DSS Plastics Group Update on Strategy and Product Expansion New Product Focus Showing Strength in Business
ROCHESTER, N.Y., March 21, 2016 /PRNewswire/ --Document Security Systems, Inc. (NYSE MKT: DSS), (DSS), a leader in anti-counterfeiting and authentication solutions today released an update on its DSS Plastics division. DSS Plastics manufactures a variety of plastic card products used for identification, access control, and credentialing purposes.DSS Plastics initiated a strategy to diversify its product line and focus on higher margin, difficult to produce products. Customer response to the new products has been strong and these products now account for approximately half of DSS Plastics total revenue.
New product offerings include oversized credentials, inkjet products which permit on-demand production, access control cards, and RFID enabled card products. "Since implementing our diversification strategy we have returned strong results for our division," according to Mike Caulley, President of DSS Plastics. "New, higher margin products now account for approximately 50% of Plastics revenue and we believe they will make up a majority of our business in 2016." DSS Plastics products are now used at most major sporting events in the US, in corporate settings throughout the US, as well as in a wide range of government issued identifications.
"Our strategy as a company is to aggressively move into high margin, high growth product segments," said Jeff Ronaldi, CEO of DSS. "The Plastics division is executing this strategy and winning new business in the process including a Fortune 100 manufacturer in the last quarter."
DSS Plastics is well positioned with other new products which are starting to show growth. The company has developed new production capability for difficult to produce polycarbonate products which are increasingly used for very secure identification and credentials. DSS Plastics is one of a limited number of manufacturers in the US capable of producing polycarbonate cards.
The company has also aggressively moved into the market for Enhanced Tribal Identification Card (ETC) products. Mandated by Congress as part of the Western Hemisphere Travel Initiative, ETCs are secure identification issued by Native American governing bodies. DSS Plastics is currently producing ETCs for seven tribes with several more in discussion.
As part of this strategy, DSS Plastics invested approximately $650,000 in equipment and building improvements to enhance its production capabilities. "The investments we have made in infrastructure and equipment allow us to provide our customers with difficult to produce products like polycarbonate," according to Mr. Caulley. "We have positioned our business as a strong competitor in these typically higher margin markets and expect they will help drive revenue and profitability."
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.
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