ROCHESTER, N.Y., Oct. 01, 2020 (GLOBE NEWSWIRE) — VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” “we,” “our,” or the “Firm”), a software program know-how options supplier specializing in model safety capabilities equivalent to counterfeit prevention, authentication, serialization, information mining, shopper engagement and monitor and hint options for labels, packaging and merchandise, is happy to offer the next company replace because it hosted its digital annual shareholder assembly yesterday.
With a wholesome stability sheet and a strong money place ($9.6 million money place reported as of June 30, 2020), VerifyMe is in a superb place to ramp its enterprise with its strategic companions, present purchasers and potential new purchasers. The Firm’s excessive margined income demonstrates its sturdy enterprise mannequin’s capability to generate worthwhile progress. The wholesome stability sheet and money place allow VerifyMe to execute on its natural progress technique and search complimentary and accretive acquisitions. The Firm has been approached with quite a few potential acquisition alternatives that it’s reviewing.
Elevated income traction with present and new purchasers has begun, as we just lately introduced a multi-billion greenback shopper that knowledgeable us of their intent to broaden our know-how to a number of extra international locations and add additions SKUs. Moreover, simply final week our group introduced on calls with potential purchasers in Hong Kong, India and a Center Jap authorities.
VerifyMe’s gross sales pipeline of alternatives is bigger than $12 million, consisting of fifty+ initiatives ranging in measurement from $60,000 to $6 million in anticipated annual gross sales, together with a major alternative within the attire trade. VerifyMe has additionally begun working with a big multi-billion distributor who’s sourcing the event of an inkjet model of its ink taggant. This may permit for the expanded use of the Firm’s know-how to about 95% of the label and packaging trade not presently served now.
Patrick White, VerifyMe’s President and Chief Government Officer, commented, “Now we have a whole lot of constructive momentum within the enterprise and are excited for what lies forward over the following 12 months. We’re targeted on growing gross sales with increasing our know-how to new merchandise and international locations with present purchasers and concentrating on important new model proprietor purchasers. We’re optimistic with potential alternatives with the U.S. federal authorities, together with HSE borders and customs ports of entry and CDC/FDA mandates The attire, hashish and pharma industries characterize ripe areas for us to penetrate with our safety and authentication applied sciences. Our group and strategic companions have recognized a number of alternatives and has commenced discussions with potential new purchasers in these industries. As you possibly can see, we’ve got a strong gross sales pipeline that we consider will speed up natural progress. Moreover, we’re looking for complementary and accretive acquisitions that we consider can additional enhance our progress and profitability. VerifyMe is severely undervalued as money is 50% of our low market cap. We additionally sit up for asserting new wins and income enlargement with present purchasers.”
On September 1, Patrick White, VerifyMe’s President and Chief Government Officer, introduced on the LD Micro 500 Digital Convention. To view the presentation, please click on right here: VRME at LD Micro 500 Virtual Conference.
The Firm’s strategic partnership with HP is constructing on a powerful relationship as HP continues to introduce VerifyMe’s applied sciences to their clients. The truth is, VerifyMe’s RainbowSecure® invisible ink and VeriPAS™ authentication scanner had been highlighted in a latest webinar hosted by HP in July. To view the webinar, please click on right here: HP Webinar. The corporate is dedicated to continued progress of this partnership and supporting potential enlargement of VerifyMe know-how to new bigger HP Indigo presses.
VerifyMe has added a number of new companions over the previous few months, together with just lately introduced Corsearch, a model clearance and safety chief, and SmartGlyph, a U.Ok.-based digital options supplier. The collaboration with Corsearch will help manufacturers to scale back the worldwide multi-billion greenback financial affect ensuing from counterfeiting and piracy actions. The partnership with SmartGlyph is targeted on the mixing of our respective applied sciences providing a excessive value-add answer to model house owners worldwide and a cross-selling settlement, whereby every firm will promote the mixed product providing. Each partnerships are anticipated to extend enterprise alternatives and add incremental income.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a software program know-how options supplier specializing in model safety capabilities equivalent to counterfeit prevention, authentication, serialization, information mining, shopper engagement and monitor and hint options for labels, packaging and merchandise. VerifyMe’s bodily know-how authenticates packaging, labels and paperwork with a set of proprietary safety inks and pigments, which work together with our serialization and monitor and hint software program often called VeriPAS™ that permits each shoppers and model inspectors to confirm authenticity with their smartphones. VeriPAS™ is a serialization software program system that model house owners entry by an online portal to observe, management and defend their merchandise full life cycle. To be taught extra, go to www.verifyme.com.
Cautionary Notice Concerning Ahead-Wanting Statements
This launch accommodates forward-looking statements concerning our gross sales pipeline and different income alternatives, the usage of our merchandise in extra presses and areas, the outcomes of ongoing checks, roll-out of our merchandise and authentication units and institution and enlargement of enterprise alternatives in the private and non-private sectors. The phrases “consider,” “might,” “estimate,” “proceed,” “anticipate,” “intend,” “ought to,” “plan,” “might,” “goal,” “potential,” “is probably going,” “will,” “anticipate” and related expressions, as they relate to us, are supposed to determine forward-looking statements. Now we have primarily based these forward-looking statements largely on our present expectations and projections about future occasions and monetary developments that we consider might have an effect on our monetary situation, outcomes of operations, enterprise technique and monetary wants. Vital elements that might trigger precise outcomes to vary from these within the forward-looking statements embody the affect of the COVID-19 pandemic, mental property litigation, the profitable improvement of our gross sales and advertising capabilities, our capability to retain key administration personnel, our capability to work with companions in promoting our applied sciences to companies, manufacturing difficulties, our incapability to enter into contracts and preparations with future companions, points which can have an effect on the reluctance of huge corporations to vary their buying of merchandise, acceptance of our applied sciences and the effectivity and effectiveness of our authenticators within the subject. Additional info on our danger elements is contained in our filings with the Securities and Change Fee (the “SEC”), together with beneath the heading “Danger Elements” within the Annual Report on Kind 10-Ok for the yr ended December 31, 2019 and the Quarterly Reviews on Kind 10-Q for the three months ended March 31 ,2020 and June 30, 2020. Any forward-looking assertion made by us herein speaks solely as of the date on which it’s made. Elements or occasions that might trigger our precise outcomes to vary might emerge on occasion, and it isn’t doable for us to foretell all of them. We undertake no obligation to publicly replace any forward-looking assertion, whether or not on account of new info, future developments or in any other case, besides as could also be required by legislation.