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Premier expects to receive up to $700K in state tax credits to support the move
ROCHESTER, N.Y., April 21, 2021 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a multinational company operating businesses in consumer packaging, brand protection technology, blockchain security, direct marketing, healthcare, real estate, renewable energy, and securitized digital assets, today announced its wholly owned subsidiary, Premier Packaging Corporation (“Premier”), will move its operations into a new 105,000 square-foot facility to meet growing customer demand. Premier expects to be operational in the new space, located in the Town of Henrietta, NY, approximately 15 miles from its current operations in Victor, NY, by the end of 2021.
For over 25 years, Premier has been a market leader in providing solutions for paperboard packaging from heavy mailing envelops and photo sleeves, to sophisticated custom folding cartons and complex 3-dimensional direct mail solutions. Premier’s innovative designs deliver functionality, marketability, sustainability, and anti-counterfeiting technology.
Since taking over in July 2019, the DSS management team has accelerated the transformation of 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 growing customer base and their evolving demands.
“Premier’s continued success is the result of our team’s dedication and commitment to quality and customer care. Leading with this customer-centric approach has paved the way for expansion through new business opportunities and continues to strengthen our organization’s culture. We look forward to the next phase of expanding and investing in our products, service, and team,” said Premier President and DSS Chief Operating Officer, Jason Grady.
“We are grateful to Empire State Development (“ESD”), Greater Rochester Enterprise, and New York Power Authority for providing Premier with an opportunity to advance our business. As a multinational company we had several options when considering a new location, but with the help of ESD and New York State, we are able to continue to call this area home. The Upstate NY and Finger Lakes region is an ideal place for us to operate our business, service our customer base, and further expand our offerings,” continued Grady.
ESD is assisting Premier by providing up to $700,000 in Excelsior Tax Credits in exchange for job creation commitments, with additional assistance commitments to support continued growth from Monroe County and Greater Rochester Enterprise.
Todd Macko, interim-CFO of DSS, stated, “This is a key move to support the continued growth and market leadership of Premier. The added benefits of tax credits and other incentives make this an economically advantaged deal as well.”
“We continue to build on our momentum amidst growing customer demand,” added Bruce Stratton, VP of Operations at Premier. “We will be able to increase staffing by more than 50% when we begin operations at the new facility later this year. With greater access to major interstates nearby and a closer proximity to the strong Rochester workforce, the new manufacturing operation is well suited to support our aggressive growth plans.”
About Premier Packaging Corporation
For over 25 years Premier has been a market leader in providing innovative and secure solutions for printing and packaging. Premier is the Packaging, Security and Commercial Printing division of DSS. With operations based in Victor, NY (moving to Henrietta, NY) and nationwide distribution, Premier services a variety of both nationally and regionally based customers. Premier’s client list includes customers in the direct marketing, 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 still remaining nimble enough to react to ever changing market and customer demands when necessary.
For more information, visit https://www.dsssecure.com/packaging/index.html.
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.
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.