<SEC-DOCUMENT>0001144204-14-023834.txt : 20140421
<SEC-HEADER>0001144204-14-023834.hdr.sgml : 20140421
<ACCEPTANCE-DATETIME>20140421160346
ACCESSION NUMBER:		0001144204-14-023834
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140421
DATE AS OF CHANGE:		20140421
EFFECTIVENESS DATE:		20140421

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32146
		FILM NUMBER:		14773952

	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
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        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DOCUMENT SECURITY
        SYSTEMS, INC.</B></P></TD></TR>
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DOCUMENT SECURITY SYSTEMS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>28 EAST MAIN STREET, SUITE 1525</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(585) 325-3610</B></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">April 21, 2014</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">Dear Fellow Document Security Systems Shareholder,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Document Security Systems (DSS) had a transformative
year in 2013. We undertook a major strategic initiative through our merger with Lexington Technology Group, Inc., which was completed
on July 1, 2013. After the merger, we became a company with deep expertise in the development, acquisition, and monetization of
intellectual property that has significantly expanded the opportunities for DSS far beyond our traditional anti-counterfeiting
business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This transformative process has led to
some growing pains. We have experienced unprecedented trading volume in our shares and high levels of volatility in share price
throughout 2013. We are deeply disappointed both in the share price and in the volatility of our shares and we sincerely thank
all of our long-term shareholders who have supported us through this volatile period. We believe that our stock price performance
is not reflective of the company&rsquo;s prospects and largely reflects concerns in the marketplace that potential legislative
changes to the US patent system and decisions of cases currently in front of the Supreme Court will impact our ability to successfully
monetize our intellectual property. We are confident in the value of our intellectual property and while timelines in litigation
have indeed become more uncertain, we believe that the ultimate results of our licensing efforts will not be significantly impacted
by changes to the law or jurisprudence. We believe that these issues will pass in 2014 and that the company will emerge from this
period of share price volatility by continuing to transform DSS&rsquo;s traditional operating business into a source of steady
profitability and by continuing to diversify our technology portfolio so that single events will not be perceived to have the same
degree of impact on the company. We fully anticipate positive momentum from these efforts to be reflected in our share price as
we go forward and continue to execute on our plan for the company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>DSS Corporate Goals and Results </I></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">In our 2013 letter to shareholders, DSS Management established
several strategic priorities, which will serve as our goals for 2014 and beyond:</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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"></FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9632;</P>



<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continue to grow revenue and to control
costs to generate profits from DSS&rsquo;s printed products groups- DSS Printing, DSS Packaging, and DSS Plastics.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"></FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9632;</P>



<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continue to monetize AuthentiGuard<SUP>&reg;</SUP>
and related digital solutions through advancing brand protection as well as direct-to-consumer marketing opportunities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"></FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9632;</P>



<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expertly manage our intellectual property
monetization efforts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"></FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9632;</P>



<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continue to diversify DSS&rsquo;s intellectual
property portfolio through selective acquisitions of intellectual property that advance our commercial strategy and provide licensing
opportunities.</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"></FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9632;</P>



