<SEC-DOCUMENT>0001144204-13-018761.txt : 20130625
<SEC-HEADER>0001144204-13-018761.hdr.sgml : 20130625
<ACCEPTANCE-DATETIME>20130329164545
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-018761
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130329

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Document
Security Systems, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">28 East Main Street, Suite 1525</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rochester, NY 14614</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-indent: 0.5in; text-align: right">March 29, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><U>Via EDGAR and by Federal Express</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Mail Stop 3561<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Edwin Kim, Attorney-Advisor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Document Security Systems, Inc.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Amendment No. 2 to Registration Statement on Form
S-4 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Filed February 13, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>File No. 333-185134</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentleman:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby file with the Securities and Exchange
Commission (the &ldquo;<B>Commission</B>&rdquo;) Amendment No. 3 (the &ldquo;<B>Amendment</B>&rdquo;) to Document Security Systems,
Inc.&rsquo;s (the &ldquo;<B>Company</B>&rdquo;) Registration Statement on Form S-4 (File No. 333-185134), initially filed with
the Commission on November 26, 2012, and amended on January 15, 2013 and February 13, 2013 (the &ldquo;<B>Registration Statement</B>&rdquo;).
Set forth below are the Company&rsquo;s responses to the comments of the staff of the Commission&rsquo;s Division of Corporation
Finance (the &ldquo;<B>Staff</B>&rdquo;) provided by letter (the &ldquo;<B>Comment Letter</B>&rdquo;) dated March 14, 2013 from
Maryse Mills-Apenteng, Special Counsel of the Division of Corporation Finance. The responses are numbered to correspond to the
comments set forth in the Comment Letter, which for convenience, we have incorporated into the response letter. Where appropriate,
the Company has responded to the Staff&rsquo;s comments by making changes to the disclosure in the Registration Statement set forth
in the Amendment No. 3. Page numbers referred to in the responses below reference the applicable pages of the Amendment No. 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><FONT STYLE="font-size: 10pt"><B>We note your disclosure on the cover page and throughout your prospectus indicating that Lexington
shareholders are expected to own 56% of the outstanding common stock of the combined company on a fully diluted basis. Please tell
us how you calculated this percentage. Similarly, in your response letter, please clarify how you determined that Lexington shareholders
are expected to own 51% of the outstanding common stock of the combined company on a fully diluted basis if the 7,100,000 escrow
shares are terminated, as disclosed on pages 30 and 175</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black"><I>Response: </I></FONT>In response
to the Staff&rsquo;s comment, the Company has clarified how the stock ownership percentages are calculated. The revised language
is provided below, and is presented on pages 16, 17, 50, 71 and 74 of the Amendment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 29, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63pt 0pt 45pt; text-align: justify"><I>Immediately following completion
of the Merger, it is anticipated that DSS will issue to Lexington common and preferred stockholders shares of DSS Common Stock
and DSS Preferred Stock (or if the issuance of DSS Preferred Stock is not approved by stockholders, then $.02 Warrants) and warrants
to purchase shares of DSS Common Stock. Included in the merger consideration will be DSS Common Stock held in escrow, which will
be released to the stockholders of Lexington subject to certain conditions as described on page 91. The Escrow Shares are eligible
to be voted by the Lexington stockholders while held in escrow. Therefore, immediately after the Merger, including the Escrow Shares
(without taking into account any DSS Common Stock held by Lexington stockholders prior to the completion of the Merger, and excluding
the conversion of the DSS Preferred Stock and the exercise of any options and warrants), the stockholders of Lexington are expected
to own approximately 51% of the outstanding common stock of the combined company with the stockholders of DSS owning approximately
49% of the outstanding common stock of the combined company. In addition, Lexington stockholders will own 100% of the DSS Preferred
Stock, which is not eligible to vote, but is convertible into shares of DSS Common Stock subject to the beneficial ownership condition
as described on page 91.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63pt 0pt 45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63pt 0pt 45pt; text-align: justify"><I>Calculated on a fully diluted
basis (which includes the exercise of all options and warrants, however excluding the conversion of DSS Preferred Stock), Lexington
stockholders are expected to own 53% of the outstanding common stock of the combined company and the stockholders of DSS are expected
to own approximately 47% of the outstanding common stock of the combined company. If after one year, the Escrow Shares are cancelled
because certain conditions were not met, the stockholders of Lexington based on the circumstances as of the date of the merger,
are expected to own approximately 43% of the outstanding common stock of the combined company with the stockholders of DSS owning
approximately 57% of the outstanding common stock of the combined company (without taking into account any DSS Common Stock held
by Lexington stockholders prior to the completion of the Merger, and excluding the conversion of the DSS preferred stock and the
exercise of any options and warrants). The above calculations exclude the DSS Preferred Stock issued to the Lexington stockholders
because the DSS Preferred Stock is not eligible to vote and the conversion to DSS Common Stock is limited based on the Beneficial
Ownership Condition.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="padding-right: 0.1in"><FONT STYLE="font-size: 10pt"><B>Please revise your Questions and Answers and Summary sections,
and other sections of your prospectus as appropriate, to clarify that Lexington shareholders will have voting rights for the 7,100,000
