Total
0
Shares
Airboss of America - President, Chris Bitsakakis
President, Chris Bitsakakis
Source: Rubber News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • AirBoss (BOS) completes acquisition of BlackBox Biometrics®, developer of Blast Gauge® system
  • US$7 million in cash was paid on closing, and the balance, up to an additional US$20M, will be paid in royalties over eight years
  • Under joint ownership, ADG and B3 will combine decades of experience providing life-saving technologies in blast environments
  • AirBoss of America is a leading and diversified developer, manufacturer and provider of innovative survivability solutions
  • AirBoss of America Corp. (BOS) is down 4.67 per cent and is trading at C$35.50 at 1:57 pm ET

AirBoss of America Corp. (BOS) has completed its previously announced acquisition of BlackBox Biometrics, Inc.

Blackbox Biometrics is the developer of the revolutionary Blast Gauge® System of lightweight wearable blast overpressure sensors which have been outfitted on U.S. Special Forces, Army, and SWAT teams across the U.S.

In accordance with the purchase agreement, US$7 million in cash was paid on closing, and the balance, up to an additional US$20M, will be paid in royalties over eight years, based on revenues earned by ADG from B3 products.

The acquisition furthers the longstanding relationship between ADG and B3, enabling ADG to own B3’s technology and market its solutions internationally and for non-military applications.

ADG portfolio company Critical Solutions International, the leader in route clearance, has served as the exclusive worldwide distributor for the B3 Blast Gauge® System since 2018.

Under joint ownership, ADG and B3 will combine decades of experience providing life-saving technologies in blast environments with the robust research, engineering, and program management capabilities needed to better assess and respond to the risk of long-term neurological disorders associated with blast-induced TBI.

ADG will combine B3 with CSI to form a newly launched Systems Solutions Division, which will focus on the development and delivery of integrated solutions supporting warfighter and first responder safety while operating in high-threat environments.

Matt Boccia, President, and CEO of B3, will lead the new Systems Solutions Division. B3’s headquarters and primary manufacturing and R&D functions will remain in Rochester, NY.

ADG anticipates a potentially significant escalation in usage of the Blast Gauge System in the coming years, due in part to the National Defense Authorization Act for Fiscal Year 2020, which included requirements for the Pentagon to document blast exposure in troop medical histories including date, duration, and measured blast pressure.

AirBoss of America is a leading and diversified developer, manufacturer and provider of innovative survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments.

AirBoss of America Corp. (BOS) is down 4.67 per cent and is trading at C$35.50 at 1:57 pm ET.

More From The Market Herald

" Rock Tech Lithium (TSXV:RCK) plans to build Europe’s first lithium converter

Rock Tech Lithium (RCK) is planning to build Europe’s first lithium converter – a production plant for battery-grade lithium hydroxide – in Brandenburg Germany.

" Elcora (TSXV:ERA) closes private placement

Elcora (ERA) has closed a second and final tranche of its non-brokered private placement for aggregate gross proceeds of $2,819,685.00.

" Elcora (TSXV:ERA) closes first tranche of private placement

Elcora (ERA) has closed the first tranche of its private placement for gross proceeds of $1,120,500.
Saint Jean Carbon - Director, Zhongwei Chen.

" Saint Jean Carbon (TSXV:SJL) to open R&D facility by November

Saint Jean Carbon (SJL) is on track to have its Guelph-based battery R&D facility operational by November.