ROCHESTER, NY--(Marketwired - Feb 7, 2017) - Document Security Systems, Inc. (NYSE MKT: DSS), (DSS), a leader in anti-counterfeiting and authentication solutions, today announced its AuthentiGuard anti-counterfeit solution has been selected for worldwide deployment by a U.S. based Fortune Global 500 company. The roll out will begin in North America in early 2017 and expand over the multi-year term of the contract to include additional regions.
AuthentiGuard combines a secure mark printed on product packaging with a smartphone application so investigators, supply chain personnel, or consumers can validate the authenticity of products. The results of scans performed in the field are saved in a database which the brand then uses to analyze and identify how counterfeit product is compromising the supply chain. With fraud threatening the safety of consumers worldwide, AuthentiGuard allows brands to protect consumers with product authentication while simultaneously building a more comprehensive view of threats to the supply chain so they can deploy resources to remediate problems.
"Every day we see more and more counterfeit goods on the market which pose a significant threat to consumers," said Jeff Ronaldi, CEO of DSS. "Brand owners are getting serious about fighting the threat and AuthentiGuard is one of the most innovative solutions on the market. Winning a global deployment for one of the largest Global 500 companies is the latest validation for the AuthentiGuard technology as well as an indication that the market is adopting aggressive anti-counterfeiting measures."
The addition of this latest client extends the Company's success in its brand protection portfolio. The Company recently announced an important reseller relationship with SunChemical focused on AuthentiGuard and also announced the closing of a non-dilutive round of financing for an intellectual property transaction.
"We are seeing strong interest in our anti-counterfeiting solutions," according to Mike Roy, President of DSS Digital, whose group has responsibility for AuthentiGuard. "Brands are focused on understanding and remediating their counterfeit problem and AuthentiGuard is one of the only solutions on the market which enables them to detect and deter counterfeits in real-time utilizing smartphones. We expect to see more customer wins in 2017 as brands aggressively fight the threat."
Terms of the agreement will not be disclosed. Revenues are expected to commence in the first quarter of 2017.
About Document Security Systems, Inc.
Document Security Systems, Inc.'s (NYSE MKT: DSS) products and solutions are used by governments, corporations and financial institutions to defeat fraud and to protect brands and digital information from the expanding world-wide counterfeiting problem. DSS technologies help ensure the authenticity of both digital and physical financial instruments, identification documents, sensitive publications, brand packaging and websites.
DSS continually invests in research and development to meet the ever-changing security needs of its clients and offers licensing of its patented technologies. For more information on the AuthentiGuard Suite, please visit www.authentiguard.com. For more information on DSS and its subsidiaries, please visit www.dsssecure.com.
Forward-looking statements that may be contained in this press release, including, without limitation, statements related to the Company's plans, strategies, objectives, expectations, potential value, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act and contain words such as "believes," "anticipates," "expects," "plans," "intends" and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, the outcomes of any of the Company's litigation, its ability to raise capital, and those risks and uncertainties disclosed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission. Forward-looking statements that may be contained in this press release are being made as of the date of its release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.