DSS Provides Update on Impact BioMedical Share Dividend
February 04 2021 - 4:05PM
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, today announced the record date for its previously
announced special share dividend of Impact BioMedical has been
changed to a yet to be determined future date expected to coincide
with the effective date of an S-1 related to the Company’s planned
dividend shares of Impact BioMedical.
“We remain fully committed to completing the
spinoff of Impact BioMedical in an IPO and sharing this success
with our shareholders through a special share dividend,” stated
Frank D. Heuszel, CEO of DSS. “After consultation with the NYSE,
the previously announced record date for our special share dividend
of Impact BioMedical has been revised, and a new date will be
announced as the timeline for our related S-1 process becomes
clearer. We anticipate this will happen later in the second
quarter.”
DSS originally announced a two-part special
share dividend of shares of common stock of Impact BioMedical: two
shares of Impact BioMedical for every one share of DSS common stock
held as of September 7, 2020; and a second tranche of an additional
two shares of Impact BioMedical for each common share of DSS held
at a yet to be determined record date. The previously announced
record date for the first tranche of September 7, 2020 has been
revised, and the Company now intends a single special dividend of
four Impact BioMedical shares for every one share of DSS common
stock held as of a new record date that will be announced at a
later date. The share dividend is expected to be issued upon the
S-1 becoming effective.
While there can be no assurance that Impact
BioMedical will be taken public and/or that any dividend of Impact
BioMedical shares 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.
Shareholders interested in receiving the Bonus
Shares will be required to hold their DSS shares from the record
date through the payment 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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