VerifyMe To Expand its Business with Multi-Billion Dollar Global Consumer Products Company

Rhea-AI Summary

VerifyMe (NASDAQ: VRME) announced a significant expansion of its contract with a Forbes Top 50 Private Company, enhancing the use of its RainbowSecure® marking system. The partnership will extend to new products and markets in Japan, Vietnam, and Taiwan, with production expected to start in December 2020. This follows VerifyMe's initial contract awarded in May 2019. The expansion reflects the effectiveness of VerifyMe's technology, as the client confirmed its previous attempts with other technologies were unsuccessful. The business model focuses on deepening client relationships to drive further growth.

Positive

• Expansion of contract with a major client indicates confidence in VerifyMe's technology.
• Anticipated rollout in new markets (Japan, Vietnam, Taiwan) creates potential for increased revenue.
• Demonstrates VerifyMe's ability to deepen existing client relationships.

Negative

• None.

ROCHESTER, N.Y., Sept. 21, 2020 (GLOBE NEWSWIRE) -- VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” “we,” “our,” or the “Company”), a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, data mining, and track and trace features for labels, packaging and products, is pleased to announce that it has been notified that its business with a Forbes Top 50 Private Company that sells nutrition, personal care, beauty and home care products around the globe will expand beyond its initial contract which was awarded in May 2019. For security reasons, the brand owner has asked that their name not be released.

The multi-billion brand owner has notified VerifyMe of its intent to expand its use of VerifyMe’s RainbowSecure® marking system on additional products in three additional countries - Japan, Vietnam and Taiwan. The production is expected to start around December 2020 for an anticipated in-market rollout in the first quarter of 2021.  

In addition, this global consumer products business plans to lease additional VerifyMe^TM Smartphone Authenticators for their inspection teams.

Dating back to May 2019, this was VerifyMe’s first direct contract with a brand owner who, because of its size, prints its own packaging and labels using HP Indigo printing presses. We believe the significance of this additional business from such a large client after working together for one year demonstrates the ability of VerifyMe’s business model of winning and expanding business with a client.  

VerifyMe’s President and Chief Executive Officer, Patrick White, commented, “In our business time and patience are a must. This expansion shows the lengthy process a brand owner goes through to evaluate new technologies such as ours. This particular client initially implemented our technology on a few SKUs. They then studied the results 12 months later and just recently made a decision to implement and expand the technology into new markets and products. Additionally, we were informed by this client that they have tried numerous other technologies and none of them worked for their particular problem. The VerifyMe RainbowSecure® technology worked and they are now expanding its usage in the Pacific rim. We believe this further penetration for an existing client to additional territories, demonstrates the value-add of our anti-counterfeit technology products. Our business model is driven in part by our sales channel and strategic partners identifying opportunities whereby we can further infiltrate a customer’s business once we establish a working relationship with one line, brand or territory. Just like this multi-billion brand owner, many of our prospects have various consumer products and global sales, which we believe could be just the beginning contracts and will provide us with the opening to create additional opportunities with their companies worldwide in the future.”

About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, data mining, and track and trace features for labels, packaging and products. VerifyMe’s 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 known as VeriPAS™ that allows both consumers and brand inspectors to verify authenticity with their smartphones. VeriPAS™ is a serialization software system that brand owners access through a web portal to monitor, control and protect their products complete life cycle. 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 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 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. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2019 and our quarterly reports on Form 10-Q. 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.

For Licensing or Other Information Contact:
Company: VerifyMe, Inc.
Email: IR@verifyme.com
Website: http://www.verifyme.com
                 
Investors:
ClearThink
nyc@clearthink.capital

 

FAQ

What is the significance of VerifyMe's contract expansion announced on September 21, 2020?

The contract expansion with a Forbes Top 50 Private Company signifies growing trust in VerifyMe's anti-counterfeit technology, leading to new market opportunities.

Where will VerifyMe's technology be implemented according to the press release?

VerifyMe's technology will be implemented in Japan, Vietnam, and Taiwan.

When is the production start date for VerifyMe's expanded usage announced?

Production is expected to start around December 2020.

What technology will VerifyMe be providing to its client?

VerifyMe will provide its RainbowSecure® marking system and additional VerifyMe Smartphone Authenticators.

How has VerifyMe's business model contributed to its contract expansion?

VerifyMe's business model focuses on establishing strong client relationships, allowing for deeper penetration into a client’s business over time.