Global BioLife Inc. to present Functional Fragrance
Formula at the American Society for Microbiology’s
Biothreats Conference as a New Method to Prevent and
SINGAPORE, 29 October 2019 – Singapore Exchange-listed Singapore eDevelopment
Limited (Stock Code 40V) (“SeD”) wishes to announce that its biomedical subsidiary
incorporated in Nevada, Global BioLife Inc. (“Global BioLife”) will be presenting its research
on its Functional Fragrance Formula (“3F”) against tuberculosis at the 2020 American
Society for Microbiology (“ASM”) Biothreats Conference. The 2020 ASM Biothreats
Conference will take place from 28 January 2020 to 30 January 2020 in Arlington, Virginia.
ASM is one of the largest life science societies, with more than 30,000 members, including
researchers, educators, and health professionals. The ASM Board of Directors supplies
strategic direction to the society and focuses on biodefense and emerging diseases.
Tuberculosis (“TB”) is a disease caused by the Mycobacterium tuberculosis bacteria. TB,
which primarily affects the lungs, is transmitted through the open air when an infected person
sneezes, coughs, talks, or laughs. The symptoms of TB include a low-grade fever, night
sweats, weakness or tiredness, and weight loss. TB kills someone approximately every 18
seconds, causing over 1.6 million deaths in 2017 alone. According to the World Health
Organization, about one-quarter of the world's population has latent TB, which means
people have been infected by TB bacteria but are not (yet) ill with the disease and cannot
transmit the disease, making it the top infectious killer in the world.
In 2017, SeD announced a collaboration between Global BioLife and United States based
Chemia Corporation (“Chemia”), a company involved in providing high quality, cost effective
fragrances to the manufacturers of personal care, household and industrial & institutional
products, based in the United States of America, to develop a suite of fragrances labelled
Functional Fragrance Formulation (“3F”) that can go towards fighting the disease rather than
just smell pleasant. “The impact of functional fragrances will transform the modern perfume
industry”, said Mr. Thomas A. Meyer, Chemia’s Vice-President of Innovation and
Global BioLife’s Director of Scientific Initiatives, Daryl Thompson, has led this research. “3F
is a new paradigm, designed to provide solutions for emerging epidemics and pandemics
globally using cutting edge methods”, says Thompson.
Media Release –Global BioLife Inc. to present 3F Functional Fragrance Formula at ASM Biothreats Conference as a
New Method to Prevent and Treat Tuberculosis
29 October 2019
Page 2 of 3
Global BioLife and Chemia Corporation had contracted American Type Culture Collection
(“ATCC”), to conduct the testing in their High Containment Laboratory under Biosafety Level
3 conditions. ATCC was established in 1925 and is a leading developer and supplier of
authenticated cells lines and microorganisms who designs custom services for testing the
world’s most dangerous viruses and bacteria.
Global BioLife also relies on the expertise of former Senior Assistant Surgeon General of
the United States, Dr. Roscoe M. Moore Jr. (“Dr. Moore”), who also served as an Epidemic
Intelligence Service Officer with the United States Center for Disease Control and
Prevention. Dr. Moore, who is also the Chief Epidemiologist with the Center for Devices and
Radiological Health in the U.S. Food and Drug Administration, said, “I am very excited about
the results 3F has demonstrated. There is a strong need for new and effective measurement
to address the spread of TB globally.” Dr. Moore was recently appointed to the Board of
Advisors for the Institute of Human Virology, School of Medicine, University of Maryland.
“It is an honor to be invited to present our groundbreaking research at the 2020 ASM
Biothreat Conference”, said SeD’s Executive Chairman Mr. Chan Heng Fai.
Shareholders and potential investors of SeD are advised to exercise caution when dealing
or trading in the securities of SeD. Shareholders and potential investors of SeD are advised
to read this Media Release and any further announcements made by SeD carefully.
Shareholders and potential investors of SeD should consult their stockbrokers, bank
managers, solicitors or other professional advisers if they have any doubt about the actions
they should take.
Perennial Real Estate Holdings Limited (the “Company”) refers to its announcement dated
25 October 2019 on the “Disposal of Entire 45 Per Cent. Equity Stake in Yanlord Investment
(Singapore) Pte. Ltd.” and wishes to provide the following clarifications in response to queries
received from the Singapore Exchange Trading Limited (the “SGX”) on 31 October 2019.
