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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-08-000876.txt : 20080107
<SEC-HEADER>0001144204-08-000876.hdr.sgml : 20080107
<ACCEPTANCE-DATETIME>20080107092128
ACCESSION NUMBER:		0001144204-08-000876
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080104
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20080107
DATE AS OF CHANGE:		20080107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOCUMENT SECURITY SYSTEMS INC
		CENTRAL INDEX KEY:			0000771999
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				161229730
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32146
		FILM NUMBER:		08513830

	BUSINESS ADDRESS:	
		STREET 1:		36 WEST MAIN ST
		STREET 2:		SUITE 710
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14614
		BUSINESS PHONE:		585 232 1500

	MAIL ADDRESS:	
		STREET 1:		36 W MAIN ST
		STREET 2:		SUITE 710
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW SKY COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THOROUGHBREDS USA INC
		DATE OF NAME CHANGE:	19861118
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v098963_8k.htm
<DESCRIPTION>CURRENT REPORT
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      D.C. 20549 </strong></font></div>
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      the
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      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below): </font></div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item&#160;1.01.</strong></font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
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        January 4, 2008, Document Security Systems, Inc. (the &#8220;Company&#8221;) entered into a
        Credit Facility Agreement (the &#8220;Fagenson Credit Agreement&#8221;) with Fagenson and
        Co., Inc., a related party to Robert B. Fagenson, a member of the Company&#8217;s
        Board of Directors. Under the Fagenson Credit Agreement, the Company can
        borrow
        up to $3,000,000 from time to time up to and until January 4, 2010 (the &#8220;End of
        the Term&#8221;). Any amount borrowed by the Company pursuant to the Fagenson Credit
        Agreement will have an annual interest rate of 2% above LIBOR and will be
        secured by the Common Stock of Plastic Printing Professionals, Inc., the
        Company&#8217;s wholly owned subsidiary. Interest is payable quarterly in arrears and
        the principal is payable in full at the End of the Term under the Fagenson
        Credit Agreement.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        January 4, 2008, the Company also entered into a Credit Facility Agreement
        (the
&#8220;White Credit Agreement&#8221;) with Patrick White, the Company&#8217;s Chief Executive
        Officer and Chairman of the Board of Directors. Under the White Credit
        Agreement, the Company can borrow up to $600,000 from time to time up to
        and
        until January 4, 2010 (the &#8220;End of the Term&#8221;). Any amount borrowed by the
        Company pursuant to the White Credit Agreement will have an annual interest
        rate
        of 2% above LIBOR and will be secured by the accounts receivable of the Company.
        Interest is payable quarterly in arrears and the principal is payable in
        full at
        the End of the Term under the White Credit Agreement.</font></div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item&#160;2.03.</strong></font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Creation
                of a Direct Financial Obligation or an Obligation under an Off-Balance
                Sheet Arrangement of a
                Registrant.</strong></font></div>
            </td>
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      1.01
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      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized. </font></div>
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                SECURITY SYSTEMS, INC.</strong></font></a></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
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                Patrick A. White</font></div>
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                Patrick A. White</font></div>
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                Chief Executive Officer</font></div>
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