SOURCE: HC2 Holdings, Inc.

HC2 Holdings, Inc.

October 20, 2014 08:24 ET

HC2 Invests $5 Million in Series A-1 Financing Into NerVve Technologies to Accelerate Market Adoption of Market-Leading Visual Search Engine

HERNDON, VA--(Marketwired - Oct 20, 2014) - HC2 Holdings, Inc. ("HC2") (OTCQB: HCHC) announced today the acquisition of a minority interest in NerVve Technologies through the purchase of $5 million in Series A-1 Preferred Stock. 

NerVve is changing the way that video and imagery is exploited for intelligence, insight, and action. NerVve extracts relevant information from raw pixel data in video and imagery, allowing users to search tremendous volumes of video and imagery for any object, sign, logo or pattern at extreme speeds. NerVve's groundbreaking product, the NerVve Visual Search Solution (NVSS), is a very high speed visual search engine, capable of searching pixels just like they are text on web-pages.

Philip A. Falcone, HC2's Chairman, President and Chief Executive Officer, stated, "We are thrilled to lead the Series A-1 investment in NerVve, a company with breakthrough technology for visual search applicable to multiple vertical markets. We look forward to working with NerVve's management team and employees, and accelerating the development of NerVve's market-leading visual search engine." 

"HC2's partnership will significantly accelerate NerVve's ability to advance the development of enhanced visual search capabilities and aggressively pursue revenue-enhancing opportunities for our customers in Media & Entertainment, Digital Online, Social Media and Government. As NerVve broadens its reach to serve added commercial markets, HC2's involvement and relationships will facilitate market entry and rapidly increase the speed of development of all areas of the business," said Thomas E. Slowe, NerVve's Chief Executive Officer.

Cautionary Statement Regarding Forward Looking Statements

Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by our representatives from time to time may contain, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on current expectations, and are not strictly historical statements. In some cases, you can identify forward-looking statements by terminology such as "if," "may," "should," "believe," "anticipate," "future," "forward," "potential," "estimate," "opportunity," "goal," "objective," "growth," "outcome," "could," "expect," "intend," "plan," "strategy," "provide," "commitment," "result," "seek," "pursue," "ongoing," "include" or in the negative of such terms or comparable terminology. These forward-looking statements inherently involve certain risks and uncertainties and are not guarantees of performance, results, or the creation of shareholder value, although they are based on our current plans or assessments which we believe to be reasonable as of the date hereof. Factors or risks that could cause our actual results to differ materially from the results are more fully described in our most recent annual report, quarterly reports or other filings with the Securities and Exchange Commission, which are available through our website at www.HC2.com. Such factors include, but are not limited to, the risk that we may fail to achieve the expected benefits of the acquisition of a minority interest in NerVve; the ability of HC2's subsidiaries (including target businesses following their acquisition) to generate sufficient net income and cash flows to make upstream cash distributions; the impact on our business and financial condition of our substantial indebtedness and the significant additional indebtedness and other financing obligations that HC2 and its subsidiaries may incur; HC2 and its subsidiaries' ability to identify any suitable future acquisition opportunities; HC2 and its subsidiaries' ability to generate efficiencies and implement cost avoidance, cost savings, income and margin growth, economies of scale and combined operations measures; HC2 and its subsidiaries' ability to complete future acquisitions and dispositions; the effects of litigation and other contingent liabilities; changes in laws and regulations that affect our business; and risks that are particular to the operating subsidiaries of HC2 and may affect their financial performance. Other unknown or unpredictable factors could also affect our business, financial condition and results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that any of the estimated or projected results will be realized. You should not place undue reliance on these forward-looking statements, which apply only as of the date hereof. Subsequent events and developments may cause our views to change. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.

About HC2

HC2 operates as a holding company of operating subsidiaries primarily in the United States and the United Kingdom. HC2 owns 89% of Schuff, the largest steel fabrication and erection company in the United States. HC2 owns 95% of Global Marine Systems Limited, which is the leading independent provider of engineering and underwater services, responding to the subsea cable installation, maintenance and burial requirements of its world-wide customer base. HC2's indirectly wholly owned subsidiary PTGi International Carrier Services, Inc. is one of the leading international wholesale service providers to fixed and mobile network operators worldwide. HC2 owns a majority interest in ANG Holding, Inc., a premier retailer of natural gas motor fuel in the Northeast. HC2's indirectly wholly owned subsidiary Genovel Orthopedics, Inc. is researching the development of innovative products to treat early osteoarthritis of the knee. Founded in 1994, HC2 is headquartered in Herndon, Virginia. For more information, visit: www.HC2.com.

About NerVve

NerVve was developed to address the core needs of organizations seeking to exploit massive amounts of unstructured visual information (video, images and other 2 dimensional raster data) through the use of a proprietary, high speed visual search engine. NerVve's technology is used to automatically search live or pre-recorded video, images, or tiled imagery to find objects contained within the images and video enabling detection and analysis of the most relevant items at very high speeds for our customers in the Intelligence Community, Media & Entertainment, and Social Media. For more information visit us at: www.NerVveTechnologies.com

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