DSS Provides Update on Expansion of Premier Packaging Subsidiary

Rhea-AI Summary

DSS, Inc. has announced the near completion of a 105,000 sq. ft. facility for its subsidiary, Premier Packaging Corporation, located in Henrietta, NY. This expansion, scheduled to start operations on February 1, 2022, more than doubles Premier's existing capacity. The investment includes approximately $12 million in CAPEX, aimed at improving production efficiency and increasing staffing by over 50%. Premier specializes in sustainable fiber-based packaging solutions, targeting a growing customer demand while minimizing environmental impacts.

Positive

• Expansion of facility from 42,000 sq. ft. to 105,000 sq. ft.
• Investment of approximately $12 million in CAPEX.
• Increase in workforce by over 50% to support operations.

Negative

• None.

New 105,000 sq. ft. facility more than doubles Premier’s capacity to produce sustainable fiber-based packaging solutions for a wide variety of consumer products

ROCHESTER, N.Y., Dec. 22, 2021 (GLOBE NEWSWIRE) -- DSS, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a multinational company with nine operating business lines in diverse, high-growth industries, today announced the facility expansion of its Premier Packaging Corporation (“Premier” or “Premier Packaging”) subsidiary is nearing completion with operations expected to begin at the new facility on February 1, 2022.

For over 25 years, Premier has been a market leader in providing solutions for paperboard packaging from consumer retail packaging and heavy mailing envelopes, to sophisticated custom folding cartons and complex 3-dimensional direct mail solutions. Premier’s innovative design team delivers packaging that provides functionality, marketability, security, and sustainability.

Since 2019, the new management team has accelerated the transformation of Premier’s operations, investing in new state of the art manufacturing equipment, people, and processes to increase its capacity, improve quality and delivery, and ensure it has the resources to support its growing customer base and their evolving supply chain demands.

“We continue to build on our momentum and bolster our foundation amidst growing customer demand for our products and services,” added Bruce Stratton, VP of Operations at Premier. “With our investment in the latest technology, greater access to major interstates nearby, and a closer proximity to the strong Rochester workforce, our new facility is well suited to continue to support our existing customer base and provide the conduit to achieve our aggressive growth plans.”

The new facility, located in the Town of Henrietta, a suburb of Rochester, NY, approximately 15 miles from Premier’s current operations in Victor, NY, more than doubles its operating space, expanding the facility from approximately 42,000 square feet today to more than 105,000 square feet.

“I am proud of the fortitude and ongoing dedication of our team. They have gone above and beyond to meet the essential packaging needs of our customers, thus allowing their businesses to continue running during a unique time in history,” said Premier Packaging’s President and CEO and DSS COO, Jason Grady. “We continue to expand Premier’s staffing as we near the February opening of the new facility and ultimately expect to grow our staff count by more than 50% from prior levels. In addition to increasing our workforce, we are also investing approximately $12 million in CAPEX into the new facility, with the addition of new equipment and engineering a lean manufacturing process tailored to increase efficiencies and ultimately improve our delivery to our customer needs.”

Premier specializes in creating innovative foldable, fiber-based packing solutions that provide a sustainable alternative to traditional plastic packaging solutions. By designing packaging that uses more environmentally friendly materials, while minimizing the amount of packaging material required, Premier, and its customers, are able to reduce their carbon footprints and lessen the amount of waste ending up in landfills.

“Positive developments continue across all facets of our operation and with our people,” continued Grady. “We have taken the measures needed to keep our employees safe during the pandemic and continue to implement safety protocols from what we’ve learned over the past two years. We are adding talent in key areas while increasing operational efficiencies to strengthen our foundation and provide world-class customer service to our customers.”

About Premier Packaging Corporation

For over 25 years, Premier Packaging has been a market leader in providing innovative solutions for paperboard packaging.  As the consumer packaging division of DSS, Inc., Premier offers its customers a full range of services, including package design, prototyping, manufacturing, inventory management, and logistical and fulfillment services. Premier services a variety of both nationally and regionally based accounts, including customers in the nutraceutical, personal care, medical device, consumer goods, photo marketing and food industries. Premier differentiates itself by being a full service, end-to-end solution provider that is large enough to be a complete resource to its largest clients while remaining agile enough to address evolving market trends and customer demands. Learn more at https://www.dssworld.com/premierpackaging.html.

About DSS, Inc.

DSS is a multinational company operating business segments in blockchain security, direct marketing, healthcare, consumer packaging, real estate, renewable energy, securitized digital assets, securities trading and fund management, and banking, lending, and finance. Its business model is based on a distribution sharing system in which shareholders receive shares in its subsidiaries as DSS strategically unlocks value through IPO spin offs. Under new leadership since 2019, DSS has built the necessary foundation for sustainable growth through the acquisition and formation of a diversified portfolio of companies positioned to drive profitability in five high-growth sectors. These companies offer innovative, flexible, and real-world solutions that not only meet customer needs, but create sustainable value and opportunity for transformation.

For more information on DSS visit http://www.dssworld.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 new facility's size for DSS's Premier Packaging Corporation?

The new facility measures 105,000 sq. ft., more than doubling the previous size.

When will operations begin at Premier Packaging's new facility?

Operations at the new facility are expected to begin on February 1, 2022.

How much is DSS investing in the new Premier Packaging facility?

DSS is investing approximately $12 million in capital expenditure (CAPEX) for the new facility.

By how much will Premier Packaging increase its workforce?

Premier Packaging expects to grow its workforce by over 50% with the new facility.

What type of packaging solutions does Premier specialize in?

Premier specializes in sustainable, fiber-based packaging solutions.