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ROCHESTER, N.Y., April 17, 2019 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American: DSS), ("DSS" or “’Company”), a leader in anti-counterfeit, authentication, and diversion protection technologies, announced today that on April 12, 2019 it received notification from the NYSE American LLC (the “NYSE American” or “Exchange”) confirming that on April 12, 2019, the Company filed an interim affirmation with the Exchange stating that it is not in compliance with Section 801(h) of the NYSE American Company Guide (the “Company Guide”) because it no longer has at least two members on its Audit Committee.
On April 16, 2019, the Company received a second notification from the Exchange confirming that on April 15, 2019, the Company filed another interim affirmation with the Exchange stating that it is not in compliance with Section 801(h) of the Company Guide because it no longer maintains a board of directors comprised of at least 50% independent directors.
The April 12, 2019 and April 16, 2019 notifications constitute official notice from the Exchange of the Company’s noncompliance with the NYSE American’s continued listing standards. In order for the Company to maintain its listing on the Exchange, the Company will have until May 16, 2019 to appoint one independent director to its Board of Directors (the “Board”). The Company will have until June 17, 2019 to appoint additional independent directors necessary to regain compliance with the requirement to have a board of directors comprised of at least 50% independent directors. Concurrent with the Company’s appointment of additional independent directors to its Board, the NYSE American stated that it expects that the Company will also remedy its Audit Committee composition noncompliance. The Company is now subject to the procedures and requirements set forth in Section 1009 of the Company Guide. The Company intends to comply with the Exchange’s instructions for regaining full compliance with the NYSE American’s continued listing standards within the timeframes established by the Exchange.
ABOUT DOCUMENT SECURITY SYSTEMS, INC.
For over 16 years, Document Security Systems, Inc. (“DSS”) has protected corporations, financial institutions, and governments from sophisticated and costly fraud. DSS' innovative anti-counterfeit, authentication, and brand protection solutions are deployed to prevent attacks which threaten products, digital presence, financial instruments, and identification. AuthentiGuard™, the Company's flagship product, provides authentication capability through a smartphone application so businesses can empower a wide range of employees, supply chain personnel, and consumers to track their brands and verify authenticity. For more information on DSS, visit www.dsssecure.com.
Document Security Systems, Inc.
Tel: (585) 232-5440