ZUG, Switzerland & GENEVA--(BUSINESS WIRE)--
WISeKey International Holding Ltd (“WISeKey”) (SIX:WIHN) announced today that it has entered into a non-binding term sheet with a leading US-based, globally active asset management firm specialized on IP asset backed financings (the “Global Asset Management Firm”) with respect to a US$25 million secured line of credit facility. Any funds obtained under definitive agreements would, among other things, be used to acquire new IoT/Semiconductors patents to be integrated into WISeKey Cybersecurity/IoT Vertical Platform, further bolster the rollout of the WISeKey business in the U.S. and open offices in Silicon Valley. From the amount of US$25 million, US$16.2 million of the secured credit facility would be used to refinance the loan outstanding under the existing secured credit facility with ExWorks Capital drawn early this year to acquire QuoVadis.
With the support of such Global Asset Management Firm, WISeKey can leverage its valuable IP and patent portfolio consisting of more than 50 worldwide patents to access additional growth capital. These patents cover a range of technologies for IoT and Semiconductors, particularly those that help make enterprise-level computing services more trusted, reliable and secure. The most notable patent acquisition by WISeKey on IoT and semiconductors happened in 2016 when the company purchased 17 new IoT patents from Inside Secure, which at the time allowed the company to create the first ever comprehensive trusted end-to-end cybersecurity platform for people and objects (IoT). Following this acquisition, WISeKey’s cybersecurity offerings includes now certified hardware & software, system certification, provisioning and up to management of cybersecurity services.
WISeKey may consider to raise additional funding via the issuance of a mandatory convertible loan note in parallel with the finalization of the secured credit facility.
Carlos Moreira. Chairman and CEO of WISeKey commented: “The potential secured credit facility would provide us with additional cash to allow WISeKey to continue its expansion in the US and be able to benefit from the Cybersecurity/IoT high growth market bringing new revenues to WISeKey. Having this renowned Global Asset Management Firm with us will allow WISeKey to monetize on our extensive IP and patent pool as these patents are increasingly becoming strategic in the context of an estimated 20 billion objects getting connected to the Internet within the next few years.”
About WISeKey
WISeKey is a worldwide leading Cybersecurity company. Since its foundation in 1999, WISeKey has provided specialized technologies for data protection and effective identification and authentication of people and objects to ensure secured communications and transactions without compromising trust. WISeKey runs its own Root of Trust Cybersecurity platform and identity-based data security solutions for international organizations, governments, enterprises, and consumers spanning 102 countries. In 2015 its Root of Trust based security was embedded in over 2.6 billion browsers, sensors and wearables. WISeKey also offers the industry's trusted suite of IoT security products using the fact that authentication is becoming an increasingly important Cybersecurity IoT consideration. WISeKey, listed at the SIX Swiss Exchange, is headquartered in Geneva (Switzerland) and has a second operational hub in the U.S.
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
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