DSS Reiterates Plans for Impact BioMedical Share Dividend
September 22 2020 - 8:45AM
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, reiterates its plans for its previously announced Impact
BioMedical share dividend.
The first tranche of the two-part special share
dividend was announced in August 2020, and DSS shareholders of
record as of the record date of 5:00 p.m. ET on September 7, 2020
(“Record Date”) earned a bonus of two shares of Impact BioMedical
(“Bonus Shares”) for every one share of DSS common stock held as of
the Record Date. Shareholders are not required to hold their DSS
shares beyond the Record Date to receive the Bonus Shares. The
Bonus Shares are expected to be issued after an IPO of Impact
BioMedical, which the Company is targeting in 2021.
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.
A second tranche of the special share dividend
is expected to provide an additional two shares of Impact
BioMedical for each common share of DSS held at a yet to be
determined record date.
DSS announced the closing of its acquisition of
Impact BioMedical on August 21, 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 subsidiary
of DSS. 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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