Zerify Provides Corporate Update

Rhea-AI Summary

Zerify, Inc. (OCTQB: ZRFY) reports ongoing transformation, citing key partnerships and product development despite a revenue decline from $32k to $24k in Q2 2022. The transition to the secure conferencing sector is resource-intensive, impacting sales. A partnership with PureTalk.AI aims to create a secure AI chatbot for aiding individuals with disabilities. The company is also enhancing its Zerify Meet product with new capabilities, including breakout rooms and CRM integrations. CEO Mark Kay expresses optimism about future growth and shareholder value amidst fluctuating sales.

Positive

• Partnership with PureTalk.AI for an AI chatbot with secure video conferencing capabilities.
• Expansion of Zerify Meet technology to include new features like breakout rooms and Outlook integration.
• Anticipation of final contracts with potential resellers and integration with PushForce's CRM.

Negative

• Sequential revenue decline from $32k to $24k in Q2 2022.
• Rebranding and transition resources diverted focus from sales.

Company Cites Significant Progress with Regard to Key Partnerships and Product Development

EDISON, N.J., Aug. 23, 2022 (GLOBE NEWSWIRE) -- Zerify, Inc. (OCTQB: ZRFY) (“Zerify” or the “Company”), the 21-year-old cyber security company focused on secure video conferencing solutions, today provides a corporate update on the Company’s activities, which corresponds to the Company’s filing of its second fiscal quarter financial results for the quarter ending June 30, 2022. The Company’s Form 10-Q can be found via the U.S. Securities and Exchange Commission’s (SEC) website, www.sec.gov.

Mark Kay, Zerify’s Chairman and CEO, comments:

“While revenue declined sequentially from the first quarter of 2022, we also recognize that the process of rebranding ourselves as Zerify from StrikeForce Technologies extended far beyond the mere name and symbol change. Our conversion into the secure conferencing business and the refitting of our existing product lines required considerable attention and resources that may have otherwise been focused on our driving sales.

“However, we continue to develop new capabilities and create key partnerships that will help drive our business forward. Among them is a recent letter of intent to create the industry’s first artificial intelligence chatbot with built-in secure video conferencing capabilities. Zerify and PureTalk.AI are partnering on a joint bid for a U.S. government grant to enhance opportunities for individuals with disabilities of all types. This grant would go towards increasing workforce participation through cyber solutions that would allow a person to securely engage with chatbots in their effort to apply for and secure employment. Actions such as filling out applications, secure video conferencing with potential employers, and working remotely would be possible via this partnership. This technology has significant applications beyond the grant, including customer service in the retail industry and, importantly, in healthcare.

“Despite the quarterly sales numbers declining sequentially from $32k to $24k, we are actively working to complete sales with a number of clients, many of whom are in the final contract phase to become resellers of our Zerify solutions. Meanwhile, we anticipate PushForce, which has already integrated our Zerify Meet API into their custom CRM, to launch shortly. We are also working closely with Zentech, our Brazilian reseller, which provides an IT marketplace for banks, insurance carriers, financial service companies, and Internet service providers, to integrate our GuardedID product into a bundle of services to be offered to the insurance industry. They have already identified a first customer for this bundled product.

“In terms of our current Zerify Meet product, we are expanding the technology to include breakout rooms, an Outlook email plugin, network recording, and an active directory sync. We will also be adding Mac audio and video alerts to our Zerify Defender product.

“We believe that a dramatic transformation is underway for Zerify, and our progress across a number of initiatives, particularly with regard to partnerships, will provide multiple inflection points toward the Company’s future growth and position us as the leader in secure conferencing, with both wide and deep penetration into the market. We acknowledge that there will be bumps along the way, including variation in sales from quarter-to-quarter, but believe we are well positioned for the future of this Company and to provide optimum shareholder value,” concludes Mr. Kay.

About Zerify 
Zerify, formerly StrikeForce Technologies, helps to prevent cyber theft and data security breaches for consumers, corporations, and government agencies. It provides powerful two-factor, “out-of-band” authentication and keystroke encryption along with mobile solutions. Zerify is headquartered in Edison, N.J. and can be reached by phone at (732) 661-9641 or toll-free at (866) 787-4542.

Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company’s identity protection software products into various channels and market sectors, the issuance of the Company’s pending patent applications, COVID-19, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the company.

Investor Relations:
CORE IR
212-655-0924

FAQ

What is the revenue change for Zerify (ZRFY) in Q2 2022?

Zerify's revenue decreased from $32k in Q1 2022 to $24k in Q2 2022.

What partnership did Zerify (ZRFY) announce?

Zerify announced a partnership with PureTalk.AI to develop an AI chatbot with secure video conferencing.

What new features is Zerify (ZRFY) adding to its products?

Zerify is adding breakout rooms, an Outlook email plugin, and network recording to its Zerify Meet product.

What challenges is Zerify (ZRFY) facing after rebranding?

Zerify is experiencing challenges due to revenue decline and resource allocation during the rebranding from StrikeForce Technologies.