<FONT STYLE="font-family: Symbol"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expand DSS&rsquo;s technology advantages
and intellectual property portfolio through expanded investments in research and development.</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; text-align: justify">During 2013, we achieved several of these
goals and made significant progress towards others. First and foremost, on July 1, 2013, the company completed a merger with Lexington
Technology Group, Inc. (n/k/a DSS Technology Management, Inc.). The merger process required significant investment of capital and
management attention but has achieved many of DSS&rsquo;s longstanding goals and created a much stronger company. The merger has
provided the company with a new strategy that positions us for success and increases the potential of DSS&rsquo;s historical intellectual
property. It has also provided the company with strong additions to leadership, a stronger balance sheet with the addition of six
million dollars in new capital, new IP assets that enhance the company&rsquo;s competitive position through Lexington&rsquo;s prior
investments in Bascom Research LLC and VirtualAgility, and access to new sources of non-dilutive, private capital that the combined
company has already used successfully to fund accretive Research and Development and IP acquisitions. Through the merger, DSS undertook
important changes in executive leadership. Lexington Technology Group&rsquo;s Chief Executive Officer, Jeffrey Ronaldi became the
CEO of DSS and Robert Bzdick became President of the company. The combined leadership team of DSS and Lexington has the experience
and skills to execute on DSS&rsquo;s ambitious plans for growth in the digital and licensing businesses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reflecting the company&rsquo;s expanded
strategy and capabilities, DSS began reporting revenue in two groups that reflect broadly the company&rsquo;s production and high
technology capabilities. The Printed Products grouping combines DSS&rsquo;s Printing, Packaging and Plastics Divisions sales. Technology
Sales, Services and Licensing includes sales from DSS Digital and DSS&rsquo;s Technology Management Divisions. Broadly speaking,
the Printed Products group is being managed to generate steady profits that can be reinvested in our higher growth and higher margin
businesses. Technology Sales, Services and Licensing is being managed to generate significant revenue growth and profit potential.
In 2013, over 85% of revenues were derived from Printed products and less than 15% were generated by Technology Sales, Services
and Licensing. Over time, we anticipate that balance to invert and for the commercial focus to reside principally in high-growth
and high-margin businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our financial results in 2013 reflect meaningful
progress towards our goals. In 2013, our gross revenue was $17.5 Million, an increase of 2%, compared to 2012, led principally
by 11% year-on year growth in Technology Sales, Services and Licensing. This overall revenue increase was achieved despite the
consolidation of our packaging and print manufacturing facilities during the fourth quarter of 2013. Our overall cost of revenue,
excluding depreciation and amortization, decreased 5% to $10.5 Million from $11 Million in 2012, reflecting a continued migration
to higher margin goods and services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA loss for 2013 was $2.0
million compared to $1.4 million for 2012, driven by the increase in non-merger related professional fees incurred by the Company's
Technology Management division. While the company posted a loss for the year, it reached a significant milestone in achieving Adjusted
EBITDA profitability from the three Printed Products divisions. Adjusted EBITDA for the Printed products group increased 386% to
$1.6 million compared to $0.3 million for 2012. Offsetting losses incurred by Technology Sales, Services and Licensing reflect
investments made for the company&rsquo;s future. In the Digital division, losses reflect ongoing investment in AuthentiGuard; in
the Technology Management division, losses reflect ongoing investment activity in building out the company&rsquo;s IP portfolio
and the company&rsquo;s determination to receive adequate compensation from counterparties in its ongoing licensing efforts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally during 2013 and subsequently, DSS
has been able to strengthen its balance sheet through the use of non-dilutive financing from professional IP-focused investors
who have provided to date over $6 Million in financing commitments in return for partial interests in the outcome of certain of
our Technology Management investments. Our relationship with these groups provides a compelling alternative to the capital markets
to finance accretive acquisitions to build our IP portfolio and provide additional market validation of the quality of the IP that
we are acquiring. We are confident in our ability to successfully finance growth of our asset base to support the investments in
Digital and Technology Management, which we believe are the engines of our future growth.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As stated earlier, the goal for our Printed
Products group was to grow sales while controlling costs which helped all three divisions within the group to achieve profitability
during 2013. The company&rsquo;s commercial print business had been an area of weakness for the company during 2013. As such, we
combined the printing and packaging groups into a single location and re-focused the printing group on higher margin security printing
opportunities. The streamlined print business will continue to serve the printing needs of our packaging group and will continue
to focus primarily on security printing sales and on security paper sales through protectedpaper.com. Even as the company sacrificed
some traditional commercial printing revenue, Printed Products revenue still grew 1% overall to $15.4 million from $15.3 million
through incremental sales of packaging and higher margin plastic cards. While the combination of these divisions resulted in one-time
costs that increased our 2013 expenses the company has seen early costs savings as a result of the combination that should add
to the company&rsquo;s bottom line for years to come.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Printed Products group also continues
to target the secure packaging and secure ID markets and has worked closely with the Digital division on the development of AuthentiGuard,
