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Document Security Systems, Inc. Declares Stock Dividend of Internet Media Services, Inc. (LegalStore.com) Shares
Sep 23, 2010 (02:09 PM EDT)
ROCHESTER, N.Y., Sept. 23 /PRNewswire-FirstCall/ -- Document Security Systems, Inc. (NYSE Amex: DMC; "DSS") announced the timing and details regarding the stock dividend to its shareholders of its shares of Internet Media Services, Inc. ("IMS"), the owner of LegalStore.com, a former division of Document Security Systems.
The DSS board of directors has declared a pro rata dividend of all of its 7,500,000 shares of IMS capital stock owned by Document Security Systems that will result in the completion of DSS's spin-off of its LegalStore.com division to its shareholders. IMS, which purchased the LegalStore.com division from DSS in October, 2009, has filed a registration statement with the Securities and Exchange Commission for the shares owned by DSS, which was declared effective on September 21, 2010. The targeted distribution date will be October 15, 2010. On the distribution date, DSS common stockholders of record as of 5 p.m. on October 8, the "Record Date" for the distribution, will receive approximately .412 shares of IMS common stock for every share of DSS common stock they hold. Fractional shares will be rounded up.
No action or payment is required by DSS stockholders to receive the shares of IMS common stock. Stockholders who hold DSS common stock on the Record Date will receive a book-entry account statement reflecting their ownership of IMS common stock or their brokerage account will be credited with the appropriate IMS shares. IMS has applied for but has not yet obtained a trading symbol.
About Document Security Systems, Inc.
Document Security Systems is a world leader in the development of optical deterrent technologies that help prevent counterfeiting and brand fraud from the use of the most advanced scanners, copiers and imaging systems in the market. The company's patented and patent-pending technologies protect valuable documents and printed products from counterfeiters and identity thieves. Document Security Systems' customers, which include international governments, major corporations and world financial institutions, use its covert and overt technologies to protect a number of applications including, but not limited to, currency, vital records, brand protection, ID Cards, internet commerce, passports and gift certificates. Document Security Systems' strategy is to become the world's leading producer of cutting-edge security technologies for paper, plastic and electronically generated printed assets.
More information about Document Security Systems, Inc. and subsidiaries can be found at www.documentsecurity.com, www.plasticprintingprofessionals.com, www.protectedpaper.com, and www.dpirochester.com.
SOURCE Document Security Systems, Inc.