DSS Completes Impact BioMedical Acquisition
August 21 2020 - 8:00AM
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 the closing of the Company’s
acquisition of Impact BioMedical.
“We are excited to report the official closing
of our Impact BioMedical acquisition,” stated Frank D. Heuszel, CEO
of DSS. “This transaction is a major milestone for DSS and provides
us the opportunity to follow through on our vision of sharing the
economic benefits of our success with our shareholders.”
The Company’s long-term plans for Impact
BioMedical include taking it public through an initial public
offering (“IPO”). As previously announced, in concert with this
public offering, DSS anticipates a proposed two-part 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
first tranche of the planned Bonus share dividend intends to
provide shareholders with two shares of Impact BioMedical for every
share of DSS they hold. The DSS Board of Directors is expected to
meet in the immediate future to set a record date for this tranche.
The second tranche of the planned Bonus share dividend is expected
to provide an additional two shares of Impact BioMedical to the DSS
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 there
can be no assurance that Impact BioMedical will be taken public
and/or that any Bonus share distribution will occur, particularly
due to unforeseen circumstances including fulfilling the
pre-requisite criteria during the IPO application process and
market forces beyond the Company's control, it is the intention of
management and the Board to take Impact BioMedical public and to
reward DSS shareholders via the issuance of Bonus shares.
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, CEO RedChip Companies Inc. 407-491-4498
Dave@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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