ROCHESTER, N.Y., April 19, 2023 (GLOBE NEWSWIRE) -- DSS, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a multinational company operating nine business divisions through strategic acquisitions and development to build shareholder value through periodic spinoffs, announced that the Company plans to distribute to its stockholders common stock of Sharing Services Global Corporation (“Sharing Services” or “SHRG”) that is beneficially held by DSS, directly and through its subsidiary, Decentralized Sharing Systems, Inc. (“DSSI”). Sharing Services is a diversified direct marketing company that is currently listed on the OTC (OTC: SHRG) and is in the process of up-listing to Nasdaq.
As a major shareholder in Sharing Services, DSS is focused on identifying opportunities that will foster the long-term growth of SHRG and provide long-term benefit to its shareholders. DSS Inc., together with its subsidiary DSSI, plan to distribute approximately 280 million shares, which represents over $5 million at the current market value of Sharing Services’ common stock beneficially held by DSS and DSSI in a distribution to holders of DSS common stock, par value $0.02 per share (“DSS Common Stock”) as of April 28, 2023 (the “Record Date”) (the “Distribution”). Each share of DSS Common Stock outstanding as of 5:00 p.m., New York City time, held on the Record Date, will entitle the holder thereof to receive two (2) SHRG common stock shares.
Immediately prior to the Distribution, DSS, together with its subsidiary DSSI, will beneficially hold 81.1% of the issued and outstanding shares of SHRG Common Stock. Upon completion of the Distribution, DSS and its subsidiary, DSSI, will retain an ownership interest of approximately 7% in Sharing Services Global Corporation.
Ramping up Revenue Growth in Sharing Services
Sharing Services main points of business are through the company’s two 100% owned subsidiaries, The Happy Co. and Hapi Travel Destinations. The Happy Co. operates in the health and wellness industry and markets its products primarily through an independent sales force utilizing a direct sales business model under the proprietary brand, “The Happy Co.” The subscription-based travel services subsidiary, My Travel Ventures, offers deep discounts for travel relating to airfare, cruises, hotels, resorts, time shares and rental cars for destinations throughout the world.
Recently, Sharing Services entered into a Master Franchise Agreement (“MFA”) to acquire the exclusive franchise rights in North America to the brand Hapi Café™ from Hapi Café, Inc. Under the MFA, the Company, directly or through its subsidiaries, will operate no less than five corporate-owned stores and will offer licensing rights for others to operate. Each corporate-owned, or licensed, Hapi Café location will provide customers and Brand Partners seeking a healthier lifestyle access to functional, healthy food and beverages, a pleasant workspace with free Wi-Fi service, physical fitness, nutrition management, personal workout video content, and My Travel Ventures™ services.
“Sharing Services is the first of several planned dividends to DSS shareholders that will enable us to focus on and continue to optimize other business in the DSS incubation pipeline, while providing DSS shareholders with a separately traded equity in Sharing Services," said Frank D. Heuszel, CEO of DSS, Inc.
John “JT” Thatch, CEO of Sharing Services Global Corporation, added, “We look forward to having DSS shareholders as part of our shareholder base through the direct distribution of SHRG shares. We also are excited to grow the relationship with DSS and see great potential with them as we expand our distribution network and global footprint to create additional revenue and growth.”
About Sharing Services Global Corporation
Sharing Services Global Corporation (OTCQB:SHRG), is a publicly traded company dedicated to building shareholder value by developing or acquiring businesses, products and technologies in the direct selling industry and other industries that augment the Company’s product and services portfolio, business competencies, and geographic reach. Our primary growth strategy is built on focused innovation and creativity positioned to capture profitable market share of diverse business models.
For more information on Sharing Services Global Corporation visit https://www.shrginc.com/
About DSS, Inc.
DSS is a multinational company operating businesses within nine divisions: Product Packaging, Biotechnology, Direct Marketing, Commercial Lending, Securities and Investment Management, Alternative Trading, Digital Transformation, Secure Living, and Alternative Energy. DSS strategically acquires and develops assets to enrich the value of its shareholders through calculated IPO spinoffs and a parametric share distribution strategy. 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. These companies offer innovative, flexible, and real-world solutions that not only provide mutual benefits for businesses and their customers, but also create sustainable value and opportunity for transformation.
For more information on DSS visit http://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 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.
Contact:
DSS Inc. Investor Relations
+1 (585) 565-2422
