HC2 Holdings Provides Business Update in Response to COVID-19 Impact
HC2’s holding company and its subsidiaries continue to operate, mostly uninterrupted, and the management teams have been implementing their business continuity plans to ensure that their businesses are able to operate and to protect the health and safety of their employees, clients and other business partners as the COVID-19 outbreak continues.
“Across our holding company and operating subsidiaries we are taking steps to ensure that we are able to operate as best as possible while ensuring the health and safety of our employees and doing our part to slow the spread of the COVID-19 outbreak. I want to thank the entire HC2 team for their extraordinary efforts in dealing with the COVID-19 crisis,” stated
In response to the impact of the COVID-19 outbreak, the Company continues to operate mostly uninterrupted and has been implementing its business continuity plan. In response to the directives provided by local and state authorities, and in order to protect our employees, we have established a work from home policy until it is deemed safe by local and state authorities to return to the workplace. The Company’s board of directors and management continue to maintain frequent contact and assess the situation, and the Company continues to monitor guidance provided by local, state, federal and global public health authorities, standing ready to implement changes, as needed.
DBM is one of the largest steel fabrication, modeler, detailer and erection companies in the
DBM continues to operate construction, field erection jobs and fabrication facilities across the
ANG is a premier retailer of Compressed Natural Gas (“CNG”) that designs, builds, owns, operates and maintains natural gas fueling stations for the transportation industry. ANG’s principal business is supplying CNG for light-, medium- and heavy-duty vehicles.
ANG and its fueling stations continue to be fully operational with minimal impact as transportation remains a critical component of the supply chain. ANG services customers across a variety of industries and markets. Demand across industries has remained relatively consistent, with pockets of increased demand, such as transportation for grocery clients, which are experiencing greater than normal demand. ANG has implemented a work-from-home policy, with the exception of field technicians, and has implemented measures to protect the health and safety of the field technicians and the customers they serve. The workforce is complying with guidance on hygiene, cleaning and social distancing as set forth by the
ICS provides customers with internet-protocol-based and time-division multiplexing access for the transport of long-distance voice minutes. ICS operates a global telecommunications network consisting of domestic switching and related peripheral equipment, and carrier-grade routers and switches for Internet and circuit-based services. To ensure high-quality communications services, ICS’s network employs digital switching and fiber optic technologies, incorporates the use of Voice-over-Internet Protocol protocols and SS7/C7 signaling, and is supported by comprehensive network monitoring and technical support services.
Thus far, COVID-19 has had minimal impact on ICS’ business operations or financials. ICS will continue to operate in accordance with the evolving regulatory environment.
CIG is a platform for our run-off long-term care and life and annuity business, providing coverage to approximately 132,000 individuals through its insurance company,
CGI has a strong cash position, net of future funding commitments. The company has intentionally kept a higher than normal cash balance, due to unappealing market valuations for potential investments, and to also allow it to withstand downgrades. CGI’s book is comprised of 93% investment grade securities and CIG has discontinued all investment activity for a 30 day period while CIG and CGI continue to monitor the impacts of the COVID-19 crisis. Furthermore, given the significant uncertainty in the market, CIG and CGI are taking a number of steps to prepare for increased rates of default, forced liquidations, potential regulator-mandated premium holidays to accommodate policyholders who may not be able to make timely payments, downgrades and other scenarios.
Life Sciences –
Pansend focuses on the development of innovative technologies and products in the healthcare industry.
Among Pansend’s portfolio companies,
“We are offering all the city, county or state governments and first responders that serve the communities we reach across
Cautionary Statement Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release, 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. Such statements are based on the beliefs and assumptions of the Company’s management and the management of the Company’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
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company 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 hereof, and unless legally required, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Phone: (212) 235-2691
Source: HC2 Holdings, Inc.