U.S. DSS to buy Singapore’s biohealth security tech firm for $50 mil.
SINGAPORE, NNA - Document Security Systems Inc. (DSS), a U.S. firm offering anti-counterfeit, authentication, and diversion protection technologies, has agreed to buy Singapore-based biohealth security technology firm Impact BioMedical Inc. through a share exchange worth $50 million.
Impact BioMedical is wholly owned by Global BioMedical Pte. Ltd. (GBM), which is a fully and directly-owned subsidiary of Singapore eDevelopment Ltd. (SED).
Impact BioMedical offers medical solutions by leveraging its scientific know-how and intellectual property rights.
Under the deal, DSS will issue 14.5 million new shares of common stock valued at around $3.1 million to GBM, according to a press release by DDS issued Monday. The new issuance would represent 18.93 percent of the company’s outstanding shares, according to a report by The Business Times.
The remaining $46.9 million will be paid in the form of issuance of perpetual convertible bonds to GBM.
Impact BioMedical will be a wholly-owned subsidiary of DSS BioHealth Security, which is a subsidiary of DSS.
Frank D. Heuszel, CEO of DSS, said in a press release issued on March 12 when the company announced the letter of intent to buy Impact Biomedical that the deal underlines expansion of its security product coverage into biohealth security technologies.
“This acquisition comports with DSS Chairman Heng Fai Ambrose Chan’s vision of enhancing the value of DSS with complementary and poignant product offerings, especially in these challenging days of the need for products that assist in the mitigation of Coronavirus,” he was quoted in the release as saying.
SED, which is listed on the Singapore Exchange, is engaged in various businesses, including property development and investments, information technology, development of bio-medical products, and manufacturing.