GBS - GBS acquires Intelligent Fingerprinting in all-stock deal

• GBS ( NASDAQ: GBS ) said Tuesday it acquired Intelligent Fingerprinting (IFP), expanding the GBS platform of rapid, non-invasive diagnostic testing technologies and its geographical reach.
• GBS also began the process of changing its corporate name.
• GBS issued ~3M shares and ~2.4M series C convertible preferred shares to IFP shareholders.
• Up to 1.6M preferred shares have been reserved for issuance to IFP's shareholders and lenders.
• Each preferred share is convertible into three GBS shares.
• Former IFP shareholders entered into a 12-month lock-up agreement on sales of GBS shares and preferred stock issued under the deal.
• Former majority IFP shareholders have the right to name two board members to GBS' board.
• With the acquisition, GBS gains access to IFP's product portfolio, current customer base, and manufacturing facility in the U.K. - which complements GBS' development of its own facility at the University of Newcastle, Australia.
• GBS in Jun. announced an exclusive deal to acquire IFP .

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