Management Seeks to Align Strategy with Business Progress
ROCHESTER, NY / ACCESSWIRE / October 11, 2019 / VerifyMe, Inc. (OTCQB:VRME), a digital technology solutions provider specializing in counterfeit prevention, authentication, serialization, track and trace features for labels, packaging and products, today announced that it has made progress with its strategic plan for future growth.
In September 2019, VerifyMe announced that it had entered into two substantially identical securities purchase agreements with two institutional investors that provided for the issuance of up to $1.2 million in principal amount of debentures in two tranches. The Company completed the closing of the first tranche on September 19, 2019, and received aggregate net proceeds of $540,000. On October 10, 2019, the Company filed with the Securities and Exchange Commission a Registration Statement on Form S-1 with respect to a public firm commitment underwritten offering of $8 million of its securities. In addition, the Company expects to file an application for the listing of its common stock on The Nasdaq Capital Market. We cannot provide any assurance that we will complete the offering of any of our securities or that our common stock will be approved for listing by Nasdaq.
VerifyMe Chief Executive Officer Patrick White, commented, “With the closing of the first tranche of our bridge financing and the filing our Registration Statement on Form S-1, along with our previously announced sales and marketing efforts, we believe we are making progress towards providing the necessary liquidity and structural enhancements to allow the Company to grow and enhance shareholder value.
White continued, “We are gaining traction and experiencing increased demand for our digital technology solutions that provide identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. We expect that this growth in demand will extend into 2020 and beyond. We believe these are important milestone steps to enhance our growth as we continue to commercialize our products and services.”
Recap of recent announcements demonstrating commercialization:
VerifyMe Awarded Initial Contract from Multi-Billion Dollar Global Consumer Products Company
VerifyMe and INX International Ink Company Form a Strategic Partnership
VerifyMe Signs Commercial Technology License Agreement with Niagra Label
VerifyMe Signs First European License Agreement
VerifyMe Signs Marketing and Licensing Agreement with Nosco, Inc.
International Brand Owner Selects VerifyMe Technology to Secure 10 Million Product Labels
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
Cautionary Note Regarding Forward-looking Statements
This release contains forward-looking statements which involve uncertainty and risk. These statements may be regarding the listing of our securities on Nasdaq, the completion of a public offering of our securities, any additional financing, the results of our sales and marketing efforts, 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 complete the offering of its securities, secure the approval for the listing of its common stock on Nasdaq, complete any additional financing, 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, 2018. 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.
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SOURCE: VerifyMe, Inc.
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