VerifyMe and HP Indigo Ltd. enter into Five-Year Extension and Expansion of Agreement
VerifyMe, Inc. (NASDAQ: VRME) has renewed its exclusive partnership with HP Indigo for five years, enhancing its agreement to provide VerifyInk™ security ink taggants for HP Indigo digital presses. The renewal, effective November 21, 2022, expands cooperation to include additional technologies and potential new press models. CEO Patrick White highlighted the expected revenue growth from this partnership, emphasizing the effectiveness of their taggant technology in preventing counterfeiting across various products.
- Renewed exclusive partnership with HP Indigo for five years enhances revenue potential.
- Increased scope of cooperation includes new technologies and models.
- CEO anticipates revenue growth beginning in 2023 from expanded royalties.
- None.
ROCHESTER, N.Y., Dec. 1, 2022 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiary PeriShip Global LLC ("PeriShip Global"), (together "VerifyMe," "we," "our," or the "Company") provides brand owners time and temperature sensitive logistics, supply chain monitoring, authentication, and data-rich consumer engagement, announced today that it has renewed its exclusive ink taggant partnership with HP Indigo Ltd. ("HP Indigo") for a period of five years.
VerifyMe has entered into an amended agreement with HP Indigo to provide VerifyInk™ security ink taggants for a line of HP Indigo digital press models. HP Indigo sells VerifyMe's security ink technology in ink cannisters for use on the HP Indigo 6000 series as "HP Security Electroink". Under the amended agreement, the parties agreed to:
- A new five-year term commenced on November 21, 2022;
- Increase the scope of cooperation. In addition to the VerifyMe IR Ink, HP Indigo will refer opportunities for additional VerifyMe technologies such as consumer engagement codes, and new brand protection technologies; and
- Consider adding other HP Indigo press models supporting the Security Electroink on an as needed basis
HP Indigo's digital presses are capable of printing different images for each individual impression in its output stream, enabling marketing campaigns to reach consumers in more creative and engaging ways. Examples include highly targeted advertisements, seasonal and limited editions of consumables, new product introductions, and individually personalized products. In addition, HP Indigo prints labels and packaging with individualized VerifyMe security and consumer engagement codes combined with VerifyMe's ink taggant for increased authenticity verification for foods, beverages, credentials and pharmaceutical products.
VerifyMe Chief Executive Officer, Patrick White, commented, "We are very excited to announce this extension of our strategic partnership with HP Indigo. We believe the new expanded royalties and commissions embodied in this agreement will drive some new revenue projects to VerifyMe beginning in 2023. We have never received a report of our taggant technology being compromised. We believe it is one of the most effective and vital layers of label and packaging printing technology to prevent counterfeiting for products, credentials, tax stamps, drugs, foods, beverages, voting ballots, nutraceuticals, apparel and any other important document or products which need protection."
HP Indigo Ltd. is a division of HP Inc.'s Personalization and Industrial Organization with offices around the world and its headquarters in Ness Ziona, Israel. HP Indigo develops, manufactures and markets digital printing solutions, including printing presses, proprietary consumables/supplies and workflow solutions. HP Indigo is known as a pioneer of digital printing technology. Digital printing refers to the ability to print without plates or other tooling processes and has three major benefits: it makes short runs and personalized print cost-effective, it enables the use of variable data (such as text or images), and it makes just-in-time printing possible. As a result, digital presses have changed the economic models for printing in a wide variety of market segments, including labeling, packaging, marketing, as well as educational textbooks, journals and periodicals. These aspects are particularly important given the consolidation and diminishing profitability of traditional print segments, such as the decline of newspapers and magazines.
VerifyMe, Inc. (NASDAQ: VRME), together with its wholly owned subsidiary 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 provides brand protection and consumer engagement solutions allowing brand owners to gather business intelligence. For additional information, please visit: https://www.verifyme.com.
This release contains forward-looking statements regarding our strategic partnership and commercialization efforts. The words "will" and "provides" and similar expressions, as they relate to the Company, 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 impact of the COVID-19 pandemic, our reliance on our strategic partner, the successful development of our sales and marketing capabilities, the successful integration of our acquisitions (including the acquisition of the assets of PeriShip, LLC), 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, 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. 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.
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