Expands Anti-Fraud and Counterfeiting IP Portfolio
NEW YORK, NY--(Marketwired - Sep 22, 2015) - VerifyMe, Inc. (OTCBB: VRME), a pioneer in patented physical, cyber and biometric technology solutions that prevent identity theft, counterfeiting and fraud, announced today that it received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application U.S. 14/184,195 titled "Characteristic Verification System."
This unique patented technology will empower brands as well as consumers themselves to verify the authenticity of products, using overt (visible) and covert (invisible) security marks on material goods, such as the packaging of medications and baby food, among others. The patented technology uses smart phones in two ways. The phone's internal "flashlight" changes the color of the visible ink identification mark on the package. In addition, the technology leverages the device's camera to detect and recognize a QR code, or similar, invisible mark which is embedded. By communicating with the brand via a special app, the consumer will be assured that the product is genuine, not fake or a cheap, potentially dangerous, knockoff.
"This patent is the most recent addition to our growing portfolio. It allows VerifyMe to integrate our physical security pigment technologies with our digital verification solutions, creating an anti-counterfeiting system by which anyone with a smartphone can authenticate material goods," said Paul Donfried, chief executive officer of VerifyMe, Inc. "We have additional patent applications pending around the world, and this favorable review validates the originality of our technologies and the value of our solutions."
VerifyMe has a broad and diverse IP portfolio. It holds patents for physical solutions including authentication solutions that can be verified by the end-user, consumer/patient with no specialized equipment, in addition to multiple levels of forensic inspection. In addition, its digital solutions include 3+ factor replacements for passwords, pins and tokens. Based on sophisticated risk scoring and adaptive authentication, the VerifyMe solutions incorporate many dimensions, including biometrics such as facial recognition, gesture, voice and fingerprint.
About The Company
VerifyMe is a high-tech solutions company in the field of authenticating products and people. VerifyMe's physical technology authenticates products, documents and currency with a suite of proprietary security inks and pigments. The company's digital technology authenticates people by performing strong, multi-factor verification via its patented digital platform. To learn more, visit www.verifyme.com.
This press release includes "forward-looking statements," which may be identified by words such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our ability to raise additional capital, our limited revenues generated to date, our ability to attract and retain qualified personnel, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other factors set forth described in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC on April 16, 2015. VerifyMe (formerly known as LaserLock Technologies) expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.