SOURCE: HC2 Holdings, Inc.

HC2 Holdings, Inc.

November 25, 2014 17:00 ET

Philip Falcone Departs Harbinger Group Inc. and Will Continue to Advance HC2 Holdings, Inc.

HERNDON, VA--(Marketwired - Nov 25, 2014) - HC2 Holdings, Inc. ("HC2") (OTCQB: HCHC) announced today that Philip A. Falcone is resigning from his positions of Chief Executive Officer and Chairman of the Board of Directors of Harbinger Group Inc., effective December 1, 2014, and will be dedicating more of his time to HC2 Holdings, Inc.  Mr. Falcone will continue as Chief Investment Officer and Chief Executive Officer of the hedge fund Harbinger Capital Partners LLC. 

Philip A. Falcone, HC2's Chairman, President and Chief Executive Officer, stated, "I am excited about the progress HC2 has made over the last several months and look forward to dedicating more time to HC2 going forward." 

"We are thrilled to continue to develop the HC2 business model and strategy with Phil," stated Wayne Barr, Jr., a member of HC2's Board of Directors.

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 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 approximately 91% of Schuff International Inc., a leading provider of structural steel fabrication, erection and engineering support services in the United States. HC2 also owns Global Marine Systems Limited, which is a global offshore engineering company and 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. operates direct routes and provides premium voice communication services for national telecom operators, mobile operators, wholesale carriers, prepaid operators, voice over internet service operators and Internet service providers. HC2 owns a majority interest in ANG Holding, Inc., a natural gas fueling company. HC2 owns 80% of Genovel Orthopedics, Inc. which seeks to develop products to treat early osteoarthritis of the knee. HC2 also has several non-controlling investments, including a 17% equity stake in Novatel Wireless, which designs and develops wireless communications technologies, and a minority interest in NerVve Technologies, Inc., an information technology company. Founded in 1994, HC2 is headquartered in Herndon, Virginia.

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