The merger between Document Security Systems Inc. and Lexington Technology Group Inc., which was first announced last October, has become final.
DSS earlier this week announced the closing of the merger with LTG, a privately owned intellectual property asset management group. The newly merged company will continue under the name Document Security Systems Inc.
Lexington Technology Group is to be the surviving corporation as a wholly owned subsidiary of DSS through an exchange of capital stock of Lexington Technology Group for capital stock and warrants of DSS.
Officials said the finalized merger will increase DSS’ intellectual property portfolio, while enhancing its ability to monetize its counterfeit and authentication technology. The company’s board of directors will include directors from both DSS and LTG. DSS’ executive team will be led by CEO Jeff Ronaldi.
“Today is a milestone for DSS,” Ronaldi said in a statement. “Through our new business model, we see exciting opportunities to potentially grow our technology business and intellectual property asset. As a combined company, we believe that we are better positioned to take on new challenges and opportunities ahead.”
DSS employs 105 local workers. In addition to its headquarters, the company has three other locations in the area for its printing, packaging and digital segments. The company also has a plastics group in Brisbane, Calif.
DSS stock (NYSE: DSS) was down nearly 5 percent midday Wednesday at $1.82 a share.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email email@example.com.