PITTSBURGH, Aug. 4, 2015 /PRNewswire/ -- NEP Group, Inc. ("NEP"), the largest global outsourced provider of comprehensive live and broadcast production solutions, today announced that it has postponed its previously announced initial public offering. NEP's board of directors, management and sponsor elected to postpone the offering as a result of unfavorable equity market conditions. NEP will continue to evaluate the timing for the proposed offering as market conditions develop.
"Due to the recent volatility and uncertainty in the public markets, we have decided that this is not the right time for NEP to move forward with an IPO," stated Kevin Rabbitt, CEO of NEP Group, Inc. "We remain a very healthy company with backing from a supportive financial investor, a strong growth strategy in place and great traction executing against that strategy. We are committed to continuing to execute our plan, and we do not believe this decision will impact our ability to meet our on-going growth goals. At NEP, it is business as usual as our team continues to focus on delivering superior service to our clients each and every day," Mr. Rabbitt added.
A registration statement relating to the proposed sale of these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
NEP provides the technology and know-how to enable clients to produce the worlds' biggest live and broadcast events around the globe. The company is the leading worldwide provider of outsourced production solutions offering technical services for remote production, studio production, video display, host broadcasting and post production. NEP's team of over 1,500 employees are driven by passion and a focus on technical innovation, and together they have supported productions in over 65 countries on all seven continents. Headquartered in the United States, NEP has offices in the United Kingdom, Ireland, the Netherlands, Sweden, Norway, Denmark, Germany, Finland, Switzerland, Belgium, the United Arab Emirates and Australia.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent NEP's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of NEP's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, NEP does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for NEP to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with our initial public offering. The risk factors and other factors noted in our prospectus could cause our actual results to differ materially from those contained in any forward-looking statement.
SOURCE NEP Group, Inc.