DSS Announces Multi-Year Contract Valued at $9.6M with One of World’s Largest Photography and Image Sharing Companies

Rhea-AI Summary

Document Security Systems (DSS) announced a three-year contract for approximately $10 million with a leading photography company, enhancing its Premier Packaging subsidiary's portfolio. The contract, valued at around $3.2 million annually, highlights the client's confidence in Premier's capabilities and could lead to further business opportunities. Since management changes in July 2019, Premier has improved operations through investments in manufacturing and processes. As a market leader in secure printing and packaging, Premier services diverse industries, showcasing its adaptable customer service approach.

Positive

• Three-year contract with a top photography company valued at approximately $10 million.
• Annual revenue boost of about $3.2 million from the new contract.
• Enhanced operational capacity and quality since management overhaul in July 2019.

Negative

• None.

ROCHESTER, N.Y., Sept. 01, 2020 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a multinational company operating businesses focusing on brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets, today announced its Premier Packaging Corp. (Premier) subsidiary signed a three-year contract with one of the world’s largest photography, photography products, and image sharing companies. The contract is valued at approximately $3.2 million per year.

“We’re excited to further extend our long-standing relationship with this customer,” commented Jason Grady, Chief Operating Officer of DSS. “As a global leader in their industry, they service more than 10 million customers, generating 26 million orders annually. This contract, valued at nearly $10 million over three years, demonstrates this customer’s confidence in Premier’s ability to deliver and sets the stage for additional contract opportunities with their other divisions, including school photography services and web-based photo sharing and printing services.”

Since taking over in July 2019, the DSS management team has transformed Premier’s operations, investing in new manufacturing equipment, people, and processes to increase its capacity, improve quality and delivery, and ensure it has the horsepower it needs to support its customers and grow with their changing demands.

For over 25 years Premier has been a market leader in providing innovative and secure solutions for printing and packaging. Premier is the smart packaging, and security printing division of DSS.

With operations based in Victor, NY, and distribution facilities on both coasts of the US, Premier services a variety of nationally and regionally based customers. Premier’s client list includes customers in the medical device, consumer goods, nutraceutical, photo marketing and food and beverage industries. Premier differentiates itself with an empathetic approach to customer service driven by being a full service, end-to-end solution provider that is large enough to be a complete resource, while maintaining flexibility to react to ever changing market and customer supply chain demands.

About Document Security Systems, Inc.

DSS is a multinational company operating businesses focused on brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets. Its business model is based on a distribution sharing system in which shareholders will receive shares in its subsidiaries as DSS strategically spins them out into IPOs. Its historic business revolves around counterfeit deterrent and authentication technologies, smart packaging, and consumer product engagement. DSS is led by its Chairman and largest shareholder, Mr. Fai Chan, a highly successful global business veteran of more than 40 years specializing in corporate transformation while managing risk. He has successfully restructured more than 35 corporations with a combined value of $25 billion.

For more information on DSS visit http://www.dsssecure.com.

Investor Contact:

Dave Gentry, CEO
RedChip Companies Inc.
407-491-4498
Dave@redchip.com

Safe Harbor Disclosure

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions 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. Such forward-looking statements include, but are not limited to, statements related to the Company's intended use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as well as other risks described in the section entitled "Risk Factors" in the prospectus and in our other filings with the SEC, including, without limitation, our reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

FAQ

What is the value of the new contract signed by Document Security Systems?

The new contract is valued at approximately $10 million over three years.

How much annual revenue will Premier Packaging receive from the new contract?

Premier Packaging will receive approximately $3.2 million per year from the contract.

What industries does Premier Packaging service?

Premier Packaging services various industries including medical devices, consumer goods, nutraceuticals, photo marketing, and food and beverage.

When did the management team takeover of DSS occur?

The management team took over in July 2019.

What improvements has DSS made to Premier Packaging since the management transition?

DSS has invested in new manufacturing equipment, personnel, and processes to improve capacity, quality, and delivery.