HSBI,
While the parties continue to work toward closing the proposed business combination in 2021, the parties recognize that the timing of regulatory approval and customer notifications may result in the closing of the transaction occurring during the first quarter of 2022. However, there can be no assurance that the parties will receive regulatory approval during the first quarter, or at all. Required customer notifications include, among other things, a notice that must be given to customers at least 30 days before completion of the transaction.
Under the terms of the purchase agreement, VyStar will pay HSBI an aggregate amount estimated to provide HSBI with sufficient cash to have
In addition, pursuant to the terms of the purchase agreement, the aggregate purchase price paid by VyStar to HSBI will increase by an amount equal to HSBI’s consolidated net profit, after certain deductions, for each month from
The transaction has been approved by HSBI shareholders, but remains subject to customary closing conditions, including the receipt of regulatory approvals. The distribution of cash to HSBI stockholders is expected to occur shortly following completion of the sale of assets to VyStar.
About
Forward Looking Statements:
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed acquisition of HSBI by VyStar, statements related to the expected timing of the completion of the acquisition, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as "may," "will," "should," "scheduled," "plans," "intends," "anticipates," "expects," "believes," estimates," "potential," or "continue" or negatives of such terms or other comparable terminology. All forward-looking statements in this press release, or in any other written or oral communication that relates to the proposed acquisition or to matters that may affect such proposed acquisition are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of HSBI or VyStar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) disruption from the proposed acquisition with customers, suppliers, employees or other business partners, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement, (3) the ability by the parties to obtain required governmental approvals of the acquisition (4) the failure of the closing conditions in the agreement to be satisfied, or any unexpected delay in closing the acquisition, and (5) general competitive, economic, political and market conditions.
HSBI disclaims any obligation to update or revise any forward-looking statements contained in this communication (which statements speak only as of the date hereof), or in any other written or oral communication that relates to the proposed combination or to matters that may affect such proposed combination, whether as a result of new information, future events or otherwise.
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(770) 824-9934 |
Source:
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