CEO Highlights Expected IPO of Impact Biomedical and Progress in Subsidiaries
ROCHESTER, N.Y., Oct. 12, 2023 (GLOBE NEWSWIRE) -- DSS, Inc. (NYSE American: DSS), a multinational company operating nine (9) diversified business lines developed through strategic acquisitions to build shareholder value through periodic spinoffs to its shareholders, announced today that it has issued a Letter to Shareholders.
Dear Valued Shareholders,
On behalf of the management team at DSS, Inc., I am pleased to provide an update on our progress so far this year and our expectations going into the end of the year.
While 2023 has been punctuated by global challenges, our collective perseverance and adaptability have been paramount. I remain proud of our resiliency and achievements, and I am looking forward to significant growth remainder of this yea and the coming year. We continue to embrace a diversified portfolio and seek out investment opportunities through our extensive channels and strategic partnerships, while also identifying ways to maximize shareholder value.
I would like to highlight three specific developments.
As previously announced, we are in the late stages of preparing for an Initial Public Offering (IPO) of our majority owned subsidiary, Impact Biomedical, Inc. (IBIO), after distributing four shares of IBIO for every share of DSS held as of the record date of July 10, 2023.
Once the IPO has been completed, these stock dividend shares will not be eligible for resale until 180 days from the effective date of the IPO, a restriction that can be lifted at the discretion of IBIO. The structure of this spinoff is designed for DSS to maintain the consolidation of IBIO's financials, ensuring our shareholders receive the benefits of IBIO’s success on a go forward basis. Our license agreement with ProPhase Labs (Nasdaq:PRPH) is resulting in promising clinical advancement in the development of our Linebacker and Equivir assets.
Turning to our product packaging division, Premier Packaging Corporation, Inc., I am elated to report significant growth. Revenue for the first half of 2023 surged to $9.66 million, a 27% increase over the same period in 2022. This growth is a testament to the success of our capital investment in Premier, which has catalyzed operational efficiencies and enriched profit margins.
Our commitment to reinforcing our leadership dynamics is evident in the recent enhancement of the management team at DSS Wealth Management, Inc. This deliberate move is aimed at fostering a legacy of investment excellence and scaling our assets under management. As the advisor to DSS AmericaFirst Funds, DSS Wealth added Daniel Lew, CFA, as Chief Investment Officer and Portfolio Manager, Jim Monaghan, CMT, as Chief Operating Officer and Chief Compliance Officer and Michael Cheah, CFA, as Portfolio Manager & Head of Fixed Income. The team collectively has over 100 years of investment industry experience and has worked closely together for almost a decade. We are planning to launch a Total Return Bond Fund, managed by Michael Cheah, to capitalize on the prevailing higher interest rates.
Post the Impact Biomedical IPO, we eagerly look forward to introducing our shareholders to our subsequent spinoffs or similar liquidity events. A strategic facet of our approach remains the monetization of our minority interest–be it through mergers or acquisitions.
In closing, the trust and support of our shareholders have been instrumental in shaping our journey. I extend heartfelt gratitude for your unwavering belief in DSS, Inc. Here's to the promising road ahead.
Regards,
Frank Heuszel
CEO
DSS, Inc.
About DSS, Inc.,
DSS is a multinational company operating businesses within nine(9) divisions: Product Packaging, Biotechnology, Commercial Lending, Securities and Investment Management, Alternative Trading, Digital Transformation, Secure Living, and Alternative Energy. DSS strategically acquires and develops assets to increase shareholder value through periodic IPO spinoffs. Since 2019, under the guidance of new leadership, DSS has built the necessary foundation for achievable growth through the formation of a diversified portfolio of companies positioned to drive profitability in multiple high-growth sectors.
For more information on DSS visit https://www.dssworld.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 our SEC filings, including, without limitation, our reports on Forms 8-K, 10-K and 10-Q, all of which can be obtained on the SEC website atwww.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.
Contact:
DSS Inc. Investor Relations
IR@dssworld.com
+1 (585) 565-2422
