Document Security Systems Inc. is planning a name change and rebranding to better reflect sweeping organizational changes and ongoing business expansions.
Effective Dec. 8, DSS will be known as Alset Inc. The company’s name and ticker symbol change is expected to go into effect after that date, pending shareholder approval. Rochester’s Premier Packaging Corp. is a subsidiary of DSS.
“Over the past 18 months, we have undergone a sweeping change to our organizational structure, operating companies, and business plan,” said DSS CEO Frank Heuszel in a statement this week. “Today, document security products and services are only a small fraction of what the company does. To more accurately reflect our broad portfolio of current and future businesses we are excited to launch the Alset brand.”
In 2019, DSS embarked on a bold transformational vision to build a diversified portfolio of companies to drive cash flow and profitability with the focus of maximizing shareholder value and generating sustainable growth. Under the leadership of Chan Heng Fai, who was named chairman in March 2019, the company formed multiple new divisions, laying the foundation to substantially transform and grow the company through additional mergers and acquisitions.
“We now operate through nine differentiated business lines,” Chan said. “The broad and amorphous nature of the Alset branding will grow with us no matter who we grow into as we continue acquiring exponential growth companies in a variety of sectors, making them better and more profitable, and ultimately sharing the economics of this success with our shareholders.”
The company’s anti-counterfeiting and packaging solutions divisions continue to generate rapid growth and are now joined by business lines in health care, nutraceuticals, real estate, energy, direct marketing and more. These include Impact BioMedical and its multitude of innovations, income-producing real estate through American Medical REIT and high-growth, high-margin direct marketing opportunities through RBC Life International, HWH World and Sharing Services Global.
“Our goal and focus are to create and deliver long-term, sustained shareholder value as we continue to identify potential operational cost-reduction opportunities while simultaneously aligning resources to support and build a foundation for strategic growth opportunities,” said DSS COO Jason Grady. “We have already seen success from investments into existing key scalable business lines which are driving continued top and bottom-line improvements. The progress we are seeing on our new business model and expansive strategy should significantly accelerate these trends in 2021 and beyond, building the Alset brand into a global multinational powerhouse.”