shares of common stock held in escrow for one year after the closing of the merger even though those shares may be terminated if
the conditions for release of the escrow shares are not met</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: black"><I>Response: </I></FONT>In
response to the Staff&rsquo;s comment, the Company has clarified that the Lexington stockholders will have voting rights with respect
to the shares held in escrow on pages 3, 17, 73 and 100 of the Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 29, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="padding-right: 0.15in"><FONT STYLE="font-size: 10pt"><B>Your illustrative examples indicating the number of securities
to be issued to Lexington shareholders on an aggregate and per share basis are presented assuming the merger had been completed
on December 31, 2012. On page 146, you disclose a recent sale of 4,285,718 shares of unregistered Lexington common stock at a price
of $0.35 per share to certain Lexington shareholders that occurred on February 1, 2013. Please provide us with your analysis as
to whether the recent issuance of Lexington common stock would materially alter your illustrative examples</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: black"><I>Response:</I></FONT>
In response to the Staff&rsquo;s comment, the illustrative examples on pages 2, 16, and 72 of the Amendment and the Common Stock
Exchange Ratio value on the prospectus cover page and pages 1, 15, 71, and 91 of the Amendment have been updated to reflect the
change in the number of shares outstanding of Lexington as a result of the sale of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><FONT STYLE="font-size: 10pt"><B>In discussing the accounting treatment of the merger, you disclose on page 175 that you believe
Lexington is the accounting acquirer of DSS. Based on the information that you provided to us, it appears there is a risk that
events subsequent to the shareholder vote and prior to the close of the merger may cause DSS to be deemed the accounting acquirer.
Consider describing that possibility and any impact it could have on investors</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: black"><I>Response:</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>In response to the Staff&rsquo;s comment, the Company has determined that due to the degree of uncertainty of the accounting
acquirer in the Merger, we are presenting two pro forma combined financial statements, one that presents Lexington as the accounting
acquirer and one with DSS as the accounting acquirer. The Company believes that presenting the two pro forma combined financial
statements provides investors the most complete description of the impact that each of the results would have on the combined company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><FONT STYLE="font-size: 10pt"><B>In addition to the Bascom patents, DSS will acquire as a result of the merger at least $7.5
million in cash held by Lexington. On page 59, you indicate that you anticipate there will be $2,000,000 in legal fees related
to the Lexington patents. Please tell us what consideration you have given to describing how the acquired cash will be used by
the company</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: black"><I>Response:</I> </FONT>Of
the cash to be delivered by Lexington in the Merger, in addition to the estimated $2,000,000 for legal fees related to the Bascom
Research patent infringement litigation, DSS currently estimates that the remaining cash will be used, in its discretion, (i) to
advance the combined company&rsquo;s intellectual property strategy, (ii) to advance product development of DSS&rsquo;s products
(primarily products relating to DSS&rsquo;s AuthentiGuard patents), and (iii) to enable DSS to engage in further financial restructuring.<FONT STYLE="color: black">
The Company has added such disclosure to pages 6 and 73 of the Amendment. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Prospectus Cover Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><FONT STYLE="font-size: 10pt"><B>The second paragraph of your prospectus cover page still contains a very dense and detailed
description of the terms of your merger agreement and the securities that will be exchanged or issued upon the consummation of
the merger agreement. Please consider condensing this paragraph into one or a few brief sentences and include a cross-reference
to the detailed disclosure in the Merger Agreement section</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: black"><I>Response: </I></FONT>In
response to the Staff&rsquo;s comment, the Company has condensed the second paragraph of the prospectus cover page into one sentence
and included a cross-reference to the detailed disclosure in the section entitled &ldquo;Merger Agreement&mdash;Merger Consideration.&rdquo;
Please refer to the prospectus cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 29, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk Factors, page 45 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD><FONT STYLE="font-size: 10pt"><B>Please consider adding or revising one or more risk factors to address the risk that the value
of the Bascom patents, which are Lexington&rsquo;s most significant assets, depends significantly on the success of your recent
litigation proceedings. Further, describe any uncertainties associated with monetizing the patents through such litigation. For
example, if these litigation proceedings are not successful and that would erode the value of the patents, consider making that
clear in your disclosure</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: black"><I>Response:</I></FONT>
In response to the Staff&rsquo;s comment, the Company has revised two existing risk factors and added an additional risk factor
to page 66 of the Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Merger</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Background of the Merger, page 67</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD><FONT STYLE="font-size: 10pt"><B>Please revise to provide the disclosure required by Item 4(b) of Form S-4 and Item 1015(b)
of Regulation M-A. In particular, please provide a summary of the ipCapital analysis and report evaluated by the DSS board of directors
in determining the fairness of the merger, as noted on page 74 and briefly described on pages 71 through 73. In addition, please
file the report as an exhibit. Refer to Item 21(c) of Form S-4</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: black"><I>Response: </I></FONT>The
Company has deleted references in the Amendment to ipCapital&rsquo;s report and, as a result, the Company respectfully submits
