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DSS, Inc. (NYSE: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.
