ROCHESTER, N.Y., March 01, 2021 (GLOBE NEWSWIRE) -- 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, CEO
RedChip Companies Inc.
407-491-4498
Dave@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 | |
| Investor Relations | |
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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.