Current Report Filing (8-k)
December 10 2018 - 4:22PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 7, 2018
DOCUMENT
SECURITY SYSTEMS, INC.
(Exact
name of registrant as specified in its charter)
New
York
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001-32146
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16-1229730
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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200
Canal View Boulevard
Suite
300
Rochester,
NY
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14623
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
(585) 325-3610
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item
1.01 Entry into a Material Definitive Agreement
On
December 7, 2018, Premier Packaging Corporation (“PPC”), a wholly-owned subsidiary of Document Security Systems, Inc.
(the “Company”), entered into a Purchase Agreement (the “Equipment Purchase Agreement”) with Bobst North
America Inc. (“BOBST”), located in Roseland, New Jersey, to purchase an EXPERTFOLD 110-A Universal Folder-Gluer (the
“Equipment”) for a purchase price of $849,000 (the “Equipment Purchase Price”). The Equipment Purchase
Price will be paid by accessing funds available under an existing and previously reported Citizens Bank (“Citizens”)
Equipment Line of Credit pursuant to which Citizens has agreed to lend up to $1,200,000 for the purpose of enabling the purchase
of commercial equipment by PPC. Under the Equipment Purchase Agreement, 40% of the Equipment Purchase Price is due upon execution
of the Equipment Purchase Agreement. A second payment of 50% of the Equipment Purchase Price is due upon PPC’s receipt of
BOBST’s invoice confirming the shipping date for the Equipment. The last installment equal to 10% of the Equipment Purchase
Price is due on the date that BOBST completes the installation and demonstrates that the Equipment is capable of producing commercially
saleable product. The Agreement contains customary default provisions, acceleration clauses and remedies for non-payment breach
by PPC, which remedies include the right to enter PPC’s premises and take possession of the Equipment and resell the same
at auction to recoup any unpaid portion of the Equipment Purchase Price.
The
Equipment Purchase Agreement is filed as Exhibit 10.1 to this report. The foregoing summary description of the terms of the Agreement
is qualified in its entirety by reference to the full text of such exhibit.
Item
9.01 Financial Statements and Exhibits
(d)
Exhibits
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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DOCUMENT
SECURITY SYSTEMS, INC.
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Dated:
December 10, 2018
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By:
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/s/
Jeffrey Ronaldi
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Jeffrey
Ronaldi
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Chief
Executive Officer
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