Pansend Life Sciences LLC

- Portfolio Coalesces Around Infrastructure, Life Sciences and Spectrum -- Pending Banker Steel Acquisition Adds to DBM Global's Infrastructure Opportunity -- Pending Insurance Disposition Sharpens Focus and Adds $65 Million to Balance Sheet - - Successful Debt Refinancing in February Significantly Enhances Capital Structure - NEW YORK, May 07, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE: HCHC), a diversified holding company, announced today its consolidated results for the first quarter ended March 31, 2021. Financial Summary (1) Reconciliation of GAAP to Non-GAAP measures follows.(2) Note that Total Adjusted EBITDA excludes results for discontinued operations. Commentary"The new HC2 is coming increasingly into focus,” stated Wayne Barr, Jr., Chief Executive Officer of HC2. “With the completed sale of the Clean Energy segment and pending sale of the Insurance segment, we are coalescing around three key strategic assets: Infrastructure, Life Sciences and Spectrum. And with the successful debt refinancing completed in February, we are on a stronger financial footing that provides us the flexibility and runway we need to execute our strategic plan and drive meaningful growth and value creation in the years ahead." Barr added, "In the first quarter, we took significant steps forward in each of our three businesses. In Infrastructure, DBM is rebuilding its backlog and pipeline while working to complete the acquisition of Banker Steel, which is expected to substantially increase its revenue and Adjusted EBITDA. In Life Sciences, R2 officially launched Glacial Rx commercially in the U.S. and is now a revenue generating contributor within the Pansend portfolio. In Spectrum, we posted our second consecutive quarter of positive Adjusted EBITDA, completed the relocation of our media gateway from Little Rock to a Tier 3 data center in Miami, and we are airing 80 content networks on our platform as well as laying the ground work for the construction of 17 new stations. Our stronger businesses, combined with a newly enhanced capital structure, positions HC2 for a solid year financially in 2021." First Quarter 2021 Highlights First Quarter Financial Highlights First Quarter 2021 Segment Highlights Conference Call HC2 will host a live conference call to discuss its first quarter 2021 financial results and operations today at 8:30 a.m. ET. The Company will post an earnings supplemental presentation in the Investor Relations section of the HC2 website at ir.hc2.com, to accompany the conference call. Dial-in instructions for the conference call and the replay follows. *Available approximately two hours after the end of the conference call through May 21, 2021. About HC2HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of assets in Infrastructure, Life Sciences and Spectrum. HC2 is headquartered in New York, NY, and through its subsidiaries employs approximately 2,800 people. Contacts Investor Contact:FNK IRMatt Chesler, CFAir@hc2.com(212) 235-2691 Media Contact:ReevemarkPaul Caminiti/Pam Greene/Luc HerbowyHC2@reevemark.com(212) 433-4600 Non-GAAP Financial Measures In this press release, HC2 refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Total Adjusted EBITDA (excluding discontinued operations) and Adjusted EBITDA for its operating segments. Adjusted EBITDA Management believes that Adjusted EBITDA provides investors with meaningful information for gaining an understanding of our results as it is frequently used by the financial community to provide insight into an organization’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation, amortization and the other items listed in the definition of Adjusted EBITDA below can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA can also be a useful measure of a company’s ability to service debt. While management believes that non-U.S. GAAP measurements are useful supplemental information, such adjusted results are not intended to replace our U.S. GAAP financial results. Using Adjusted EBITDA as a performance measure has inherent limitations as an analytical tool as compared to net income (loss) or other U.S. GAAP financial measures, as this non-GAAP measure excludes certain items, including items that are recurring in nature, which may be meaningful to investors. As a result of the exclusions, Adjusted EBITDA should not be considered in isolation and does not purport to be an alternative to net income (loss) or other U.S. GAAP financial measures as a measure of our operating performance. Adjusted EBITDA excludes the results of operations and any consolidating eliminations of our Insurance segment. The calculation of Adjusted EBITDA, as defined by us, consists of Net income (loss) as adjusted for discontinued operations; depreciation and amortization; Other operating (income) expense, which is inclusive of (gain) loss on sale or disposal of assets, lease termination costs, asset impairment expense and FCC reimbursements; interest expense; net gain (loss) on contingent consideration; loss on early extinguishment or restructuring of debt; other (income) expense, net; foreign currency transaction (gain) loss included in cost of revenue; income tax (benefit) expense; noncontrolling interest; bonus to be settled in equity; share-based compensation expense; non-recurring items; costs associated with the COVID-19 pandemic, and acquisition and disposition costs. Management recognizes that using Adjusted EBITDA as a performance measure has inherent limitations as an analytical tool as compared to net income (loss) or other GAAP financial measures, as these non-GAAP measures exclude certain items, including items that are recurring in nature, which may be meaningful to investors. Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains, 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 forward-looking statements are based on current expectations and inherently involve certain risks, assumptions and uncertainties. The forward-looking statements in this presentation include, without limitation, any statements regarding our expectations regarding entering definitive agreements in respect of and consummating potential divestitures of any of our subsidiaries, our ability to successfully consummate previously announced acquisitions, HC2’s inability to predict the extent to which the COVID-19 pandemic and related impacts will continue to adversely impact HC2’s business operations, financial performance, results of operations, financial position, the prices of HC2’s securities and the achievement of HC2’s strategic objectives, and changes in macroeconomic and market conditions and market volatility (including developments and volatility arising from the COVID-19 pandemic), including interest rates, the value of securities and other financial assets, and the impact of such changes and volatility on HC2’s financial position. Such statements are based on the beliefs and assumptions of HC2’s management and the management of HC2’s subsidiaries and portfolio companies. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance, results or the creation of stockholder value 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, including those that may be identified in subsequent statements and reports filed with the Securities and Exchange Commission (“SEC”), including in our reports on Forms 10-K, 10-Q, and 8-K. Such important factors include, without limitation: the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on HC2’s operations and personnel, and on commercial activity and demand across our businesses, capital market conditions, including the ability of HC2 and HC2’s subsidiaries to raise capital; the ability of HC2’s subsidiaries and portfolio companies to generate sufficient net income and cash flows to make upstream cash distributions; volatility in the trading price of HC2 common stock; the ability of HC2 and its subsidiaries and portfolio companies to identify any suitable future acquisition or disposition opportunities; our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; difficulties related to the integration of financial reporting of acquired or target businesses; difficulties completing pending and future acquisitions and dispositions; effects of litigation, indemnification claims, and other contingent liabilities; changes in regulations and tax laws; and risks that may affect the performance of the operating subsidiaries and portfolio companies of HC2. Although HC2 believes its expectations and assumptions regarding its future operating performance are reasonable, there can be no assurance that the expectations reflected herein will be achieved. These risks and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 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 made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. HC2 HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per share amounts)(Unaudited) HC2 HOLDINGS, INC.CONDENSED CONSOLIDATED BALANCE SHEET(in millions, except share amounts)(Unaudited) HC2 HOLDINGS, INC.RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA(Unaudited)

NEW YORK, Feb. 03, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) today announced that R2 Technologies Inc. ("R2"), founded by HC2’s portfolio company Pansend Life Sciences (“Pansend”), has received $10 million in funding from Huadong Medicine Company Limited (“Huadong”), a leading publicly traded Chinese pharmaceutical company. Huadong’s investment will be used to fund the launch of R2 Technologies’ first-to-market innovations Glacial Rx™ and Glacial Spa™. In exchange for its equity investment in R2, Huadong receives exclusive distribution rights for R2’s products in the China and selected Asia-Pacific markets. Glacial Rx is the first CryoAesthetic™ age spot removal treatment that is FDA-cleared to remove benign lesions and temporarily reduce pain, swelling and inflammation, and Glacial Spa is a unique cooling experience that brightens and evens skin tone. R2 will commence the distribution of Glacial Rx to U.S. aesthetic providers and the distribution of Glacial Spa to high-end spas in China. “We appreciate Huadong’s continued investment and believe their commitment to R2 is a testament to the significant market opportunity for these revolutionary products,” said Wayne Barr, Chief Executive Officer of HC2. “Pansend Life Sciences is a key component of HC2’s business, and we look forward to driving continued growth in this dynamic and evolving sector.” Tim Holt, R2 Chief Executive Officer, added, “We are proud to have the Huadong team’s wealth of knowledge as both an investor and strategic business partner supporting our mission. We look forward to our future successes together as we bring Glacial Rx and Glacial Spa to market.” This investment constitutes the third and final tranche of Huadong’s $30 million equity investment at a predetermined post-money valuation of $113 million for R2, established at the time of R2’s Series B close in June 2019. R2 is actively taking orders for aesthetic providers who want to offer the new Glacial Rx treatment in-office. To learn more about R2 Technologies and its upcoming launch, visit glacialskin.com and follow the company on LinkedIn. About HC2 HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of assets primarily in Infrastructure, Life Sciences, Spectrum and Insurance. HC2 is headquartered in New York, New York and through its subsidiaries employs 2,848 people. About Pansend Life Sciences Pansend Life Sciences, LLC is the life sciences subsidiary of HC2 Holdings, Inc., focused on the development of innovative healthcare technologies and products. Pansend’s portfolio companies include R2 Technologies, which is developing medical devices for the treatment of aesthetic and medical skin conditions and has received FDA approval for its initial device; MediBeacon, whose proprietary platform technology is the foundation of its development of a non-invasive real-time monitoring system for the evaluation of kidney function; Triple Ring, a leading edge research, engineering and development firm which specializes in regulated medical devices, in vitro diagnostics & life sciences tools as well as imaging, and industrial applications; and Genovel Orthopedics, which is developing novel partial and total knee replacements for the