Attached files
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| 8-K - DOCUMENT SECURITY SYSTEMS INC | v174783_8k.htm |
| EX-4.1 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex4-1.htm |
| EX-10.2 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex10-2.htm |
| EX-10.4 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex10-4.htm |
| EX-10.9 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex10-9.htm |
| EX-10.7 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex10-7.htm |
| EX-10.5 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex10-5.htm |
| EX-10.3 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex10-3.htm |
| EX-10.8 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex10-8.htm |
| EX-10.6 - DOCUMENT SECURITY SYSTEMS INC | v174783_ex10-6.htm |
Document
Security Systems, Inc. Makes Strategic Acquisition
of
Premier Packaging Corporation
Acquisition
increases DSS annual sales revenue to $17 million and allows Company to offer
complete line of secure packaging containing DSS anti-counterfeiting
technologies to multi-billion dollar marketplace
ROCHESTER,
N.Y., Feb. 17 — Document Security Systems, Inc. (NYSE/AMEX: DMC)
("DSS") a world leader in the development, design and manufacturing of secure
identification and authentication technologies for documents, packaging, labels,
ID cards and electronic data and assists in the prevention of counterfeiting and
brand fraud, announced today that it had acquired Premier Packaging Corporation
("Premier"), a privately held Victor, N.Y.-based provider of high quality
packaging solutions.
Premier
Packaging Corporation is an ISO 9001:2008 registered manufacturer of custom
paperboard packaging serving clients in the pharmaceutical, beverage, photo
packaging, toy, specialty foods and direct marketing industries, among others.
An early innovator of upscale photo packaging, Premier has expanded their
product offerings to include everything from basic mailers and sleeves to
folding cartons and complex 3-dimensional solutions. Since 1989, Premier has
been providing their customers with a complete range of products and services
that include package design, prototyping, manufacturing, inventory management
programs and more.
Robert
Fagenson, DSS Chairman, commented: "The addition of Premier Packaging to the DSS
family of companies is a major event for DSS for a variety of reasons. On
a non-audited pro-forma basis, the combined companies showed 2009 sales of over
$17 million, which significantly increases the size of DSS. We have worked
together previously on a number of sales where our ability to offer customers
the combination of printing, packaging and our proprietary
anti-counterfeiting/security technology has proven very effective. The DSS
Board has elected Premier's owner and CEO, Robert 'Bob' Bzdick to the offices of
President and COO of DSS while he will also retain the position of CEO of
Premier. Bob is a seasoned, successful and respected member of the
Rochester business community and will provide valuable additional depth and
experience to our management team."
Pat
White, DSS CEO added: "In the traditional packaging world, the word 'Security'
has mainly meant 'tamper proof' packaging. Based on our market research
this acquisition gives DSS the ability to give a whole new meaning to 'Packaging
Security' as we have created the world's first and largest packaging
manufacturing company which utilizes Document Security Systems
anti-counterfeiting optical deterrent technologies. In addition, I have
known Bob Bzdick for quite some time and I have been excited about the prospect
of combining our companies. I was also pleased that our Board agreed that
the strategic and financial benefits of this transaction were too exciting to
pass up. Having Bob as our President and COO is an added bonus that goes
beyond the quantifiable financial benefits. I look forward to working with
Bob as we continue to grow our new unique combined company."
Premier
Packaging Corporation, has 32 employees and operates from a 40,000 square foot
plant located in Victor, New York, is approximately 17 miles from the DSS
headquarters and has been serving a diverse customer base for over 20 years.
In 2009, Premier reported $6.9 million in sales and approximately $530,000
in profit. The Company expects that savings from redundant printing and
binding costs, along with additional cost savings, will result in at least an
additional $400,000 per year of net profit from the acquisition, and that the
acquisition of Premier will be accretive to combined earnings of the Company in
2010.
Bob
Bzdick, new President and COO of DSS stated: "The opportunities presented with
this merger are substantial. The ability to bring to the consumer
packaging market the technologies that DSS has developed is extremely exciting.
I look forward to working with the talented team at DSS and its affiliated
companies as well as the great team that I have had the privilege to work with
at Premier Packaging over the last 20 years."
For more
information on Premier Packaging, visit www.premiercustompkg.com.
For a
video tour of Premier's plant and demonstrations of their automated inserting
capabilities visit: http://www.premiercustompkg.com/tour.html
About
Document Security Systems, Inc.
Document
Security Systems is a world leader in the development and manufacturing of
optical deterrent technologies that help prevent counterfeiting and brand fraud
from the use of the most advanced scanners, copiers and imaging systems in the
market. The company's patented and patent-pending technologies protect valuable
documents and printed products from counterfeiters and identity thieves.
Document Security Systems' customers, which include international governments,
major corporations and world financial institutions, use its covert and overt
technologies to protect a number of applications including, but not limited to,
currency, vital records, brand protection, ID Cards, internet commerce,
passports and gift certificates. Document Security Systems' strategy is to
become the world's leading producer of cutting-edge security technologies for
paper, plastic and electronically generated printed assets.
More
information about Document Security Systems, Inc. and its products and services
can be found by visiting the following: www.documentsecurity.com,
www.protectedpaper.com,
www.plasticprintingprofessionals.com
and www.dpirochester.com.
Safe
Harbor Statement
This
release contains forward-looking statements regarding expectations for future
financial performance, which involve uncertainty and risk. It is possible the
Company's future financial performance may differ from expectations due to a
variety of factors including, but not limited to, changes in economic and
business conditions in the world, increased competitive activity, achieving
sales levels to fulfill revenue expectations, consolidation among its
competitors and customers, technology advancements, unexpected costs and
charges, adequate funding for plans, changes in interest and foreign exchange
rates, regulatory and other approvals and failure to implement all plans, for
whatever reason. It is not possible to foresee or identify all such factors. Any
forward-looking statements in this report are based on current conditions;
expected future developments and other factors it believes are appropriate in
the circumstances. Prospective investors are cautioned that such statements are
not a guarantee of future performance and actual results or developments may
differ materially from those projected. The Company makes no commitment to
update any forward-looking statement included herein, or disclose any facts,
events or circumstances that may affect the accuracy of any forward-looking
statement.
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For
information contact:
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Contact:
Jody Janson
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Company:
Document Security Systems, Inc.
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Title:
Shareholder Relations
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Voice:
585-232-5440
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Email:
ir@documentsecurity.com
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