ROCHESTER, N.Y., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (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 announced on April 27, 2020, signed by DSS, DSS BioHealth Security, Inc. (a wholly-owned direct subsidiary of DSS), Impact BioMedical Inc. and Global BioMedical Pte. Ltd. Global BioMedical, which owns all of the stock of Impact BioMedical, is a 100% owned subsidiary of Singapore eDevelopment Limited (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.
