Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (1661)	11/19/2008 8:40:22 AM
From: Glenn Petersen	Respond to of 3862

Hyde Park Acquisition (stock symbol: [t]HYDQ[/t]) has completed its acquisition of Essez Crane Rental: Hyde Park Acquisition Corp. Completes Acquisition of Essex Crane Rental Corp. Friday October 31, 10:56 am ET NEW YORK--(BUSINESS WIRE)--Hyde Park Acquisition Corp. (OTCBB: HYDQ; HYDQW; HYDQU) (“Hyde Park”) today announced the completion of its acquisition of privately held Essex Holdings LLC and its subsidiary, Essex Crane Rental Corp. (“Essex”). The acquisition was completed after Hyde Park’s shareholders voted to approve the acquisition at Hyde Park’s special meeting of stockholders held earlier in the day. In conjunction with the acquisition, Hyde Park changed its name to Essex Rental Corp. Ron Schad, Essex’s President and CEO, said, "We appreciate the support of the shareholders of Hyde Park and are looking forward to Essex’s future as a public company. We are focused on building long-term value for our shareholders, and intend to pursue a variety of organic and acquisition-driven growth opportunities. We will continue to reposition our crane rental fleet away from lower lifting capacity cranes and towards higher lifting capacity equipment, which has historically produced higher monthly average rental rates and higher utilization rates. We are excited about the pace of new contract–related activity, the addition of new equipment to the fleet, and the continued strength of Essex’s end markets, including infrastructure and energy, and look forward to our future with confidence.” Laurence Levy, Chairman of Hyde Park (who remains Chairman of Essex Rental Corp.), commented, "We are very pleased that we are able to consummate this acquisition with a company of Essex’s calibre. As previously announced, the Company’s operating performance has demonstrated significant year-over-year improvement, allowing us to continue to exceed the March 2008 projections upon which the transaction value was predicated. Essex is a market leader in the heavy lift crane segment, has a diverse customer base, addresses growing end markets, and operates under a business model characterized by low operational risk and attractive margins. As a significant stockholder and Chairman of the Board of Directors, I look forward to working closely with the Essex senior management team in support of the Company’s strategic growth objectives.” Hyde Park (now known as Essex Rental Corp.) is seeking to transfer the listing of its securities from the Over-The Counter Bulletin Board to the NASDAQ Capital Market as soon as possible. Katten Muchin Rosenman LLP acted as legal advisor to Hyde Park in connection with the acquisition of Essex, and Macquarie Capital (USA), Inc. acted as financial advisor. About Essex Rental Corp. Headquartered in Chicago, Essex Rental Corp. is one of North America's largest providers of lattice-boom crawler crane and attachment rental services. With over 350 cranes and attachments in its fleet, Essex supplies cranes for construction projects related to power generation, petro-chemical, refineries, water treatment & purification, bridges, highways, hospitals, shipbuilding, offshore oil fabrication and industrial plants, and commercial construction. <snip> biz.yahoo.com