Document Security Systems Inc., a company engaged in security and protection services that help prevent counterfeiting and brand fraud, today announced that on December 30, 2010, Fletcher Asset Management and its affiliates acquired $4.0 million of DMC’s common stock at $5.29 per share as part of an equity purchase agreement between the two firms.
Per the agreement, Fletcher has the right to make an additional equity investment of up to $4 million during the early part of 2011; certain warrants may be exercised for a certain number of years.
If exercised, the full potential share purchase, including warrants, if exercised in their entirety for cash, could total $16.0 million at prices ranging between approximately $4.76 and $7.62 per share.
Patrick White, CEO of DMC, said the capital will allow the company to pursue business partnerships and perform with overall growth.
“This funding provides us with the additional resources necessary to leverage our new strategic relationships, improve our working capital position, expand our sales and marketing presence, accelerate our digital product development, and continue pursuing the tremendous market opportunities that we have identified as part of our growing business model,” White stated in the press release.
For more information visit www.fletcher.com or www.documentsecurity.com