Rochester, New York, USA, 17 February 2010 -- /PRNewswire/ -- Document Security Systems, Inc. (DSS) (NYSE/AMEX: DMC) a world leader in the development, design, and manufacturing of secure identification and authentication technologies for documents, packaging, labels, identification cards, and electronic data and assists in the prevention of counterfeiting and brand fraud, announced today that it had acquired Premier Packaging Corporation, a privately held provider of high quality packaging solutions based in Victor, New York.
Premier Packaging Corporation is an ISO 9001:2008 registered manufacturer of custom paperboard packaging serving clients in the pharmaceutical, beverage, photo packaging, toy, specialty foods, and direct marketing industries, among others. An early innovator of upscale photo packaging, Premier has expanded their product offerings to include everything from basic mailers and sleeves to folding cartons and complex 3-dimensional solutions. Since 1989, Premier has been providing their customers with a complete range of products and services that include package design, prototyping, manufacturing, inventory management programs, and more.
Robert Fagenson, DSS chairman, commented: "The addition of Premier Packaging to the DSS family of companies is a major event for DSS for a variety of reasons. On a nonaudited pro-forma basis, the combined companies showed 2009 sales of over USD 17 million, which significantly increases the size of DSS. We have worked together previously on a number of sales where our ability to offer customers the combination of printing, packaging and our proprietary anti-counterfeiting/security technology has proven very effective. The DSS board has elected Premier's owner and CEO, Robert 'Bob' Bzdick to the offices of president and COO of DSS while he will also retain the position of CEO of Premier. Bob is a seasoned, successful and respected member of the Rochester business community and will provide valuable additional depth and experience to our management team."
Pat White, DSS CEO added: "In the traditional packaging world, the word 'security' has mainly meant 'tamper proof' packaging. Based on our market research, this acquisition gives DSS the ability to give a whole new meaning to 'packaging security' as we have created the world's first and largest packaging manufacturing company which utilizes Document Security Systems anticounterfeiting optical deterrent technologies."
Premier Packaging Corporation has 32 employees and operates from a 40,000-square foot plant in Victor, New York, is located approximately 17 miles from the DSS headquarters and has been serving a diverse customer base for over 20 years. In 2009, Premier reported USD 6.9 million in sales and approximately USD 530,000 in profit. The company expects that savings from redundant printing and binding costs, along with additional cost savings, will result in at least an additional USD 400,000 per year of net profit from the acquisition, and that the acquisition of Premier will be accretive to combined earnings of the company in 2010.
Document Security Systems is a world leader in the development and manufacturing of optical deterrent technologies that help prevent counterfeiting and brand fraud from the use of the most advanced scanners, copiers, and imaging systems in the market. The company's patented and patent-pending technologies protect valuable documents and printed products from counterfeiters and identity thieves. Document Security Systems' customers, which include international governments, major corporations, and world financial institutions, use its covert and overt technologies to protect a number of applications including, but not limited to, currency, vital records, brand protection, indentification cards, Internet commerce, passports, and gift certificates. Document Security Systems' strategy is to become the world's leading producer of cutting-edge security technologies for paper, plastic, and electronically generated printed assets. More information about Document Security Systems, Inc. and its products and services can be found by visiting the following sites www.documentsecurity.com, www.protectedpaper.com, www.plasticprintingprofessionals.com, and www.dpirochester.com.