GBS - GBS stock rises 10% on exclusive agreement to acquire Intelligent Fingerprinting

GBS (NASDAQ:GBS) is trading 10% higher before the bell after it announced on Thursday an exclusive agreement to acquire  UK-based drug screening firm Intelligent Fingerprinting (IFP). Under the agreement, GBS has the exclusive right until December 31, to evaluate and negotiate a transaction to acquire IFP or its assets. Also, GBS entered into Bridge Facility Agreement under which GBS will provide IFP with an unsecured term loan facility of $500,000, which is repayable if the agreement is terminated under certain circumstances, or December 31. Intelligent Fingerprinting’s drug screening system is an on-the-spot, 10-minute test that works by analyzing fingerprint sweat to screen for recent drug use. It consists of a portable reader and single-use disposable cartridges that are used by public sectors and commercial customers, including workplaces, drug rehabilitation, criminal justice, and medical examiners. If the deal is finalized, GBS expects to export IFP products internationally. IFP currently has customer base and

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GBS stock rises 10% on exclusive agreement to acquire Intelligent Fingerprinting