that a summary of ipCapital&rsquo;s report is not required to be included in the Amendment and a copy of ipCapital&rsquo;s report
is not required to be filed as an exhibit to the Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Lexington&rsquo;s Business, page 138</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>It appears that Lexington
                                                                 has multiple fee agreements and arrangements tied to the</B></FONT><B>
                                                                 potential revenue stream from the Bascom patents that should
                                                                 be described. For example, please describe and quantify the material
                                                                 terms of the arrangements with litigation law firms, Mr. Bascom&rsquo;s
                                                                 cash considerations pursuant to his agreement with Lexington,
                                                                 and the agreement with IP Navigation Group, which are referenced
                                                                 on pages 59 and 60. Further, please briefly describe these arrangements
                                                                 or agreements in your Summary section, or other appropriate places
                                                                 in your prospectus, so investors understand that significant
                                                                 portions of your anticipated future revenue stream to be derived
                                                                 from Lexington&rsquo;s intellectual property assets are shared
                                                                 or to be paid to third parties.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Response</I>: Lexington will receive between 60
to 65% of the total consideration (including cash payments, equity, assets, or any other form of consideration) received from any
license, settlement, judgment or other award relating to the Bascom Research patents.&nbsp; For all consideration earned outside
of litigation, Lexington will receive 65% of the total consideration with the other 35% paid to three other parties (the &ldquo;Monetization
Partners&rdquo;): (i) Kramer Levin Naftalis &amp; Frankel, LLP (&ldquo;Kramer Levin&rdquo;), which firm is national counsel for
Bascom Research; (ii) IP Navigation, LLC (&ldquo;IP Navigation&rdquo;), which is the monetization advisor for Bascom Research;
and (iii) Thomas Bascom, the inventor of the Bascom Research patents.&nbsp; For all consideration earned within litigation but
prior to the empanelment of a Jury, Lexington will earn 60% of the total consideration with the other 40% paid to the Monetization
Partners.&nbsp; For all consideration earned within litigation and after the empanelment of a jury, Lexington will earn 65% of
the total consideration with the other 35% paid to the Monetization Partners. Of such amounts to be paid to the Monetization Partners,
Lexington will pay 10% of the total consideration to Thomas Bascom pursuant to the Patent Purchase Agreement between Lexington
and Mr. Bascom and the remainder of such consideration shall be apportioned among Kramer Levin and IP Navigation, the service providers
to Lexington. The Company has added such disclosure to pages 14 and 143 of the Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 29, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We do not believe that Lexington should be required
to disclose the specific percentage of the monetization proceeds that may be paid to Lexington&rsquo;s service providers (Kramer
Levin and IP Navigation). Neither party is a related party to Lexington as defined by the SEC&rsquo;s rules. Although Peter Hardigan,
an executive officer of Lexington, was employed by IP Navigation prior to the formation of Lexington, there is no continuing relationship
other than IP Navigation acting as an intellectual property monetization consultant to Lexington. We believe that it would be unduly
harmful to Lexington&rsquo;s future negotiations with service providers if it were required to disclose the details of contingent
fee arrangements with service providers and would be inconsistent with the Staff&rsquo;s previous positions. Absent IP Navigation
being a related party, we believe that the disclosure of the aggregate amount to be paid to third parties out of the monetization
proceeds is sufficient for the protection of investors, particularly to those that are being asked to vote for or against the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&#9;*&#9;*&#9;*&#9;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 29, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When appropriate, the
Company will provide a written request for acceleration of the effective date of the Registration Statement and will include the
requested &ldquo;Tandy&rdquo; language therein. The Company is aware of its obligations under Rules 460 and 461 regarding requesting
acceleration of the effectiveness of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hope that the above
responses and the related revisions to the Registration Statement will be acceptable to the Staff. Please do not hesitate to call
me at (585) 325-3610 with any comments or questions regarding the Registration Statement and this letter. We thank you for your
time and attention.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 35%">&nbsp;<FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Robert B. Bzdick</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD STYLE="text-align: justify">By: <FONT STYLE="font-size: 10pt">Robert B. Bzdick</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: justify">Title: Chief Executive Officer</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>Securities and Exchange Commission</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Barbara C. Jacobs, Assistant Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Maryse Mills-Apenteng, Special Counsel</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>Document Security Systems, Inc.</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Philip Jones, Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>Troutman Sanders</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Joseph Walsh, Esq.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>Mintz Levin</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jeffrey Schultz, Esq.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


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