which is a copy/scan resistant authentication feature that can be applied to printed products, including packaging, documents,
and ID cards, that can be validated with DSS Digital&rsquo;s AuthentiGuard smartphone app. In 2013, the Printed Products group
made investments in printing technology that we believe will improve overall profitability and also allow the group flexibility
to deliver a &ldquo;turnkey&rdquo; solution for customers of AuthentiGuard and other brand protection technologies that require
us to partner with its own production capabilities. These capital investments have required the use of cash or added to the company&rsquo;s
total financing balance. Getting to profitability has been the first step in the process of improving the printed products group,
and while we are pleased to have reached this milestone, we have more work to do. In 2014 and beyond, the company will continue
to focus on building growth with stable profitability in the Printed Products group along with increasing strategic alignment between
the Printed Products Group and the Digital Division as the adoption of AuthentiGuard scales up.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Technology Sales, Services and Licensing
Segment Results </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The goal of our Technology Sales, Services
and Licensing group is to develop, sell and license differentiated technology products and services that are supported by strong
IP and offer significant upside potential. In 2013, the Technology Sales, Services and Licensing group increased revenues by 11%
to $2.0 Million from $1.8 Million in 2012. This increase primarily reflects additional income from an increase in licensing revenue
from our Technology Management division.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DSS has historically been a leader in the
development of intellectual property in the anti-counterfeiting industry and it is our belief that our dedication to research and
development over the years will be a major source of value for our company for years to come. The company&rsquo;s continued investment
in Digital research and development began to yield results in 2013, as the company achieved an important milestone with its first
sales of AuthentiGuard. In addition, during 2013 the Digital division built a robust pipeline of opportunities for AuthentiGuard
and developed other compelling digital brand protection products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AuthentiGuard had been under development
since DSS&rsquo;s acquisition of Extradev in 2011 and upon its release in late 2012, the company focused heavily on its application
in the Life Sciences sector. Management continues to pursue the opportunity in Life Science, especially through our partnership
with NADDI, the National Association of Drug Diversion Investigators, which we entered into in during the fall of 2013 and which
we believe will lead to adoption within this sector.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been pleased to see interest in
AuthentiGuard within a broad range of other industries, including the event management, consumer goods, and industrial sectors.
Our first announced customer, Medtech wristbands, is a leading supplier of event identification throughout North America and we
anticipate that this relationship will become a meaningful source of revenues going forward. Following on this success, we recently
announced a relationship with retired National Football League star Pat McInally to expand our market penetration in event management.
In the consumer sector during 2013, DSS also entered into a relationship with Cond&eacute; Nast for Brides Magazine to promote
AuthentiGuard technology to deter Bridal counterfeit and was subsequently featured on Fox News <I>Fox and Friends</I> in an episode
focused on counterfeit consumer goods frequently sold on Valentine&rsquo;s Day. These successes have expanded consumer awareness
of the AuthentiGuard solution will drive demand for our technology with manufacturers of consumer goods</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This level of commercial interest in AuthentiGuard
and our initial successes provide us with the confidence of market demand for our Digital solutions and in our ability to develop
and sell related digital technologies that will transform our revenue base and profitability. In addition to AuthentiGuard, the
Digital Group has developed a suite of differentiated products that will serve our existing customer base and provide growth opportunities.
These products include AuthentiSite, which uses AuthentiGuard to validate websites as authorized resellers of branded merchandise,
AuthentiShare, which is a secure file sharing application, and SensorShield, which is a facilities monitoring solution designed
to expand sales of DSS digital products in small and mid-sized businesses. We also are working to further develop AuthentiGuard
to expand the commercial reach of this franchise in other areas. We anticipate that these new products and development efforts
will allow us to expand our commercial footprint and build a sustainable digital franchise that generates meaningful revenues and
high margins.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DSS Technology Management (DSSTM) is focused
on building a diversified portfolio of investments in IP that bolster DSS&rsquo;s competitive position as a leading developer and
integrator of patented security technologies and provide the potential for significant upside based on the results of IP licensing.
DSSTM currently manages DSS&rsquo;s historical &ldquo;Core&rdquo; anti-counterfeit security portfolio as well as five portfolios
that have been acquired prior to or following the merger. We believe that each one of these portfolios represents an opportunity
for significant returns to DSS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A portion of DSS&rsquo;s core portfolio
is licensed to a number of leading security printers and generates modest recurring patent licensing income. Other core IP, which
is not currently licensed, supports AuthentiGuard and other commercial offerings in development. We anticipate that the principal
focus of core licensing in 2014 will be commercial licensing in support of AuthentiGuard, but we will continue to evaluate opportunities
to engage in patent licensing in parallel to our current commercial licensing program. We believe that over the long term, opportunities
for core patent licensing will increase as adoption of AuthentiGuard increases.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the merger with DSS, Lexington
