ROCHESTER, N.Y., Feb. 04, 2021 (GLOBE NEWSWIRE) -- 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.
Dave Gentry, CEORedChip Companies Inc.407-491-4498 Dave@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.