Document Security Systems Strengthens Its Interest in Sharing Services Global Corporation through $30 Million Investment
March 01 2021 - 7:30AM
Document Security Systems, Inc. (NYSE American: DSS) (“DSS”)
announced today in a joint press release that it has increased its
investment in Sharing Services Global Corporation (OTCQB: SHRG)
(“Sharing Services”), a publicly traded company dedicated to
maximizing shareholder value through the acquisition and
development of innovative companies, products, and technologies in
the direct selling industry, through a $30 million convertible
promissory note.
“This investment will help to accelerate Sharing
Services sales and growth, as well as international expansion,”
stated Chan Heng Fai, Chairman of DSS. “I believe Sharing
Services is now extremely well capitalized to be a dominant player
in the global marketplace over the next two years.”
“By significantly strengthening our investment
in Sharing Services, we are confident in its ability to be a major
player in the direct selling industry, providing it with the funds
to exponentially increase its sales channels and substantially
expand its product portfolio, positioning the company to rapidly
scale sales in 2021 and beyond,” stated Frank D. Heuszel, CEO of
DSS. “As part of our strategy, we are continuing to position
Sharing Services to capitalize on the wealth of opportunities
available to consolidate and rollup other direct selling companies.
It is critical that capital be available to continue Sharing
Services’ growth momentum. Through this investment, Sharing
Services will move from drive to overdrive, positioning it with the
assets, management, and resources needed to capitalize on the
rapidly growing areas of opportunity in the direct selling markets
globally.”
“Sharing Services is now in the expansion phase
with a direct focus on the Asian markets, more specifically in
countries such as South Korea, Japan, Hong Kong, China, Singapore,
Taiwan, Thailand, Malaysia, and the Philippines,” stated John “JT”
Thatch, CEO of Sharing Services. “Now with the additional support
and resources needed to meet the expected substantial demand, we
believe Sharing Services could generate millions more in sales over
the next 12 months of operations, ultimately positioning the
company to potentially become a billion-dollar business.”
Prior to this convertible promissory note
investment, DSS owned 37% of the outstanding shares of
Sharing Services. Sharing Services generated $98.4 million in
revenue and $5.6 million net income in the trailing 12-month period
ended September 30, 2020.
About Document Security Systems, Inc.
DSS is a multinational company, operating
businesses in brand protection technology, blockchain security,
direct marketing, healthcare, real estate, and securitized digital
assets. Its business model is based on a distribution sharing
system in which shareholders will receive shares in its
subsidiaries as DSS strategically spins them out into IPOs. Its
historic business revolves around counterfeit deterrent and
authentication technologies, smart packaging, and consumer product
engagement. DSS is led by its Chairman and largest shareholder, Mr.
Fai Chan, a highly successful global business veteran of more than
40 years specializing in corporate transformation while managing
risk. He has successfully restructured more than 35 corporations
with a combined value of $25 billion.
For more information on DSS
visit http://www.dsssecure.com.
DSS Investor Contact:Dave Gentry, CEORedChip Companies
Inc.407-491-4498Dave@redchip.com
About Sharing Services Global Corporation
Sharing Services Global Corporation (OTCQB:
SHRG), formerly Sharing Services Inc., is a publicly traded
diversified company dedicated to maximizing shareholder value
through the acquisition and development of innovative health,
wealth and happiness-motivated products and technologies in the
direct selling industry. The Company leverages the expertise of its
highly experienced global management team to market and sell
products direct to consumers through its independent contractor
sales force. The Company intends to differentiate itself by
offering products and services that promote health, wealth, and
happiness.
For more information, visit www.SHRGinc.com,
Sharing
Services Global Corporation |
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Investor Relations |
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(469) 304-9400 Ext 201 |
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Info@SHRGinc.com |
Safe Harbor Disclosure
This press release contains forward-looking
statements that are made pursuant to the safe harbor provisions
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements include, but are not
limited to, statements related to the Company's intended use of
proceeds and other statements that are not historical facts.
Forward-looking statements are based on management's current
expectations and are subject to risks and uncertainties that may
cause actual results or events to differ materially from those
projected. These risks and uncertainties, many of which are beyond
our control, include: risks relating to our growth strategy; our
ability to obtain, perform under and maintain financing and
strategic agreements and relationships; risks relating to the
results of development activities; our ability to attract,
integrate and retain key personnel; our need for substantial
additional funds; patent and intellectual property matters;
competition; as well as other risks described in the section
entitled "Risk Factors" in the prospectus and in our other filings
with the SEC, including, without limitation, our reports on Forms
8-K and 10-Q, all of which can be obtained on the SEC website
at www.sec.gov. Readers are cautioned not to place undue
reliance on the forward-looking statements, which speak only as of
the date on which they are made and reflect management's current
estimates, projections, expectations and beliefs. We expressly
disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in our expectations or any changes in
events, conditions or circumstances on which any such statement is
based, except as required by law.
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