Document Security Systems Announces New Director
Former IBM "Top Inventor" and Chairman of ipCapital Strategy Group, John Cronin,
Joins DSS Board of Directors
ROCHESTER, N.Y., Feb. 21, 2012 /PRNewswire via COMTEX/ -- Document Security
Systems, Inc. (DSS), a leading developer and integrator of cloud computing data
security and security printing technologies which prevent counterfeiting and
brand fraud, announced today that John Cronin, Managing Director and Chairman,
ipCapital Group, Inc. has been elected to the Board of Directors effective
immediately.
"I am pleased to welcome John Cronin to our Board of Directors," said Robert
Fagenson, Chairman of Document Security Systems, Inc. "John is a seasoned
executive who brings a wealth of knowledge and experience to our Company. His
contacts and licensing experience can strategically help DSS monetize our growing
intellectual property portfolio. Several months ago we engaged John and his firm,
ipCapital Group to perform an analysis of our intellectual property portfolio.
His findings convinced us that DSS needs to devote more resources to our
potential in the world of 'cloud computing' and the types of technologies that
can power an additional dynamic potential driver of future growth for our
Company. John's presence on our Board will give us the direct knowledge to
develop those strategies quickly with a focused approach. Our recently completed
equity financing gives us the financial flexibility to continue to fund
additional growth in our historic business lines as well as provide the working
capital needed to develop the new patents, products and relationships that are
John Cronin's specialty. We are looking forward to John's contributions as we
work to drive exciting new areas of growth to help build shareholder value."
CEO Patrick White stated, "Having John Cronin join our Board of Directors is a
real win for our shareholders. I look forward to working closely with John on a
number of initiatives. He has a track record of successfully operating in a high
growth technology environment as well as executing mergers and acquisitions."
Prior to founding ipCapital Group, John Cronin spent over 17 years at IBM where
he became its top inventor with over 100 patents and 150 patent publications. He
created and ran the IBM Patent Factory which was essential to helping IBM become
number one in U.S. patents and was part of the team that contributed to the start
of IBM's successful licensing program.
About DSS (Document Security Systems, Inc.):
DSS provides counterfeit prevention and comprehensive brand and digital
information protection solutions to corporations, governments, and financial
institutions around the world. DSS develops and manufactures products and
services containing patented and patent pending optical deterrent technologies
that help prevent counterfeiting and brand fraud from the use of the most
advanced scanners and copiers in the market. DSS's customized solutions are
designed to protect against product diversion, counterfeit, and other costly and
damaging events. In addition, The Company owns numerous patented and
patent-pending technologies and products.
For more information on DSS and its subsidiaries, please visit DSSsecure.com.
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WordPress.
About ipCapital Group:
ipCapital Group has been serving clients that range from early stage to Fortune
500 since 1998. Its interdisciplinary team trained in business, law, marketing,
and product development provides a systematic and comprehensive view of the full
lifecycle of IP, from inception through shareholder value creation. ipCapital
Group maximizes business results for clients that seek to develop and execute IP
strategies, strengthen and monetize IP portfolios, and establish and implement
Intellectual Asset Management (IAM) practices. ipCapital Group has worked with a
variety of public companies including VirnetX. For more information, visit
ipcg.com.
For more information:
Investor Relations:Nicole Acton585-325-3610Email: ir@documentsecurity.com
Safe Harbor Statement
The statements contained in this press release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934,
as amended, and are intended to be covered by the safe harbors created thereby.
These forward-looking statements include, but are not limited to, statements
regarding expectations for future financial performance, potential sales from new
and existing customers, expected benefits from the Company's cost cutting efforts
and/or statements preceded by, followed by or that include the words "believes,"
"could," "expects," "anticipates," "estimates," "intends," "plans," "projects,"
"seeks," or similar expressions, all of which involve uncertainty and risk. Many
of these risks and uncertainties are discussed in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2010 filed with the Securities
and Exchange Commission (the "SEC"), and in any subsequent reports filed with the
SEC, all of which are available at the SEC's website at sec.gov. It is
possible the company's future financial performance may differ from expectations
due to a variety of factors including, but not limited to, the risks referred to
above, and 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.
SOURCE Document Security Systems, Inc. |
