DSS Announces Shareholder Approval for its Acquisition of Impact Biomedical
August 11 2020 - 7:15AM
Document Security Systems, Inc. (“DSS” or the “Company”) (NYSE
American: DSS), a multinational company operating businesses
focusing on brand protection technology, blockchain security,
direct marketing, healthcare, real estate, and securitized digital
assets, is pleased to announce its shareholders voted to approve
the Company’s acquisition of Impact BioMedical as outlined in the
share exchange agreement (“Transaction”) announced on April 27,
2020, signed by DSS, DSS BioHealth Security, Inc. (a wholly-owned
direct subsidiary of DSS), Impact BioMedical Inc. (“Impact
BioMedical”) and Global BioMedical Pte. Ltd. (“Global BioMedical”).
Global BioMedical, which owns all of the stock of Impact
BioMedical, is a 100% owned subsidiary of Singapore eDevelopment
Limited (“SeD”) (SGX: 40V).
Frank D. Heuszel, CEO of DSS, commented, “Our
shareholders’ vote was the final condition to be completed for us
to move forward with this Transaction. We look forward to now
completing the acquisition and ultimately demonstrating our
commitment to share the economic benefits of the companies we
acquire with our shareholders.”
The DSS long-term plans include seeking to take
Impact BioMedical public after the share exchange in an initial
public offering (“IPO”). Prior to doing so, and in concert with
this public offering, DSS anticipates a proposed dividend of Impact
BioMedical shares to its shareholders (except to controlling
shareholders of DSS and the Chairman’s group of companies), whereby
for every one DSS share of common stock held, the shareholder would
be entitled to a bonus of four Impact Shares, the Bonus shares. The
planned Bonus share dividend would be divided into two tranches;
the shareholders of record of a date to be determined but prior to
initial public offering would be eligible for two shares for every
share of DSS which they hold, and a second dividend of an
additional two shares of Impact BioMedical if they were the
shareholders of record on the date of the proposed IPO of Impact
BioMedical. The issuance of the Bonus shares would occur after the
registration and the IPO of Impact BioMedical’s shares. While this
statement represents the current intentions of DSS management and
of its Board, there can be no assurance, however, that Impact
BioMedical will be taken public and/or that any such Bonus Share
distribution will occur.
The Company’s plans are in line with its mission
of sharing its economic benefits by giving DSS shareholders bonus
shares of its subsidiaries as they are spun out into IPO’s.
“Completing the Impact BioMedical acquisition is
a major milestone for DSS,” stated Chan Heng Fai, Chairman of DSS.
“We believe we are entering a new phase of opportunity, and the
many achievements we have accomplished over the last several
quarters provide a strong foundation for significant shareholder
value growth moving forward.”
DSS announced its acquisition of Impact
Biomedical in March 2020. Impact Biomedical’s ownership of a suite
of antiviral and medical technologies has been valued at $382
million by Destum Partners, known globally for its high level of
expertise and capability in independently valuing and advising on
pharmaceutical technology. On May 26, 2020, Impact Biomedical
disclosed that it received a valuation of $933 million for this
suite of technology from a different independent valuation firm.
Unlike the previous valuation, the new valuation takes
into consideration numerous additional disease applications of the
suite of antiviral and medical technologies.
About Impact BioMedical, Inc.
Impact BioMedical, Inc. (“Impact BioMedical”) is
a wholly owned direct subsidiary of Global BioMedical Pte. Ltd.,
which in turn is a wholly owned direct subsidiary of Singapore
eDevelopment Limited, a company listed on the Singapore Exchange.
Impact BioMedical strives to leverage its scientific know-how and
intellectual property rights to provide solutions that have been
plaguing the biomedical field for decades. By tapping into the
scientific expertise of GRDG Sciences, LLC, Impact BioMedical
pledges to undertake a concerted effort in the R&D, drug
discovery and development for the prevention, inhibition, and
treatment of neurological, oncological and immuno related diseases.
For more information on Impact BioMedical visit
http://impbio.com/.
About Document Security Systems, Inc.
DSS is a multinational company operating
businesses focused on brand protection technology, blockchain
security, direct marketing, healthcare, real estate, and
securitized digital assets. Its business model is based on a
distribution sharing system in which shareholders will receive
shares in its subsidiaries as DSS strategically spins them out into
IPOs. Its historic business revolves around counterfeit deterrent
and authentication technologies, smart packaging, and consumer
product engagement. DSS is led by its Chairman and largest
shareholder, Mr. Fai Chan, a highly successful global business
veteran of more than 40 years specializing in corporate
transformation while managing risk. He has successfully
restructured more than 35 corporations with a combined value of $25
billion.
For more information on DSS
visit http://www.dsssecure.com.
Investor Contact:
Dave Gentry, CEORedChip Companies
Inc.407-491-4498Dave@redchip.com
Safe Harbor Disclosure
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements include, but are not limited to,
statements related to the Company's intended use of proceeds and
other statements that are not historical facts. Forward-looking
statements are based on management's current expectations and are
subject to risks and uncertainties that may cause actual results or
events to differ materially from those projected. These risks and
uncertainties, many of which are beyond our control, include: risks
relating to our growth strategy; our ability to obtain, perform
under and maintain financing and strategic agreements and
relationships; risks relating to the results of development
activities; our ability to attract, integrate and retain key
personnel; our need for substantial additional funds; patent and
intellectual property matters; competition; as well as other risks
described in the section entitled "Risk Factors" in the prospectus
and in our other filings with the SEC, including, without
limitation, our reports on Forms 8-K and 10-Q, all of which can be
obtained on the SEC website at www.sec.gov. Readers are cautioned
not to place undue reliance on the forward-looking statements,
which speak only as of the date on which they are made and reflect
management's current estimates, projections, expectations and
beliefs. We expressly disclaim any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our
expectations or any changes in events, conditions or circumstances
on which any such statement is based, except as required by
law.
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