ROCHESTER, N.Y., March 15, 2013 /PRNewswire/ -- Document Security Systems, Inc. (NYSE MKT: DSS), a leading developer of anti-counterfeiting, anti-fraud and authentication technologies for governments, corporations and financial institutions, today announced that its merger with Lexington Technology Group ("LTG") is on pace to close in Spring 2013.
"We remain confident that the SEC will complete its review process of our Registration Statement on Form S-4 in connection with our proposed merger with Lexington Technology Group," stated Document Security Systems Chief Executive Officer Robert Bzdick. "Upon shareholder approval, we look forward to leveraging the strengths and expertise of DSS and LTG to improve execution, drive synergies, and grow the new business with a focus on increasing overall shareholder value."
The strategic combination with LTG will enable DSS to substantially increase its intellectual property portfolio, add significant talent with a proven record in technological innovation, and be positioned to enhance its revenue through the monetization of the combined company's intellectual property assets. Since announcing the merger in October 2012, both companies have actively been preparing for the anticipated merger to be consummated.
The original merger agreement between DSS and LTG was set to expire on March 15, 2013. The companies have agreed to extend the expiration for the merger set forth in their merger agreement. Promptly following the completion of the SEC's review of DSS's Registration on Form S-4, DSS will mail the definitive proxy statement/prospectus to its shareholders in connection with a special meeting of its stockholders to consider the proposed merger and the other proposals described in the definitive proxy statement/prospectus. While the exact SEC timing is unknown, an extended comment period is not uncommon. The companies continue to expect the transaction to close by the end of the second quarter of 2013.About DSS (Document Security Systems, Inc.) Document Security Systems (NYSE MKT:DSS) develops and provides patented anti-counterfeiting, anti-fraud, authentication and brand protection technologies that are employed by governments, leading corporations and financial institutions worldwide. DSS works closely with clients, including Fortune 500 companies, to design proprietary technology solutions that deter unauthorized scanning and copying, and facilitate authentication of printed documents and packaging.