One of the world's largest label printers to offer VerifyMe's HP Indigo enabled RainbowSecure™ covert serialization and identifier technology for brand owners
ROCHESTER, N.Y., March 7, 2018 -- VerifyMe, Inc. (OTCQB: VRME), a technology solutions company that markets a broad patent portfolio and proprietary products that provide identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging, products, people and financial transactions announced today a co-marketing and licensing agreement with a leading global label solution provider. The corporate name of the secure label manufacturer has been withheld at its request for security reasons. Under the terms of the agreement, this label manufacturer will be able to create and print labeling containing the VerifyMe RainbowSecure™ ink technology.
As previously announced, VerifyMe has a partnership agreement with HP Indigo to manufacture Indigo Security ElectroInks containing the VerifyMe, RainbowSecure™ security ink. This ink technology is printed on HP Indigo digital printing presses. The RainbowSecure™ secure ink technology is an identifier that is used for serialization, counterfeit protection, authentication and track and trace functions. VerifyMe also offers a business intelligence software product called, "VeriPAS" that performs global product authentication, tracking and tracing that works in conjunction with the RainbowSecure™ technology. As defined by this agreement, VerifyMe will receive a contracted per label or package fee based upon volumes printed. VerifyMe expects revenues from this contract to begin in the next quarter and ramp forward.
For reference purposes, the global anti-counterfeit packaging market is estimated at $107.26 Billion in 2016 and is projected to reach $206.57 Billion by 2021, which computes a compound annual growth rate of 14.0%. The base year considered for the study is 2015 with the market size projected from 2016 to 2021 based on a report by marketsandmarkets.com.
Patrick White, president and chief executive officer of VerifyMe, commented, "We are very pleased that a global billion-dollar label solutions company has successfully tested and selected our covert RainbowSecure™ variable serialization identifier ink technology. This contract is a milestone for VerifyMe as we leave the development stage and enter the revenue growth stage of our company's evolution. With printing plants located around the world, this premier label solution provider has many clients with well-known brands in all major consumable product categories including healthcare. This agreement will enable our licensee to create and print labels for its brand owner clients with VerifyMe authentication capabilities utilizing their HP Indigo digital and traditional printing presses. The next step is to execute and support our licensee in their pursuit to implement the technology for their global customer base."
About VerifyMe, Inc.
VerifyMe, Inc., is a technology solutions company that markets a broad patent portfolio and proprietary products that provide identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging, products, people and financial transactions. VerifyMe's physical technology authenticates packaging, labels & documents with a suite of proprietary security inks, pigments and software that performs track and trace business intelligence. The company's digital technologies authenticate people by performing strong, multi-factor verification via its patented digital software platforms. To learn more, visit www.verifyme.com.
Safe Harbor Statement
This release contains forward-looking statements regarding generation of revenue and support of the Company's partner, 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. Some or all of the anticipated results may not be achieved. Important factors that could cause actual results to differ from those in the forward-looking statements include the Company's ability to support its partner's efforts and general economic conditions throughout the world since the labels primarily serve consumers and therefore are printed in response to consumer demand for the underlying products. 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.
For investors contact:
Adam Lowensteiner or Robert Blum
646-829-9700 – New York
602-889-9700 - Phoenix