ROCHESTER, N.Y., July 10, 2020 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American: DSS), a multinational company operating businesses focusing on brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets, today announced Malaysian personal protective equipment (PPE) exporter Crecom Burj Group (CBG) has become an early adopter of the Company’s new AuthentiGuard as a Service (AGaaS) anti-counterfeiting technology.
AGaaS is designed for rapid implementation and empowers the entire supply chain with technology to verify product authenticity. Using the AGaaS platform, manufacturers are provided with a unique high-security multi-layered marking to incorporate in each product, while consumers can download an app via Google Play or the App Store that provides the ability to scan and confirm authenticity of a product, as well as a worldwide track and trace solution with real-time reports to track each individual package and flag any counterfeits in the process.
CBG has partnered with DSS to combat counterfeits of their AAMI (Association for the Advancement of Medical Instrumentation)-certified isolation gowns and gloves currently exported to the US healthcare market.
“Counterfeiters are known to hijack high-quality PPE, replacing shipments with cheap, inferior versions, selling the originals for a profit on the black market,” commented Asyikin Muhiyuddin, International Sales Director of CBG. “Our personal protection equipment is designed to protect front-line workers in the pandemic, and we cannot risk our customers receiving products that may have been compromised while transporting it worldwide. Utilizing DSS’s state-of-the-art AGaaS anti-counterfeiting technology, we can ensure the integrity of our PPE shipments to the medical industry.”
Trade in counterfeit and pirated goods has risen steadily in recent years and is estimated at 3.3% of global trade, according to a report from the EU’s Intellectual Property Office and the Organization for Economic Co-Operation and Development (OECD). According to the Global Brand Counterfeiting Report, the total amount of counterfeiting globally reached $1.2 trillion in 2017 and is expected to surpass $1.8 trillion by the end of 2020.
“While the pandemic has led to an increase in counterfeiting of medical products, such as CBG’s PPE, the problem is much more widespread, impacting nearly all industries and consumers,” commented Jason Grady, Chief Operating Officer of DSS. “Adding AGaaS to our product line expands our reach to segments of the market looking for rapid implementation without robust reporting and customization features of our enterprise-level AuthentiGuard solution.”
Established in 2013 and headquartered in Malaysia, CBG is a global provider in the healthcare industry, manufacturing and supplying products to customers in Malaysia, the US, UK, Germany, Qatar, Morocco, and Singapore.
About Document Security Systems, Inc.
DSS is a multinational company operating businesses focused on 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.
Dave Gentry, CEO
RedChip Companies Inc.
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.