UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State
or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS
Employer Identification No.) |
(Address of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: Telephone:
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01 Other Events.
On November 23, 2021, GBS Inc. (the “Registrant”) received a written statement from Life Science Biosensor Diagnostics Pty Ltd (the “LSBD Statement”), a significant shareholder of the Registrant from which the Registrant also licenses certain intellectual property.
A copy of the LSBD Statement is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibits.
| Exhibit No. | Description | |
| 99.1 | LSBD Statement. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 24, 2021
| GBS INC. | ||
| By: | /s/ Spiro Sakiris | |
| Name: | Spiro Sakiris | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
Life Science Biosensor Diagnostics Pty Ltd Statement in Relation to Recent Sale of Shares in GBS Inc
Life Science Biosensor Diagnostics Pty Ltd (LSBD) is the owner and licensor of the Biosensor platform currently licensed to GBS Inc and other corporations globally. The objective of LSBD is to develop its biosensor diagnostic test portfolio to be commercialized by its licensees in real time at the point of care, either by health care professionals or by the patients directly. This means making diagnostic testing accessible to the people that need it when they need it.
As LSBD continues the development and commercialization of the biosensor diagnostic test portfolio, an ongoing capital intense Research and Development (R&D) and commercialization plan expected for the next 5 years, which will require funding by LSBD and its subsidiary companies, it continues to support the management of its licensee GBS Inc and the saliva based glucose and COVID tests.
LSBD forecasts to generate this investment in R&D funding from licensing revenue, sales royalties, and, if required, as in this case, divestment of shares LSBD owns in investee companies it lists on the capital markets.
After the current saliva based glucose and COVID tests, the next phase planned for this biosensor diagnostic test portfolio will include subsequent research and development of approximately 150 different real time point of care diagnostic tests, in the diagnostic segments of clinical biochemistry, immunology, endocrinology, allergology, oncology and genomics.
Company Contact:
George Syrmalis – Director
Life Science Biosensor Diagnostics Pty Ltd
info@theiqgroupglobal.com
November 22, 2021
