Content area
Full text
A proposed merger for Document Security Systems Inc. would change the company's leadership and have a significant impact on its plans.
DSS, which develops security and authentication products designed to prevent counterfeiting and brand fraud, announced Tuesday that it had signed a definitive merger agreement with Lexington Technology Group Inc., a privately owned intellectual property asset management group based in New York City.
The merger, awaiting approval by shareholders of both companies, is expected to occur in the first quarter. Once approved, the company would continue under the name Document Security Systems Inc. and keep its headquarters in Rochester, officials said.
Lexington Technology Group is to become a wholly owned subsidiary of DSS through an exchange of capital stock of Lexington Technology for capital stock and warrants of DSS. Stockholders of Lexington Technology are expected to own 55 percent of the combined company, with current DSS stockholders owning 45 percent.
Lexington Technology CEO Will Rosellini will lead the combined company, replacing Patrick White as CEO.
Peter Hardigan, chief operating officer at Lexington Technology, will become chief investment officer. The board will include DSS chairman Robert Fagenson; Robert Bzdick, president and chief operating officer of DSS; and Ira Greenstein, an independent director of DSS since 2004.
Since White founded DSS in...