VerifyMe Awarded Contract with International Product Inspection Technology Company
VerifyMe (NASDAQ: VRME) announced a new partnership with a global consumer products company's security firm to provide product authentication solutions. The agreement includes the deployment of VerifyMe's invisible ink technology, mobile authentication devices, and a custom app to combat counterfeiting. This contract is expected to generate at least 500,000 units annually. CEO Patrick White expressed enthusiasm for the partnership and its potential to enhance brand protection. VerifyMe aims to leverage this success into future opportunities with other brand protection firms.
- New contract with a premier security company for product authentication solutions.
- Expected revenue from a minimum of 500,000 units annually.
- Strong endorsement of VerifyMe's technology over competitors.
- Actual revenue depends on the security company's client's discretionary usage.
- Potential risks include contract termination or lower-than-expected client engagement.
First Client will be Global Consumer Products Company
ROCHESTER, N.Y., March 24, 2022 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) ("VerifyMe," "we," "our," or the "Company"), providing authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products to brand owners, announced today that they have signed an agreement with a premier international product security company that specializes in
product authentication and mobile inspection systems.
As part of this new agreement, VerifyMe will provide its proprietary invisible ink, its patented mobile phone authentication device, and a custom mobile app to authenticate and decode covert variable codes to detect counterfeit and diverted products for this security company's client.
The security company will provide VerifyMe's mobile phone authentication equipment to brand inspectors of a global consumer products company that is applying VerifyMe's variable invisible ink technology on labels and packaging.
"We are very excited to announce this new win and are committed to a successful partnership over the next several years," said Patrick White, Chief Executive Officer. "We are proud that a premier brand protection company selected VerifyMe's authentication technology over the competition for their client. We look forward to working with other brand protection firms and sharing new wins with our shareholders."
Revenue will be recognized based on the discretionary annual usage by the security company's client which we currently expect will be at least 500,000 units annually.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a technology solutions provider specializing in products to connect brands with consumers. VerifyMe technologies give brand owners the ability to gather business intelligence while engaging directly with their consumers. VerifyMe technologies also provide brand protection and supply chain functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products. To learn more, visit www.verifyme.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements regarding revenue opportunities, the use of our products in additional devices and locations, strategic partnerships, commercialization efforts, our sales pipeline and opportunities, and geographic areas, markets and industries in which we intend to expand our business. The words "look forward," "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 actual annual usage by the security company's client, whether the security company elects to terminate our agreement, whether any other clients of the security company use our products or services, the impact of the COVID-19 pandemic, intellectual property litigation, the successful development of our sales and marketing capabilities, 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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