NEW YORK, May 16, 2017 /PRNewswire/ -- Barington/Hilco
Acquisition Corp. (NASDAQ: BHAC), a special purpose acquisition
company (the "Company"), announced today that it has signed a
definitive merger agreement with Oomba, Inc., a specialized social
media and software development company. Oomba has entered into an
Asset Purchase Agreement with GameWorks Entertainment, LLC, a
premier entertainment and gaming venue. Upon closing under the
merger agreement, the combined company will operate as Oomba
GameWorks.
Oomba revolutionizes how people organize sports and games with
its cloud-based tournament and league management system for eSports
and other forms of competition. GameWorks' venues provide a
premiere entertainment and gaming experience with its dynamic
roster of classic and modern attractions, such as arcade games,
bowling, billiards, laser tag and virtual reality along with
American cuisine and a wide range of craft beers and cocktails.
GameWorks operates nine locations in large metropolitan areas
across the United States.
Oomba GameWorks plans to continue its recent expansion into
eSports, which began with the addition of eSports arenas in the
Seattle, Las Vegas, and Denver locations, by upgrading its remaining
locations. This plan is part of a larger strategy to aggressively
grow the total number of GameWorks locations and invite
professional eSports teams to become the exclusive home teams of
each store, thereby making Oomba GameWorks the first and largest
chain of eSports stadiums across the
United States.
"After evaluating several different potential acquisition
targets, we feel that Oomba and its growth prospects through the
acquisition of GameWorks will provide tremendous value to our
shareholders," said Jeffrey
Nuechterlein, Chairman of Barington/Hilco Acquisition Corp.
"Oomba GameWorks is uniquely positioned to offer an enriched
entertainment and dining experience with an emphasis on creating a
stadium-like atmosphere for the burgeoning eSports industry."
Michael Williams, CEO of Oomba,
Inc., stated, "We are very excited about our further expansion into
eSports and virtual reality. These are two of the fastest
growing sectors in entertainment. It is our vision to transform
GameWorks into the largest chain of eSports stadiums across the
United States. By doing so, we expect to create tremendous
shareholder value."
"Both Barington Capital Group and Hilco Global have extensive
experience advising consumer focused businesses and this merger
provides significant resources to support the planned development
of a nation-wide network of Oomba GameWorks locations," stated
Greg Stevens, CEO of GameWorks
Entertainment, LLC. "We look forward to leveraging the capital
markets and delivering shareholder value as a public company."
Transaction Details
Pursuant to the Merger Agreement, Oomba is purchasing the assets
of GameWorks Entertainment LLC, and merging the combined company
into the Company at an agreed enterprise value of $60,000,000.
EarlyBirdCapital, Inc. is acting as financial advisor. The
description of the transaction contained herein is only a summary
and is qualified in its entirety by reference to the definitive
agreement relating to the transaction, a copy of which will be
filed by Barington/Hilco with the Securities and Exchange
Commission (the "SEC") as an exhibit to a Current Report on Form
8-K.
About Barington/Hilco Acquisition Corp.
Barington/Hilco Acquisition Corp. is a blank check company
formed for the purpose of entering into a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include
statements concerning the potential business combination. These
statements are based on the Company's management's current
expectations and beliefs, as well as a number of assumptions
concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside of the Company's control that could cause
actual results to differ materially from the results discussed in
the forward-looking statements. Additional factors that could cause
actual results to differ materially from those expressed or implied
in forward-looking statements can be found in the Company's most
recent annual report on Form 10-K and subsequently filed quarterly
reports on Form 10-Q and current reports on Form 8-K, which are
available, free of charge, at the SEC's website at www.sec.gov.
Contact:
Investor Relations Contact:
MZ North America
Ted Haberfield
President
Tel: +1-760-755-2716
Email: thaberfield@mzgroup.us
Web: www.mzgroup.us
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SOURCE Barington/Hilco Acquisition Corp.