NEWMARKET, Ontario, May 17, 2021 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (the “Company” or “AirBoss”) today announced that its subsidiary AirBoss Defense Group (“ADG”) has completed its previously announced acquisition of BlackBox Biometrics, Inc. (“B3”), 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 today, 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 (CSI), the leader in route clearance, has served as the exclusive worldwide distributor for the B3 Blast Gauge® System since 2018.
In coming together 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.
About Airboss
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. Founded in 1989, the company operates through three divisions. AirBoss Defense Group is a global leader in personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities. AirBoss Rubber Solutions is a top-tier North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Engineered Products is a supplier of innovative anti-vibration solutions to the North American automotive market and other sectors. The Company’s shares trade on the TSX under the symbol BOS. Visit www.airboss.com for more information.
Investor Contact: Chris Bitsakakis, President or Gren Schoch, CEO at 905-751-1188.
Media Contact: media@airboss.com
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