Welcome to our dedicated page for VerifyMe news (Ticker: VRME), a resource for investors and traders seeking the latest updates and insights on VerifyMe stock.
VerifyMe, Inc. (NASDAQ: VRME) is a leading innovator in combining patented physical, cyber, and biometric security solutions to combat identity theft, counterfeiting, and fraud. The company operates through two primary segments: Precision Logistics and Authentication.
The Precision Logistics Segment is the cornerstone of VerifyMe's operations, generating the majority of the company's revenue. This segment specializes in providing advanced logistics management for time-and-temperature sensitive products. Utilizing a proprietary software platform, VerifyMe offers predictive analytics based on key metrics such as pre-shipment weather analysis and flight tracking. This value-added service ensures that sensitive parcels are managed with the utmost care and efficiency.
The Authentication Segment, which includes Trust Codes Global Limited, focuses on brand protection and consumer engagement solutions. This segment offers item-level traceability, anti-diversion and anti-counterfeit protection, and enhances brand value through data-rich technology solutions. The Trust Codes platform, acquired in March 2023, provides a powerful product cloud for brand protection, consumer engagement, and GS1 digital link traceability.
Recent strategic reorganization has positioned VerifyMe for accelerated growth. Key management appointments include Paul Ryan as Executive Vice President of the Authentication Segment and Curt Kole as Executive Vice President of the Precision Logistics Segment. These appointments bring decades of industry experience and expertise to the company.
Financial Performance: VerifyMe has shown promising financial results, with recent quarters reflecting revenue growth and improved gross margins. In Q3 2023, the company reported a 7% increase in revenue to $5.6 million and a gross margin of 41%. Despite challenges such as the loss of a major contract, the company anticipates mid-single-digit revenue growth for 2024, supported by ongoing investments in sales resources and strategic initiatives.
Latest Achievements: VerifyMe has made significant advancements in its technology offerings. The integration of Trust Codes' AI and machine learning capabilities has strengthened its authentication services. Moreover, the company's participation in industry events, such as the Pack Expo in Las Vegas, highlights its commitment to innovation and customer engagement.
Partnerships: VerifyMe collaborates with global leaders like Amcor to demonstrate connected packaging solutions, leveraging unique identifiers for enhanced traceability and consumer engagement.
With a strong balance sheet and a focus on long-term strategic goals, VerifyMe is well-positioned to deliver substantial value to its customers and shareholders. The company's ongoing commitment to innovation, quality service, and strategic growth sets it apart as a leader in the logistics and authentication sectors.
VerifyMe (NASDAQ: VRME) announced it will not extend the SPAC business combination period with G3 VRM Acquisition Corp, which will dissolve due to prevailing market conditions. Instead, the company has initiated a new $1.5 million share repurchase program effective July 1, 2022, aimed at enhancing shareholder value. VerifyMe's subsidiary, PeriShip, reported $3.1 million income before tax for 2021. The company aims to focus on its core business, emphasizing strategic growth post-acquisition of PeriShip.
VerifyMe, Inc. (NASDAQ: VRME) announces the addition of two former FedEx executives, Dave Edmonds and Curt Kole, to the board of directors of its subsidiary, PeriShip Global LLC. Edmonds, with 41 years of experience in logistics, served as Senior VP at FedEx until 2020. Kole brings over 30 years of expertise in Cold Chain logistics, having played a key role at FedEx Custom Critical. Their appointments are expected to enhance PeriShip's business, especially in the pharmaceutical sector, leveraging their extensive industry knowledge and relationships.
VerifyMe, Inc. (NASDAQ: VRME) has introduced VerifyInk™, a covert ink technology designed for continuous inkjet printers. This development, in partnership with INX International, enhances brand protection and consumer engagement capabilities for product labeling and packaging. The technology aims to penetrate the vast global market that utilizes CIJ technology across various industries, including consumer goods and pharmaceuticals. CEO Patrick White emphasized the potential for significant market expansion and operational cost benefits for brands using existing printing infrastructure.
VerifyMe, Inc (NASDAQ: VRME) has successfully acquired its first customer in the UK, a new cannabis company, as part of its EMEA strategy. This partnership involves the purchase of tamper-evident labels with dynamic QR codes, allowing consumers to authenticate products and engage with the brand for promotions. CEO Patrick White emphasized EMEA as a key growth market, targeting a population of over 2 billion. The company expects further customer conversions in 2022 as the market recovers from COVID-19 challenges.
VerifyMe, Inc. (NASDAQ: VRME) reported Q1 2022 revenue of $161,000, a 14% decrease from $188,000 in Q1 2021, attributed to supply chain issues. Gross profit fell to $123,000 with a margin of 76%. Net loss increased to $1,394,000 or ($0.19) per diluted share. Despite this, CEO Patrick White anticipates triple-digit organic growth in 2022 due to ongoing sales orders and acquisition synergies from acquiring PeriShip, LLC. The company has a solid cash position of $8.4 million and no debt, positioning it well for future growth.
VerifyMe, Inc. (NASDAQ: VRME) has acquired the assets of PeriShip, LLC for $10.5 million. The deal includes $7.5 million in cash, $1.0 million in common stock, and a $2.0 million promissory note. This acquisition aims to diversify VerifyMe's revenue, enhancing gross profitability and expanding its service offerings in the pharmaceutical and food sectors. Combined revenues are projected to exceed $25.0 million in 2023, with a positive adjusted EBITDA expected. The acquisition supports compliance with the 2023 Drug Supply Chain Security Act.
VerifyMe, Inc. (NASDAQ: VRME) announced the closing of a $5.0 million private placement offering. The company sold 1,555,208 shares of common stock and accompanying warrants at an effective purchase price of $3.215 per share. The warrants can be exercised over five years, starting six months post-issuance. Some officers and directors participated in the offering. The shares have not been registered under the Securities Act, limiting their sale to accredited investors. VerifyMe specializes in authentication and supply chain monitoring technologies.
VerifyMe, Inc. (NASDAQ: VRME) announced a $5.0 million private placement securities purchase agreement with accredited investors. This involves selling 1,555,208 shares of common stock at an effective purchase price of $3.215 per share, including accompanying warrants. The warrants are exercisable within five years at the same price. The close is expected on April 14, 2022. Certain officers and directors plan to purchase 93,312 shares and warrants. The issued securities are unregistered under the Securities Act and will be offered solely to accredited investors.
VerifyMe (NASDAQ: VRME) announced significant changes to its Board of Directors on April 12, 2022. Scott Greenberg has been appointed as Executive Chairman, focusing on strategic growth initiatives such as mergers and acquisitions. He has stepped down from his role as independent director and from the audit and compensation committees. Marshall Geller will serve as non-Executive Vice Chairman. Additionally, Adam Stedham has joined the Board as an independent director and will take over as chair of the audit committee, replacing Greenberg.
VerifyMe, Inc. (NASDAQ: VRME) announced the appointment of Adam Stedham as a new Director on its Board. Stedham, previously the President and CEO of GP Strategies Corporation, brings extensive experience in performance improvement solutions and global operations. His leadership at GP Strategies, which was acquired by Learning Technologies Group for $400 million in October 2021, positions him as a valuable asset for VerifyMe. Stedham aims to enhance collaboration among board members and the management team to drive growth for the company and its stakeholders.
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