ROCHESTER, N.Y., April 27, 2020 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American: DSS), a leader in anti-counterfeit, authentication and diversion protection technologies, announces the completion of the required independent valuation, allowing the company to proceed with the acquisition of the stock of Impact BioMedical, Inc. through a share exchange agreement as outlined in the term sheet announced on March 12, 2020 among DSS, DSS BioHealth Security, Inc., a wholly-owned direct subsidiary of DSS, Impact BioMedical and Global BioMedical Pte. Ltd., which owns all of the stock of Impact BioMedical.
Impact BioMedical’s ownership of a suite of antiviral and medical technologies has been valued at $382 million. As the value is higher than the agreed value, the purchase price for the acquisition will be DSS common stock and convertible preferred stock with an agreed value of $50 million, as previously announced. The independent valuation was completed by Destum Partners (“Destum Partners”), known globally for its high level of expertise and capability in independently valuing and advising on pharmaceutical technology. Since 2015, Destum Partners has valued and advised on $2.5 billion in completed transactions. For over 15 years, Destum Partners has maintained a strong presence within the biopharma and the life sciences industry with clients ranging from multinational Fortune 500 companies to midsized and early stage privately held companies. They have a global reach with clients in their portfolio based in Asia, Europe and the Americas.
Global BioMedical is a 100% owned subsidiary of Singapore eDevelopment Limited (SGX: 40V). The completion of the transaction is conditioned upon obtaining approval of the shareholders of both SeD and DSS, completion of an audit of the financial statements of Impact BioMedical, and other conditions. SeD’s Chief Executive Officer and largest shareholder is Heng Fai Ambrose Chan, the Chairman of the Board and largest shareholder of DSS.
The parties to the Term Sheet will continue to progress toward closing the deal and will provide further updates on its progress as appropriate.
Shareholders and potential investors of DSS are advised to read this Press Release, documents filed by DSS with the Securities and Exchange Commission (www.sec.gov) and any further announcements made by DSS carefully.
About Document Security Systems, Inc. (DSS)
For over 15 years, DSS has protected corporations, financial institutions, and governments from sophisticated and costly fraud. DSS' innovative anti-counterfeit, authentication, and brand protection solutions are deployed to prevent attacks which threaten products, digital presence, financial instruments, and identification. AuthentiGuard®, the company's flagship product, provides authentication capability through a smartphone application so businesses can empower a wide range of employees, supply chain personnel, and consumers to track their brands and verify authenticity. For more information on DSS visit http://www.dsssecure.com.
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.