We refer to Perennial Real Estate Holdings Limited’s / the Company’s announcement
dated 25 October 2019, regarding the disposal by Perennial UW, the Company’s
subsidiary, of its entire 45 per cent. equity stake in Yanlord Investment (Singapore) Pte.
Ltd (“Yanlord Investment”) to Yanlord Commercial Property Investments Pte Ltd
1. It was disclosed in Para 3.1 that “under the SPA, Yanlord Commercial has paid to
Perennial UW, an aggregate cash payment of S$202,681,090”. Please disclose the
amount of cash Perennial UW will receive arising from this transaction.
Company’s response: The stated amount was fully received in cash by Perennial UW.
2. Para 3.1 refers to “the repayment of a shareholders’ loan extended by Perennial UW
to Yanlord Investment”. Please quantify the shareholders’ loan amount.
Company’s response: The shareholders’ loan amount was S$176 million.
3. It was further disclosed at para 3.1 that Yanlord Investment’s “UEL Shares and WBL
Shares [were valued] at S$2.60 per UEL Share and S$2.5947 per WBL Share
respectively.” Please disclose:
a. How was the valuation arrived at;
b. The bases of the valuation of UEL Shares and WBL Shares of $2.60 and $2.5947
per UEL Share and WBL Share respectively;
c. Who commissioned the valuation;
d. Who is the valuer;
e. How do these prices compare to the market prices or market valuations of UEL
and WBL Shares.
Company’s response: No valuer has been appointed for this transaction and no
valuation was conducted. The transaction was for the sale of Perennial UW’s stake in
a joint venture company. The consideration was agreed between the buyer and the
vendor and it took into account the investment in UEL and WBL shares, capitalised
transaction costs, cash and cash equivalents, bank loan, other liabilities and funding
costs. The price of S$2.60 UEL is 1.3% higher than the VWAP of S$2.565 for the
1 month preceding 24 October 2019 (being the date of this transaction) and 2.3% lower
than the last price of S$2.66 before trading was halted. There was no available market
price or market valuation for WBL shares as WBL is not listed.
4. In arriving at the consideration of $202,681,090 for the Disposal, it was disclosed in
para 3.1, that “the capital funding (equity and debt) contributed by Perennial UW to
Yanlord Investment and Yanlord Investment’s cash and cash equivalents,
outstanding bank debt and other liabilities as at 30 September 2019” were factors
taken into consideration.
a. Please disclose the details of the capital funding (equity and debt) contributed
by Perennial to Perennial UW to Yanlord Investment;
Company’s response: The total capital contributed was S$176 million.
b. Please quantify the gain/ loss on disposal of Yanlord Investment and the cost of
the UEL and WBL shares held in Yanlord Investment’s books;
Company’s response: The transaction was for the sale of Perennial UW’s stake in
Yanlord Investment. Perennial UW’s cost of investment in Yanlord Investment was
S$176 million and the proceeds received by Perennial UW was S$202.7 million. As
the sale was for the shares of Yanlord Investment, the consideration took into account
the net assets of Yanlord Investment and not just the cost of investment in UEL and
WBL shares. As mentioned in 3, the sale consideration took into account the
investment in UEL and WBL shares, capitalised transaction costs, cash and cash
equivalents, bank loan, other liabilities and funding costs.
c. To disclose whether Perennial UW has onward paid the consideration of
$202,681,090 to the Company and if so, to disclose when.
Company’s response: The cash consideration was up-streamed by Perennial UW on
25 October 2019 to its shareholders. Perennial Singapore Investment Holdings Pte
Ltd, a wholly owned subsidiary of the Company, is a shareholder of Perennial UW.
BY ORDER OF THE BOARD
Wong Chuen Shya
4 November 2019
Singapore eDevelopment Limited (the “Company” and together with its subsidiaries, the “Group”) wishes to announce that the Company’s 82%-owned subsidiary, LiquidValue Asset Management Pte Ltd (“LVAM”), has incorporated a wholly-owned subsidiary (AMRE Asset Management, Inc.) that incorporated a wholly-owned subsidiary (American Medical REIT Inc.).
AAMI is a REITs management company that sets the strategic vision and formulate investment strategy for AMRE. It manages the REITs assets and liabilities and provide recommendations to AMRE on acquisition and divestments in accordance with the investment strategies.
