ROCHESTER, N.Y., March 4, 2019 /PRNewswire/ -- VerifyMe, Inc. (OTCQB: VRME) is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. provided a corporate update.
CEO Patrick White: "First of all, 3 board members have resigned from the board. We wanted to thank them for their support and wish them the best in their future endeavors. The board is actively seeking new members with a variety of skills including skills in the brand protection industry. I also wanted to highlight some important 2019 milestones, achievements and objectives which are important to the success of our company and more importantly to keep our shareholders informed as to our progress. It's important to understand that one year ago we were a "start-up" company that had an important raw technology. 2018 was mainly a year of developing software and hardware to turn our raw technology into a marketable product. Today (2019) I am proud to say VerifyMe now has a cutting edge, disruptive technology product that meets the vital security and product life-cycle tracking needs of brand owners."
Please note: For security and contractual reasons, we are unable to disclose the names of our clients.
Here are some of our achievements and on-going projects:
- HP Indigo informed us they are expanding our RainbowSecure™ invisible codes to their largest series of digital presses. Previously the technology was only made for the Series 6 HP Indigo Presses, HP informed us they will be expanding the use of RainbowSecure™ creating canisters for their largest and fastest line of presses which are the Series 4.
- HP is installing our VerifyMe RainbowSecure™ invisible technology into all 4 of HP Indigo's Experience centers, including, Alpharetta, Ga, Singapore, Indonesia, Barcelona, Spain and Tel Aviv, Israel. HP clients and brand owners from all over the world will be able to see our technology on HP Indigo presses and use our authentication devices to demonstrate our technology attributes.
- HP has provided significant client leads to VerifyMe in China, Japan, Australia, Africa and Europe.
- VerifyMe was approached by one of the world's largest ecommerce retailers for a demo. The meeting took place in January 2019 at the e-commerce companies' headquarters. Early stage synergistic cross selling opportunities were discussed along with combining our collective technologies.
- VerifyMe has a working relationship with a very large Ink Jet manufacturer to enable high speed Flexo Presses to print variable invisible RainbowSecure™ codes. This opens a whole new market beyond HP digital presses for our RainbowSecure™ technology.
- VerifyMe is in final testing with one of the world's largest consumer health products companies. The first test run was completed in late December and is now being reviewed by the brand owner for deployment in the marketplace. Successful test results were communicated to us in February. Brand owner has ordered two additional product tests. Decision to go live is expected in Q2 2019.
- VerifyMe has ordered the manufacturing of its new Smart Phone devices which read the invisible RainbowSecure™ codes into the cloud and are recorded in our serialization, track and trace software platform called, "VeriPAS". These devices are expected to be leased to brand owners and investigators. The first finished units will be received in March. Additional add on orders will follow if demand exists as expected. Leasing is a recurring income business model which will build and enhance our gross margins.
- In November 2018 the FDA has officially mandated serialization, track and trace for all Pharmaceutical packaging and labeling. This is a opportunity for VerifyMe's "VeriPAS" cloud-based track and trace software. We have developed several strategies for this segment with our partners. We will share news on this opportunity as it develops.
- Our global sales, marketing and support partner, S-One LP has set up multiple presentations with key regional label and packaging suppliers as well as well-known fortune 500 brand owners. We anticipate their efforts will grow throughout 2019.
- One of the top 10 global consumer product companies began printing RainbowSecure™ product labels in July 2018. This brand owner's use is expanding as we were recently informed that over 2 million product labels were printed in December 2018 and another 2.5 million product labels in January 2019. In addition, we are establishing a meeting with the consumer product company at their North American headquarters to discuss the new leased Smart Phone devices and expansion of the RainbowSecure™ technology to other products and SKUs.
- We recently performed a successful test in the HP Barcelona, Spain Experience Center for a European Label Printer who is has a large consumer product brand owner client who is seeking our complete RainbowSecure™/VeriPAS Serialization, track and trace solution. We expect this to turn into a supplier agreement in Q2.
- We are partnering with a security HP Inkjet converter to create a Desktop version of our RainbowSecure™ technology.
White continued, "2019 looks to be an exciting year for VerifyMe's technologies. We are significantly expanding our distribution channels and our sales and marketing outreach is globalizing. It's also important to note that we are also researching and analyzing some impactful business strategic alternatives which will add to shareholder value. Thank you for your continued support. I look forward to informing you on key events as they transpire."
Cautionary Note Regarding Forward-looking Statements
This release contains forward-looking statements regarding revenue opportunities, the use of our products in additional presses and locations, the results of ongoing tests,and roll-out of our products and authentication devices which involve uncertainty and risk. The words "believe," "may", "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the company's ability to work with partners in selling its technologies to businesses, production difficulties, our inability to enter into contracts and deals with future partners, and issues which may affect the reluctance of large companies to change their purchasing of products, acceptance of our technologies, the efficiency of our authenticators in the field and our patents including potential litigation. Further information on our risk factors is contained in our filings with the SEC, including the Form 10-K for the year ended December 31, 2017. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About VerifyMe, Inc.
VerifyMe, Inc., is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. The company also markets multi-factor biometric verification solutions to verify people. VerifyMe's physical technology authenticates packaging, labels and documents with a suite of proprietary security inks and pigments, which work in conjunction with serialization and track-and-trace software. The company's digital technologies authenticate people by performing strong, multi-factor biometric verification via its patented digital software platforms. To learn more, visit www.verifyme.com
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SOURCE VerifyMe, Inc.