AirBoss to Acquire BlackBox Biometrics, Developer of Blast Gauge System

NEWMARKET, Ontario, March 08, 2021 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (the "Company" or "AirBoss") today announced that its subsidiary AirBoss Defense Group (“ADG”) has agreed to acquire 100% ownership of BlackBox Biometrics, Inc. (“B3”) (the “Agreement”), 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. AirBoss currently holds a minority interest in B3 and exclusive sales rights of the Blast Gauge System to the U.S. military.

Pursuant to the Agreement, ADG will acquire B3 for up to US$27 million, to be satisfied through US$7 million of cash upon closing and up to US$20M in royalties over eight years, based on revenues earned by ADG from B3 products. The transaction is subject to customary closing conditions and is expected to close during the second quarter of 2021.

This acquisition will allow ADG to offer solutions to help protect people worldwide from exposure to cumulative brain trauma. B3 is a leading technology company focused on preserving health, transforming behavior, and optimizing performance. Its sensor systems monitor, record, and analyze blast and impact events to protect warfighters, first responders, and athletes. From training to deployment, B3 technologies capture the data that drives change. Its products include the Blast Gauge System for militaries and law enforcement and its athlete-focused Linx IAS product, which empowers parents, coaches, and players with real-time feedback on potential concussion-causing impacts. These products capture and interpret complex data associated with concussive events to ensure faster and more accurate treatment and provide health care professionals globally with better research for advancing the study of traumatic brain injury (TBI). In January, the U.S. Small Business Administration announced B3 one of the winners of the prestigious Tibbetts Award for their accomplishments in the development of cutting-edge technologies.

“The acquisition of B3’s proprietary technology and deep technical expertise, combined with ADG’s manufacturing expertise and global customer relationships puts us in a strong position to drive adoption of B3’s products with our customer-base in the domestic and international military and health care markets,” said Chris Bitsakakis, President of AirBoss. “Additionally, the acquisition enables us to protect B3’s technology from competing interests while opening up a new market for ADG as we expand our products further into non-military applications. This acquisition will further our strategy of providing a diverse portfolio of protective equipment that spans the entire survivability spectrum for military, law enforcement, first responders, health care and other industries.”