Hydra Industries Acquisition Corp. Stockholders Approve Extension of Date to Consummate Business Combination

NEW YORK, Oct. 27, 2016 /PRNewswire/ -- Hydra Industries Acquisition Corp. (NASDAQ: HDRA, "Hydra") today announced that Hydra's stockholders have approved an extension of the date by which it must complete a business combination (the "Extension"). 

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Hydra obtained the Extension in order to allow more time to complete its previously announced business combination with Inspired Gaming Group ("Inspired"), a global games technology company, supplying Virtual Sports, Mobile Gaming and server-based gaming systems with associated terminals and digital content to regulated betting and gaming operators around the world.  The Extension allows Hydra until December 29, 2016 to complete the business combination.

Following redemptions associated with the Extension, a total of approximately $45.8 million remains in Hydra's trust account, which, together with $20.0 million from a forward equity purchase contract with an affiliate of Macquarie Capital, should result in approximately $65.8 million being available for use in connection with the proposed business combination with Inspired.  

Hydra Chairman and CEO Lorne Weil commented, "We are excited about the level of interest we continue to see as we have met with investors.  We look forward to closing on the transaction in the coming weeks with the support of our stockholders."

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 Hydra's management's current expectations and beliefs, as well as a number of assumptions concerning future events.