash and the issuance of
debt and preferred shares at the portfolio company level.
The acquisition of ampCNG’s 20 natural gas
fueling stations, located primarily in the Southeastern U.S. and
Texas, expands ANG’s network reach to over 60 stations, making it
one of the largest owners and operators of compressed natural gas
(CNG) stations in the country. ANG also expects to achieve
certain synergies through the acquisition, and the expanded network
should significantly strengthen ANG’s ability to serve its
customers.
“We are excited to bring ampCNG into the ANG
family, as we believe it perfectly complements our overall company
mission of supporting America by making natural gas readily
available for commercial and public vehicle fueling,” said Drew
West, Chief Executive Officer & Founder of ANG. “As we
all strive to improve our air quality and our environment, this
acquisition is another step forward to a more sustainable
future. Near-Zero emission CNG vehicles, paired with
renewable natural gas, provide for a massive reduction in
greenhouse gas emissions and diminish the adverse health impacts
from the transportation sector. The expansive nature of ANG’s
national network, coupled with our exclusive focus on CNG and
Renewable Natural Gas (RNG), continues to fuel a healthier and
cleaner future.”
ANG will continue to build, operate, and
maintain its natural gas fueling stations with its unwavering
commitment to customer satisfaction by providing a reliable network
of stations and a clean solution. Simultaneously, ANG will
continue to pursue its goal of providing 100% RNG by 2020.
Natural gas is the cleanest burning alternative
fuel available that has the power to run heavy-duty vehicles.
Additionally, natural gas is quieter, safer, less expensive, and
abundant in America. CNG fleets can explore ANG’s nationwide
network and register to receive station alerts at
www.americannaturalgas.com/stations/.
About HC2
HC2 Holdings, Inc. is a publicly traded
(NYSE:HCHC) diversified holding company, which seeks opportunities
to acquire and grow businesses that can generate long-term
sustainable free cash flow and attractive returns in order to
maximize value for all stakeholders. HC2 has a diverse array
of operating subsidiaries across eight reportable segments,
including Construction, Marine Services, Energy,
Telecommunications, Life Sciences, Broadcasting, Insurance and
Other. HC2’s largest operating subsidiaries include DBM
Global Inc., a family of companies providing fully integrated
structural and steel construction services, and Global Marine
Systems Limited, a leading provider of engineering and underwater
services on submarine cables. Founded in 1994, HC2 is headquartered
in New York, New York. Learn more about HC2 and its portfolio
companies at www.hc2.com.
About American Natural Gas,
LLC
At American Natural Gas, the future is within
reach and we can bring you closer to doing your part for
sustainability. Through our growing network of CNG stations for the
transportation industry, we are delivering opportunity to fleets
across the country. Our team of highly-trained strategists,
designers and operations professionals are changing perspectives
and increasing potential as we improve the CNG experience and move
the alternative fuel industry forward. ANG is a portfolio company
within HC2 Holdings, Inc. To learn more, visit
www.americannaturalgas.com.
Cautionary Statement Regarding
Forward-Looking Statements
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This press release
contains, and certain oral statements made by our representatives
from time to time may contain, forward-looking statements.
Generally, forward-looking statements include information
describing actions, events, results, strategies and expectations
and are generally identifiable by use of the words “believes,”
“expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,”
“projects,” “may,” “will,” “could,” “might,” or “continues” or
similar expressions. The forward-looking statements in this press
release include, without limitation, any statements regarding our
expectations regarding building shareholder value and future cash
flow and invested assets. Such statements are based on the
beliefs and assumptions of HC2's management and the management of
HC2's subsidiaries and portfolio companies. The Company believes
these judgments are reasonable, but you should understand that
these statements are not guarantees of performance or results, and
the Company’s actual results could differ materially from those
expressed or implied in the forward-looking statements due to a
variety of important factors, both positive and negative, that may
be revised or supplemented in subsequent statements and reports
filed with the Securities and Exchange Commission (“SEC”),
including in our reports on Forms 10-K, 10-Q, and 8-K. Such
important factors include, without limitation, issues related to
the restatement of our financial statements; the fact that we have
historically identified material weaknesses in our internal control
over financial reporting, and any inability to remediate future
material weaknesses; capital market conditions, including the
ability of HC2 and HC2's subsidiaries to raise capital; the ability
of HC2's subsidiaries and portfolio companies to generate
sufficient net income and cash flows to make upstream cash
distributions; volatility in the trading price of HC2 common stock;
the ability of HC2 and its subsidiaries and portfolio companies to
identify any suitable future acquisition or disposition
opportunities; our ability to realize efficiencies, cost savings,
income and margin improvements, growth, economies of scale and
other anticipated benefits of strategic transactions; difficulties
related to the integration of financial reporting of acquired or
target businesses; difficulties completing pending and future
acquisitions and dispositions; effects of litigation,
indemnification claims, and other contingent liabilities; changes
in regulations and tax laws; and risks that may affect the
performance of the operating subsidiaries and portfolio companies
of HC2. Although HC2 believes its expectations and
assumptions regarding its future operating performance are
reasonable, there can be no assurance that the expectations
reflected herein will be achieved. These risks and other
important factors discussed under the caption “Risk Factors” in our
most recent Annual Report on Form 10-K filed with the SEC, and our
other reports filed with the SEC could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release.
You should not place undue reliance on
forward-looking statements. All forward-looking statements
attributable to HC2 or persons acting on its behalf are expressly
qualified in their entirety by the foregoing cautionary statements.
All such statements speak only as of the date made, and unless
legally required, HC2 undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:Investor Relations
Garrett Edsonir@hc2.com(212) 235-2691
American Natural Gas (ANG)Corporate Office(877)
264-3835info@americannaturalgas.comwww.americannaturalgas.com
HC2 (NYSE:HCHC)
Historical Stock Chart
From Aug 2024 to Sep 2024
HC2 (NYSE:HCHC)
Historical Stock Chart
From Sep 2023 to Sep 2024