AMRE was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate. The company provides investors the opportunity for direct ownership of Class A licensed medical real estate. AMRE intends to acquire state-of-the-art, purpose-built healthcare facilities and leases them to leading clinical operators with dominant market share under secure triple net leases. The company targets hospitals (both Critical Access and Specialty Surgical), Physician Group Practices, Ambulatory Surgical Centers, and other licensed medical treatment facilities.
AMRE will be headed by a highly experienced management team that has a track record of success and profitability monetizing medical real estate, having served as hospital CEOs, Fortune 500 health industry executives and officers, and public REIT executives. They have closed and managed over $2 billion of acquisitions comprised of 200 properties nationwide.
The team is also the founding team of Global Medical REIT Inc. (NYSE: GMRE) where Mr Chan Heng Fai was the sole founder who funded the entire company from ground zero before taking it listed on the New York Stock Exchange with a current market capitalisation of over US$ 850 Million. GMRE has recently been added to the MSCI US REIT Index – a free float-adjusted market capitalization-weighted index that is comprised of equity Real Estate Investment Trusts (REITs).
AMRE targets to pay dividend of up to 8% annualized yield on a semi-annual basis when it is generating income and profitable.
Singapore eDevelopment Limited (the “Company” and together with its subsidiaries, the “Group”) wishes to announce that the Company’s wholly-owned subsidiary Impact BioMedical Inc. (“Impact BioMedical”) had on 8 November 2019 acquired 500 shares, representing 50% of the total issued and outstanding shares of the common stock of Sweet Sense, Inc. (“Sweet Sense”), a company incorporated in the United States of America, for an aggregate consideration of USD 91,000 (the “Acquisition”) from an independent third party.
The consideration for the purchase of the partnership interest pursuant to the Acquisition, which will be satisfied in cash, were determined at arm’s length on a willing buyer- willing seller basis and considering the benefits to the Group from the increased ease of management of Sweet Sense Inc.
This comes amid efforts to streamline the Group’s commercialisation efforts. The net tangible asset value of Sweet Sense is USD 14,157.74. Following the Acquisition, Impact BioMedical owns 50% and the Company’s subsidiary, Biolife Sugar, Inc owns the remaining 50% of the total common stock of Sweet Sense.
The Acquisition was funded through internal resources and is not expected to have a material impact on the net tangible assets per share and the earnings per share of the Company for the current financial year ending 31 December 2019.
The Acquisition is a “non-disclosable transaction” as defined under Chapter 10 of the Catalist Rules of the Singapore Exchange Securities Trading Limited.
None of the Directors or Controlling Shareholders (as defined in the Catalist Rules) of the Company has any interest, direct or indirect, in the Acquisition (other than through their respective shareholdings in the Company, if any).
Singapore eDevelopment Limited (the “Company” and together with its subsidiaries, the “Group”) wishes to announce that the Company’s wholly owned subsidiary, Impact Biomedical, Inc. (“IBMI”) has incorporated an 80%-owned subsidiary, with details as follows: -
Name of subsidiary : Global Sugar Solutions Inc. (“GSS”)
Place of Incorporation : Nevada, United States of America
Date of Incorporation : 09 November 2019
Issued and Paid-up Capital : 1,000 shares
The remaining 20% will be held by GRDG Sciences LLC. GRDG Sciences LLC is a natural products discovery drug research company formed in Florida, USA. GRDG Sciences was set up by natural products scientist Mr Daryl Thompson.
Mr Daryl Thompson is a biochemistnominated for the Nobel Prize in 2015 and 2016 for his research on pandemic technology.
GSS was formed to use other techniques to modify sugar and also to apply insulino-mimetic technology to all other sweeteners with the goal to modify or create safer solutions for the global sugar supply. The other main focus is to commercialise and build on the value of the current and new sugar technologies the Group is focused in developing.
Last year Global BioLife released Laetose which based on the professional valuation report dated June 2018 issued by Destum Partners, is valued at SGD 311.3 million. Laetose is the first run at adapting insulino-mimetic technologies into sucrose. Laetose is 30% reduced sugar, has fewer calories, and testing confirmed that it is low glycemic and inhibits the pro-inflammatory effects caused by sugar.
GSS is now working with globally positioned food companies to leverage the technology and deploy healthy sugars in products worldwide. These partnerships include innovation, marketing, supply chain development, manufacturing, and distribution. This is in line with the Group’s focus to streamline and enforce the commercialisation efforts on the advancement of its sugar technologies.