ATHENS, Greece, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Heidmar Inc. (the "Company") announced today that it has terminated the Business Combination Agreement dated March 19, 2023 (as amended, the "Business Combination Agreement") between the Company, Home Plate Acquisition Corporation (NASDAQGM:HPLT), a publicly-listed, special purpose acquisition company ("Home Plate"), Heidmar Marine Inc., Home Plate Sponsor LLC, HP Merger Subsidiary Corp. and certain shareholders of the Company party thereto, pursuant to Sections 11.1(b) and 11.1(d) of the Business Combination Agreement.

In conjunction with the termination of the Business Combination Agreement, each of the Ancillary Documents (as defined in the Business Combination Agreement) has also been terminated in accordance with their respective terms.

Market conditions were not conducive to the contemplated equity raise and the Company terminated the Business Combination Agreement pursuant to its terms. The Company remains focused on growing its tanker and dry bulk commercial management and pooling business organically while the launch into technical ship management is also proceeding as per plan with ongoing discussions with potential partners.

About Heidmar Inc.

Heidmar is an Athens based, first-class commercial and pool management business servicing the crude and product tanker market and is committed to safety, performance, relationships and transparency. Heidmar has a reputation as a reliable and responsible partner with a goal to maximizing our customer's profitability. Heidmar seeks to offer vessel owners a "one stop" solution for all maritime services in the crude oil, refined petroleum products and dry bulk shipping sectors. Heidmar believes its unique asset light business model and extensive experience in the maritime industry allows the Company to achieve premier market coverage and utilization, as well as providing customers in the sector with seamless commercial transportation services.

https://www.heidmar.com/

Contacts

Investor Relations / Media

Nicolas Bornozis

Markella Kara

Capital Link, Inc.

Tel +1-212-661-7566

heidmar@capitallink.com

Forward Looking Statements

Certain statements herein may be considered forward-looking statements within the meaning of U.S. federal securities law, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Such forward looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.

Nothing in this press release should be regarded as a representation by any person that the forward looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward looking statements, which speak only as of the date they are made. Heidmar does not undertake any duty to update or revise these forward looking statements.

Heidmar Inc. Announces Termination of Merger Agreement