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ROCHESTER, N.Y., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American: DSS), a leader in anti-counterfeit, authentication and diversion protection technologies, today announced the pricing of an underwritten public offering of 22,222,223 shares of the Company’s common stock at a price of $0.18 per share, with gross proceeds to the Company expected to be approximately $4 million before deducting underwriting discounts and commissions and other estimated offering expenses. The Company intends to use the net proceeds from this offering to fund development of new business lines, to upgrade machinery and facilities, to service remaining commitments under the IP monetization business and for strategic growth initiatives, including possible acquisitions or investments in complementary businesses, products, services, technologies or assets, as well as for working capital and general corporate purposes. Heng Fai Ambrose Chan, the Chairman of the Company’s Board of Directors, purchased $2 million of shares in the offering.

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