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Posted On: 11/01/2019 3:51:01 PM
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DSS Closes Private Placement of Common Shares Funded Entirely by DSS Chairman of the Board
November 01, 2019
ROCHESTER, N.Y., Nov. 01, 2019 (GLOBE NEWSWIRE) -- Document Security Systems, Inc., (NYSE American: DSS), ("DSS”, or the “Company"
, a leader in anti-counterfeit, authentication and consumer engagement technologies whose products and solutions are used by governments, corporations and financial institutions to protect against fraud, help ensure authenticity and engage the consumer, announces today that it has entered into and closed on a subscription agreement (the “Subscription Agreement”) with Mr. Heng Fai Ambrose Chan, Chairman of the Board of Directors of the Company, for the private placement of 6,000,000 shares of the Company’s common shares (the “Offering”).
Pursuant to the Subscription Agreement, Mr. Chan purchased 6,000,000 shares of the Company’s common stock at an above market purchase price of $0.3037 per share, resulting in gross proceeds to the Company of $1,822,200, before deductions for placement agent fees and other expenses.
“Mr. Chan’s purchase of the entire 6,000,000 share private placement at above market rates clearly represents his continued confidence and commitment to the long-term success of DSS,” said Frank D. Heuszel, CEO of DSS. “As the company’s largest shareholder, Chairman of the DSS Board and Chief Executive Officer of the Company’s subsidiaries – DSS International Inc., DSS Asia Limited and DSS Cyber Security Pte Ltd., Mr. Chan continues to demonstrate his leadership and belief in DSS’ ongoing turnaround and future success. Today’s private placement is further validation of that commitment, management’s vision and our broad execution strategies to improve profitability and grow shareholder value. Mr. Chan believes DSS is positioned to become a ‘unicorn’ in its industry, and we fully support his leadership and vision.”
Mr. Heng Fai Ambrose Chan spent the past 45 years specializing in financial restructuring and corporate transformation to unlock value and unleash entrepreneurial zeal while managing risk. He has successfully restructured more than 35 corporations in diversified industries in different countries. Most notably, 4 out of the 35 restructured companies have combined current market capitalization of over USD 18.5 billion and in the process, created 4 “unicorns”. Mr. Chan’s passion for company transformation is shown through an average investment multiple of over 48X for each investment including 6 outstanding companies. This not including his first venture he started out during his college days. To learn more about Mr. Chan’s background, visit www.hfunicorn.com.
Aegis Capital Corp. acted as the exclusive placement agent for the Offering.
DSS Closes Private Placement of Common Shares Funded Entirely by DSS Chairman of the Board
November 01, 2019
ROCHESTER, N.Y., Nov. 01, 2019 (GLOBE NEWSWIRE) -- Document Security Systems, Inc., (NYSE American: DSS), ("DSS”, or the “Company"
, a leader in anti-counterfeit, authentication and consumer engagement technologies whose products and solutions are used by governments, corporations and financial institutions to protect against fraud, help ensure authenticity and engage the consumer, announces today that it has entered into and closed on a subscription agreement (the “Subscription Agreement”) with Mr. Heng Fai Ambrose Chan, Chairman of the Board of Directors of the Company, for the private placement of 6,000,000 shares of the Company’s common shares (the “Offering”). Pursuant to the Subscription Agreement, Mr. Chan purchased 6,000,000 shares of the Company’s common stock at an above market purchase price of $0.3037 per share, resulting in gross proceeds to the Company of $1,822,200, before deductions for placement agent fees and other expenses.
“Mr. Chan’s purchase of the entire 6,000,000 share private placement at above market rates clearly represents his continued confidence and commitment to the long-term success of DSS,” said Frank D. Heuszel, CEO of DSS. “As the company’s largest shareholder, Chairman of the DSS Board and Chief Executive Officer of the Company’s subsidiaries – DSS International Inc., DSS Asia Limited and DSS Cyber Security Pte Ltd., Mr. Chan continues to demonstrate his leadership and belief in DSS’ ongoing turnaround and future success. Today’s private placement is further validation of that commitment, management’s vision and our broad execution strategies to improve profitability and grow shareholder value. Mr. Chan believes DSS is positioned to become a ‘unicorn’ in its industry, and we fully support his leadership and vision.”
Mr. Heng Fai Ambrose Chan spent the past 45 years specializing in financial restructuring and corporate transformation to unlock value and unleash entrepreneurial zeal while managing risk. He has successfully restructured more than 35 corporations in diversified industries in different countries. Most notably, 4 out of the 35 restructured companies have combined current market capitalization of over USD 18.5 billion and in the process, created 4 “unicorns”. Mr. Chan’s passion for company transformation is shown through an average investment multiple of over 48X for each investment including 6 outstanding companies. This not including his first venture he started out during his college days. To learn more about Mr. Chan’s background, visit www.hfunicorn.com.
Aegis Capital Corp. acted as the exclusive placement agent for the Offering.
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