Technology Group acquired the Bascom Research portfolio, which relates to the linking of distributed data. The Bascom Portfolio
supports the commercialization of both AuthentiGuard and AuthentiShare, has already generated licensing income from leading technology
companies, and is currently the subject of litigation in Northern California with Facebook, Inc. and LinkedIn. The Bascom Research
case was initially scheduled for a Markman hearing in March 2014, but in January 2014 the case was stayed pending adjudication
of a U.S. Supreme Court case <I>(Alice Corp v. CLS Bank)</I>. Management anticipates that the Bascom case will resume during the
summer of 2014, once the above-noted Supreme Court decision is rendered, but all dates are tentative and subject to change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also prior to the merger, Lexington Technology
Group made an investment in VirtualAgility Inc.; a developer of middleware solutions that management anticipates will support the
commercialization of AuthentiGuard. The investment provides DSS with an equity interest in VirtualAgility as well as an interest
in the outcome of its patent infringement litigation currently pending in the Eastern District of Texas against Salesforce.com
and thirteen of Salesforce&rsquo;s customers. This case was initially scheduled for a Markman hearing in April 2014 and a trial
in December 2014 but was temporarily stayed in February of this year. Management anticipates that the case will resume in 2014
following the lifting of the stay by the appeals court or the completion of Business Process Review hearing by the U.S. Patent
and Trademark Office (USPTO), currently scheduled for July 2014. Again, in this matter, all dates are tentative and subject to
change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the completion of the merger, DSSTM
has acquired two patent portfolios that support efforts to commercialize AuthentiGuard, the AuthentiGuard reader and the Sensorshield
product line. We believe that both of these investments also present significant patent licensing opportunities. In November, 2013
DSSTM initiated litigation against Apple Inc. in the Eastern District of Texas, alleging infringement of DSSTM&rsquo;s wireless
patents in a range of Apple products. In March 2014, DSSTM initiated litigation in the Eastern District of Texas against Taiwan
Semiconductor Corporation, Samsung, and NEC, alleging infringement of DSSTM&rsquo;s semiconductor technology. Both of these cases
are in the early stages but could develop during 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, in November 2014, DSS entered
into a sales and licensing partnership with Express Mobile Inc. (&ldquo;Xpressmo&rdquo;), a developer of enterprise mobility solutions,
enabling DSS to integrate Xpressmo&rsquo;s technology into DSS&rsquo;s AuthentiGuard product line as well as providing DSS with
a license to Xpressmo&rsquo;s pioneering patent portfolio and engaging DSSTM as a monetization advisor for IP licensing by Xpressmo.
We believe that this relationship will provide both commercialization and licensing opportunities in 2014 and beyond.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DSSTM&rsquo;s target is to acquire additional
portfolios to further enhance the company&rsquo;s competitive position and licensing potential. We believe that our acquisitions
to date have greatly strengthened our competitive position as a leading technology company and provide the company with a number
of opportunities for significant gains form patent licensing, including potential returns from ongoing litigation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Moving Forward</I></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">During 2013, we believe that we have laid the groundwork for
the transformation of DSS into a world class brand protection technology company founded on strong IP. We have begun to benefit
from the confluence of skills and assets from the merger with Lexington Technology Group and our digital strategy has begun to
demonstrate results. We have strengthened our asset base and our balance sheet and we have made needed changes to improve profitability
of our Printed Products group.</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">But we are far from done in transforming our business. During
2014, we will focus our efforts on delivering meaningful financial and operational results that demonstrate the full potential
of our new company and which enable us to outgrow the volatility in our stock price and to deliver consistent returns for our shareholders.</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We look forward to continued progress in 2014 and beyond. Thank
you for your ongoing support.</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">Sincerely,</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"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 58px; width: 147px"></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">Jeffrey Ronaldi, Chief Executive Officer</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"><B>Forward Looking Statements</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; text-align: justify">Forward-looking statements that may be
contained in this stockholder communication, including, without limitation, statements related to Document Security Systems, Inc.&rsquo;s
(the &ldquo;Company&rdquo;) plans, strategies, objectives, expectations, potential value, intentions and adequacy of resources,
are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act and may contain words such as &ldquo;believes&rdquo;,
&ldquo;anticipates&rdquo;, &ldquo;expects&rdquo;, &ldquo;plans&rdquo;, &ldquo;intends&rdquo; and similar words or phrases. These
forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the
results projected in any forward-looking statement. In addition to the factors which may be specifically noted in the forward-looking
statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited
to, those previously disclosed in the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s Annual Report on Form 10-K for
the year ended December 31, 2013, filed with the Securities and Exchange Commission on March 26, 2014. Forward-looking statements
that may be contained in this stockholder communication are being made as of the date of the communication, and the Company assumes
no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected
in the forward-looking statements.</P>

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

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

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



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
