ROCHESTER, N.Y., Feb. 21, 2012 /PRNewswire/ -- Document Security Systems, Inc. (NYSE Amex: DSS; "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.):
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