GENEVA & ZUG, Switzerland--(BUSINESS WIRE)--WISeKey International Holding Ltd (“WISeKey”) (SIX:WIHN) announced today that the non-binding term sheet it signed in May 2017 with a leading US-based, globally active asset management firm specialized on IP asset backed financings (the “Global Asset Management Firm”) has been amended to increase the total funds available upon signing of a definitive facility agreement to US$45 million, from US$ 25 million. Any funds obtained under the definitive facility agreement would, among other things, be used to acquire new IoT/Semiconductor patents, further bolster the rollout of the WISeKey business in the U.S. and open offices in Silicon Valley. From the amount of US$45 million, US$16.65 million of the facility would be used to refinance the loan outstanding under the existing secured credit facility with ExWorks Capital. The transaction is expected to close end of September.
The definitive facility agreement allows WISeKey to leverage its valuable IP and patent portfolio 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, boosting WISeKey's strategy to evolve into a major player on the IoT, Cybersecurity, Artificial Intelligence (“AI”) and Blockchain market which implies a constant evaluation of potential add-on acquisitions and development of new IP and patents. In just one year, WISeKey has aggregated over 46 patent families (more than 200 patents in total) to its portfolio (https://www.wisekey.com/patents/) required to integrate the OISTE/WISeKey Root of Trust into IoT embedded devices with problem-solving AI solutions and which include both essential and implementation-specific approaches for NFC technologies address multiple categories of NFC device manufacturers, such as those making smartphones, feature phones, tablets, laptops, PCs, TVs, and smart meters.
For WISeKey, adding to its patent portfolio and intellectual property is key to ensuring that the company will remain a major player in the "DeepTech" for years to come. Its patent portfolio allows WISeKey to distinguish itself from other companies that use commonly available technology; WISeKey focuses on integrating unique technology that is differentiated, protected and hard to reproduce based on tangible scientific discoveries or engineering innovations.
Carlos Moreira. Chairman and CEO of WISeKey commented: “The US$45 million definitive facility agreement would provide us with growth capital to continue our expansion in the US and take advantage of many opportunities in the Cybersecurity/IoT high growth market, thus bringing new revenues to WISeKey. Furthermore, this definitive facility agreement gives us the ability to take additional steps 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.”
WISeKey (SIX Swiss Exchange:WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems with a patented process. WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
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.
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