ROCHESTER, N.Y., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American: DSS) ("DSS"), a multinational company operating businesses in brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets, today announced the expansion of its DSS Securities, Inc. business through an equity interest in WestPark Capital, Inc.("WestPark") and an investment in BMI Capital International LLC ("BMI").
"This is a major milestone that falls directly in line with our plans to fill out the ecosystem around DSS Securities and builds upon our recently announced collaboration to develop a digital securities exchange business in the US," stated Frank D. Heuszel, CEO of DSS.
DSS executed two separate transactions designed to grow its DSS Securities division, signing a binding note and stock exchange letter of intent to own 7.5% of the issued and outstanding shares of WestPark and acquiring 24.9% of BMI through a purchase agreement.
"We have participated in the blockchain space since its earliest days," commented Richard Rappaport, Chairman and Founder of WestPark. "DSS Securities is extremely well positioned in the industry with its recent JV with Coinstreet Partners and GSX Group, and we believe this is the beginning of a lasting, mutually rewarding relationship."
WestPark is a full-service investment banking and securities brokerage firm which serves the needs of both private and public companies worldwide, as well as individual and institutional investors.
BMI is a private investment bank specializing in corporate finance advising, raising equity, and venture services, providing a global "one-stop" corporate consultancy to listed companies. From corporate finance to professional valuation, corporate communications to event management, BMI services companies in the US, Hong Kong, Singapore, Taiwan, Japan, Canada, and Australia.
"Change is constant in the markets," added Robert Trapp, CEO of BMI. "We are excited to work with DSS Securities as they capitalize on the wealth of opportunities presented by the latest seismic shifts revolutionizing the securities industry."
Heuszel continued, "The transformative potential of digital securities is extremely exciting. Working closely with WestPark and BMI, we can tap into established channels to accelerate the development of a secondary market in securities tokens, what we believe will be the next evolutionary stage in capital markets development."
"This is a great opportunity that provides a conduit to propel widespread interest in our digital security exchange," added Jason Grady, COO of DSS. "We plan to continue to invest in these and other similar ventures as opportunities warrant, effectively allocating the capital we have available to drive growth and maximize returns."
Regulated digital securities exchanges provide a single point of access to issuance, listing, trading, and settlement of digital securities for public and private companies issuing equities, debt, investment funds, real estate, and commodities. In addition to providing an alternative to current public markets, digital securities exchanges are positioned to tap into the $6.5 trillion private company market, which is estimated to be growing 2x faster than public markets.
About Document Security Systems, Inc.
DSS is a multinational company, operating businesses in 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.
DSS Investor Contact:Dave Gentry, CEORedChip 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.