Update Highlights VerifyMe's Achievements Over the Past Quarter and Provides Upcoming Goals and Strategic Milestones
NEW YORK, NY--(Marketwired - Sep 9, 2015) - VerifyMe, Inc. (OTCBB: VRME), a pioneer in patented cyber, physical and biometric technology solutions that prevent identity theft, counterfeiting and fraud, today provides a corporate update and business outlook.
"Over the past few months, we have completed our restructuring and recapitalization, building our team and laying the foundation to execute on our business model. With all of these now complete, our goal is to remain a technology pioneer in the fields of anti-counterfeiting and secure authentication. We believe we are well positioned to accelerate the roll out of our technology platforms, which will be demonstrated as our commercial partners bring products to market over the coming months by incorporating our solutions," said Paul Donfried, Chief Executive Officer of VerifyMe.
Mr. Donfried continued, "Our products and technology are innovative, cost effective and easy for customers to integrate into their existing platforms. Our solutions are also secure, very difficult to compromise or counterfeit and applicable to many industry sectors. The National Institute of Standards and Technology (NIST) defines four levels of Identity Assurance, with the highest being Level 4. VerifyMe meets all the requirements of NIST Level 4 and therefore we are actively engaged with large established companies that can realize immediate economic benefit through increased revenue, reduced support costs or minimization of chargebacks. We're currently engaged with clients in the pharmaceutical, premises security, financial services, entertainment/gaming and specialized/luxury markets."
Since June of this year the company has accomplished the following:
- Appointed new senior management, including Chief Executive, Operating and Technology Officers
- Acquired fundamental biometric, identity and authentication technology that results in both our digital and physical solutions platforms delivering unique value and security to our customers
- Recapitalized the company in conjunction with retiring outstanding debt and an equity private placement
- Changed corporate name and ticker symbol to VerifyMe, Inc. and "VRME", respectively
- Received a notice of allowance for a patent broadly covering the protection of confidential documents and systems for tracking and monitoring
"As we continue to build on our momentum, our strategic goals for the remainder of 2015 and into 2016 are the following:
- Intellectual Property Development: We expect to continue to expand on our existing broad and diverse patent portfolio covering physical solutions for protecting material goods, products and packaging, as well as digital identity, liveness detection and authentication. We currently have several patent applications in prosecution at the United States Patent and Trademark Office and will keep investors informed of newly allowed and issued patents.
- Key Personnel: We are currently in the process of adding additional members to our team to augment and enhance our existing capabilities. We have been recruiting through the summer and look forward to updating our investors shortly.
- Board of Directors: As we grow the company, we anticipate adding board members with the specific expertise needed to help guide us. The company is currently engaged in multiple conversations with independent, experienced and successful business leaders to invite and appoint to our Board of Directors.
- Listing on National Exchange: We intend to apply for listing our common stock on a national exchange. We believe that being listed on a national exchange will offer an exciting platform for our growing company as well as increase the company's exposure to institutional and international investors.
- Product Pipeline: We are finalizing the development and preparing for the release of V2 of our ID Services platform, a high availability cloud service for eliminating username/passwords and PINS. Development of our BrandGuard platform, that allows individuals to digitally authenticate physical goods that they purchase, is continuing on schedule. We're seeing significant interest as brands realize the power of establishing mobile relationships directly with their customers.
- New Partnerships: We anticipate rolling out both our digital and physical products with new commercial partners in the near term.
The opportunity we have is a reminder of the unfortunate rampant growth of both counterfeit identities and counterfeit goods. VerifyMe's platforms allow us to deliver solutions that make a difference, to both the brand owner and the consumer. As we observe the convergence of technology around mobile devices, we believe our combination of digital -- physical -- mobile provides the only complete solution," concluded Mr. Donfried.
Additional details on these events are available in the News & PR section of our website here: http://www.verifyme.com/news-pr/#press
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 pigments, inks and dyes. 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, our ability to list our common stock on a national exchange, if and when we apply for such listing, 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.