treatment of osteoarthritis of the knee. In 2018, Pansend’s portfolio company BeneVir was acquired by Janssen Biotech, Inc. (Johnson & Johnson) for up to $1.04 billion. About R2 Technologies Headquartered in Silicon Valley, R2 Technologies is a world leader in CryoAesthetic™ medical devices. In 2014, Pansend Life Sciences, LLC and Blossom Innovations, LLC founded R2 Technologies and licensed exclusive intellectual property from Massachusetts General Hospital. In 2019, R2 brought on strategic partner, Huadong Medicine Co., Ltd. In close collaboration with these partners and the brand’s scientific founders and world-famous luminaries in aesthetic medicine, Drs. Rox Anderson, Dieter Manstein, and Henry Chan, R2 focuses on the development, engineering, clinical research, and commercialization of groundbreaking technologies for aesthetic providers and consumers. Since inception, R2 has raised $62 million in financing led by a world-class team of experts within the aesthetics industry. Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements regarding building shareholder value and future cash flow and invested assets.   All forward-looking statements speak only as of the date made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. These risks and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Contacts Media Contact:ReevemarkPaul Caminiti/Pam Greene/Luc HerbowyHC2@reevemark.com(212) 433-4600 Investor Contact: FNK IRMatt Chesler, CFAir@hc2.com(212) 235-2691

R2 Technologies - founded by HC2’s portfolio company Pansend Life Sciences - Offers Innovation in Skin Resurfacing with FDA-Approved Cryo-Based Technology R2 Technologies seeks to capture a significant share of the $22 billion skin tone evening, lightening and brightening products global market NEW YORK, Jan. 05, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) today announced that Glacial Rx, an FDA-approved device developed by R2 Technologies, was recently featured in RealSelf as one of “the 2021 Launches Doctors are Buzzing About.” R2 Technologies is an aesthetic medical device company dedicated to helping people experience amazing skin founded by HC2’s portfolio company Pansend Life Sciences. The article, From Groundbreaking Cellulite Treatments to New Injectables, These Are the 2021 Launches Doctors Are Buzzing About, stated that Glacial Rx is the first device to utilize unique, cold-based technology to eliminate unwanted pigment. Dr. Arisa Ortiz, MD, FAAD, Director of Laser and Cosmetic Dermatology at UC San Diego, noted in the article “[t]he cool thing about this device is that you can titrate [or adjust] the settings to basically have no downtime,” and that “because the temperature and exposure times are so precisely controlled, there is much less risk of [pigmentary changes] compared to standard liquid nitrogen.”¹ RealSelf is a healthcare marketplace where consumers research aesthetic treatments and connect with physicians. Glacial Rx is expected to launch in 2021 and offers physicians an innovative method for treating aesthetic and medical skin conditions. The revolutionary system incorporates a first-of-its-kind dermal cooling technology as opposed to conventional heat-based laser treatments which can often cause inflammation and side effects. R2 seeks to capture a significant share of the $22 billion skin tone evening, lightening and brightening products global market. To learn more about R2 Technologies and its upcoming launch, visit and follow the company on LinkedIn. About HC2 HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of assets primarily in Infrastructure, Life Sciences, Spectrum, Insurance and Clean Energy. HC2 is headquartered in New York, New York and through its subsidiaries employs 2,864 people. About Pansend Life Sciences Pansend Life Sciences, LLC is the life sciences subsidiary of HC2 Holdings, Inc., focused on the development of innovative healthcare technologies and products. Pansend’s portfolio companies include R2 Technologies, which is developing medical devices for the treatment of aesthetic and medical skin conditions and has received FDA approval for its initial device; MediBeacon, whose proprietary platform technology is the foundation of its development of a non-invasive real-time monitoring system for the evaluation of kidney function; Triple Ring, a leading edge research, engineering and development firm which specializes in regulated medical devices, in vitro diagnostics & life sciences tools as well as imaging, and industrial applications; and Genovel Orthopedics, which is developing novel partial and total knee replacements for the treatment of osteoarthritis of the knee. In 2018, Pansend’s portfolio company BeneVir was acquired by Janssen Biotech, Inc. (Johnson & Johnson) for up to $1.04 billion. About R2 Technologies Headquartered in Silicon Valley, R2 Technologies is an aesthetic medical device company dedicated to helping people experience amazing skin. R2 has developed an FDA cleared, breakthrough CryoAesthetic procedure cleared for removal of benign lesions of the skin by precisely controlling time and temperature. In 2014, Pansend Life Sciences, LLC and Blossom Innovations, LLC founded R2 Technologies and licensed exclusive intellectual property from Massachusetts General Hospital ("MGH"), a teaching affiliate of Harvard Medical School. In 2019, R2 closed its Series B "Commercialization" round with its strategic partner, Huadong Medicine Co., Ltd. Working in close collaboration with these partners, in conjunction with our scientific founders and world-famous luminaries in aesthetic medicine, Drs. Rox Anderson, Dieter Manstein, and Henry Chan, R2 is focused on engineering, clinical research and commercialization of groundbreaking aesthetic technologies. Since its inception, R2 has raised $60 million in financing led by a world-class team with experience launching successful aesthetic innovations. Contacts Media Contact: Reevemark Paul Caminiti/Pam Greene/Luc Herbowy HC2@reevemark.com (212) 433-4600 Investor Contact: FNK IR Matt Chesler, CFA ir@hc2.com (212) 235-2691 ____________________________ ¹ Permission to use quotation was neither sought nor obtained.