Mildura Fruit Company delivers Traceability with VerifyMe, Inc

Rhea-AI Summary

VerifyMe, Inc. announces that Mildura Fruit Company (MFC), a subsidiary of Bright Foods Asia Pacific, will fully implement a traceability solution in collaboration with Citrus Australia and Trust Codes Global. The solution will leverage GS1 Digital Link standards and provide traceability through the supply chain. The new US FDA Food Traceability Rule sets a high standard for the project. MFC's Finance Manager highlights the importance of traceability for food safety and customer confidence. VerifyMe's CEO expresses delight in the deployment and emphasizes the integration of Trust Codes' technology into their Authentication Segment.

Positive

• MFC, in collaboration with Trust Codes Global, will fully implement a traceability solution in 2023.
• The solution leverages GS1 Digital Link standards to provide traceability through the supply chain.
• The new US FDA Food Traceability Rule sets a high standard for the project.
• Traceability is important for food safety and customer confidence.
• VerifyMe's acquisition of Trust Codes allows for better outcomes in brand protection and traceability.
• VerifyMe is well positioned to lead customers in complying with new traceability requirements.

Negative

• None.

LAKE MARY, Fla., Aug. 16, 2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiaries, Trust Codes Global Limited ("Trust Codes Global") and PeriShip Global LLC ("PeriShip Global"), (together "VerifyMe," "we," "our," or the "Company") provides brand owners time and temperature sensitive logistics, supply chain traceability and monitoring, authentication, anti-counterfeiting, and data-rich brand enhancement services, announced today as part of a Victoria State Government initiative to prepare Australian industries for global traceability regulations, Mildura Fruit Company (MFC), after deploying a successful pilot traceability project in collaboration with Citrus Australia and Trust Codes Limited, will fully implement the traceability solution beginning in 2023, including integrated printing on fruit bags. MFC is a subsidiary of global food business Bright Foods Asia Pacific.

The new US FDA Food Traceability Rule at present is likely the most comprehensive set of traceability regulations internationally and provides a high-standard framework for the project. There is a strong strategic imperative for food producers to implement traceability ensuring food safety and accountability of food products all over the globe, and especially in the US.

According to Stuart Monger, Finance Manager at MFC "Traceability is important to us here at MFC. We want our customers to feel confident and be reassured they are buying 100% Aussie Citrus. We have moved beyond the pilot phase of the project to a full deployment this year as part of that commitment, seeing the value gained throughout the pilot. We chose Trust Codes Global (a New Zealand based subsidiary of NASDAQ company VerifyMe, Inc.) because they truly understood our needs, and they offered an integrated solution with very strong machine learning capability."

The solution leverages the new GS1 Digital Link standards to provide traceability through the supply-chain to the end consumers. Logistics and retailers participate in the traceability program by scanning the GS1 formatted QR code, and consumers are encouraged to interact with engaging content, educational information and a game that they can play and share on retailers' social media.

Adam Stedham, CEO of VerifyMe, Inc. said "we are delighted that MFC has decided to deploy traceability with Trust Codes Global. VerifyMe acquired Trust Codes to vertically integrate its technology stack, brand protection, and brand enhancement offerings into our Authentication Segment. Trust Codes' deep domain expertise and product development in machine learning and AI, and industry expertise in food, nutrition, beverage and nutraceuticals, provides the capability to deliver better outcomes to customers facing counterfeit, brand connection and diversion issues."

Incorporating the Trust Codes Global world leading product cloud into VerifyMe's Authentication services significantly elevates our traceability offering. As a product offering, our clients now have access to data-driven brand protection and standards-based traceability out of the box. Trust Codes Global has a proven platform, with customers like MFC who are leading the way in traceability and GS1 2D barcode migration. We believe VerifyMe is well positioned to lead North American and European customers along the journey of complying with new traceability requirements.

About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), together with its subsidiaries, Trust Codes Global and PeriShip Global, is a software driven logistics provider of high-touch, end-to-end logistics management. We provide logistics management from a sophisticated IT platform with proprietary databases, package and flight-tracking software, weather, and flight status monitoring systems, as well as dynamic dashboards with real-time visibility into shipment transit and last-mile events. In addition, VerifyMe and Trust Codes Global provide brand protection and brand enhancement solutions allowing brand owners to gather business intelligence. To learn more, visit www.verifyme.com.

Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the Company's strategic reorganization, its position to provide value to its customer and shareholders, and expectations related to its customer base and revenue growth. The words "believe," "will," 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 our engagement in future acquisitions or strategic partnerships that increase our capital requirements or cause us to incur debt or assume contingent liabilities, the successful integration of our acquisitions (including the assets of PeriShip Global and Trust Codes Global), our reliance on one key strategic partner for shipping services in our Precision Logistics segment, competition including by our key strategic partner, seasonal trends in our business, sever climate conditions, the highly competitive nature of the industry in which we operate, our brand image and corporate reputation, impairments related to our goodwill and other intangible assets, economic and other factors such as recessions, downturns in the economy, inflation, global uncertainty and instability, the effects of pandemics, changes in United States social, political, and regulatory conditions and/or a disruption of financial markets, reduced freight volumes due to economic conditions, reduced discretionary spending in a recessionary environment, global supply-chain delays or shortages, fluctuations in labor costs, raw materials, and changes in the availability of key suppliers, our history of losses, our ability to use our net operating losses to offset future taxable income, the confusion of our name brand with other brands, the ability of our technology to work as anticipated and to successfully provide analytics logistics management, our ability to manage our growth effectively, the small number of customers that account for our revenue, our ability to successfully develop and expand our sales and marketing capabilities, risks related to doing business outside of the U.S., intellectual property litigation, our ability to successfully develop, implement, maintain, upgrade, enhance, and protect our information technology systems, our reliance on third-party information technology service providers, our ability to respond to evolving laws related to information technology such as privacy laws, risks related to deriving revenue from some clients in the cannabis industry, our ability to retain key management personnel, our ability to work with partners in selling our technologies to businesses, production difficulties, our inability to enter into contracts and arrangements with future partners, our ability to acquire new customers, issues which may affect the reluctance of large companies to change their purchasing of products, acceptance of our technologies and the efficiency of our authenticators in the field, our ability to comply with the continued listing standards of the Nasdaq Capital Market, and our ability to timely pay amounts due and comply with the covenants under our debt facilities. These risk factors and uncertainties include those more fully described in VerifyMe's Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. 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.

FAQ

What is the announcement from VerifyMe, Inc.?

VerifyMe, Inc. announces that Mildura Fruit Company (MFC) will fully implement a traceability solution.

Who is collaborating with MFC on the traceability project?

MFC is collaborating with Citrus Australia and Trust Codes Global.

What standards are being leveraged for the traceability solution?

The solution leverages the GS1 Digital Link standards.

What is the significance of the US FDA Food Traceability Rule?

The US FDA Food Traceability Rule sets a high standard for traceability regulations.

Why is traceability important for MFC?

Traceability is important for MFC to ensure food safety and customer confidence.

What is the benefit of VerifyMe's acquisition of Trust Codes?

The acquisition allows for better outcomes in brand protection and traceability.

What is VerifyMe's position in complying with new traceability requirements?

VerifyMe is well positioned to lead customers in complying with new traceability requirements.