VerifyMe and INX International Expand Partnership and Execute a Supply Agreement
Rochester, NY – GlobeNewswire – February 16, 2021 – VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” “we,” “our,” or the “Company”), a provider of comprehensive brand protection and customer engagement solutions that combine product smart phone authentication, track and trace, and customized engagement strategies with industry-leading online retail monitoring capabilities, is pleased to announce that after working together for the past 18 months, it has executed a supply agreement with INX International Ink Company (“INX”).
INX will supply VerifyMe with conventional and ink jet inks that incorporate VerifyMe’s RainbowSecureTM marking technology for resale by VerifyMe to customers. The inks are developed and ready for market for metal can decorating, dry offset printing, gravure shrink sleeves, and flexographic fabric printing.
The inks developed, and expected to be developed, under the supply agreement are applicable to a broad range of uses, including aluminum beverage cans and bottles, labels and packaging for the cannabis, personal protective equipment, aerospace parts, motor vehicle parts, weapons and ammunition, silicon chips, medical equipment.
VerifyMe and INX tested its jointly developed new ink technology with a major beverage brand owner experiencing counterfeit and brand protection issues and seeking a deterrent. INX matched the ink used on the beverage cap incorporating VerifyMe’s marking technology and the beverage cap was successfully tested for protection against counterfeiting demonstrating proof of concept.
VerifyMe and INX continue to finalize an ink solution for direct to product marking utilizing continuous inkjet. It is advancing in development and expected to be available in the second quarter of 2021, and is expected to open up additional markets.
VerifyMe Chief Executive Officer Patrick White, commented, “After deciding to co-develop inkjet inks with INX International Ink Company back in May 2019, it is extremely rewarding to see our collaborative work address a counterfeiting problem for a large beverage brand owner. Our strategic partnership enables VerifyMe’s invisible ink technology to be implemented in approximately 95% of the global label and packaging industry. We look forward to continuing to work with INX’s team to make our solutions available to customers worldwide in need for brand protection and to combat counterfeits.”
Previously in May 2019, VerifyMe entered into a strategic partnership with INX International Ink Company, the third largest producer of inks in North America.
About INX International
INX International Ink Co. is the third largest producer of inks in North America, with full-service subsidiaries in Europe and South America and is part of Sakata INX worldwide operations. INX offers a complete line of ink and coating solutions technology for commercial, packaging and digital applications. As a leading global manufacturer of inkjet inks, INX provides a full palette of digital ink systems, advanced technologies and integrated services. To stay in touch with the latest developments, follow INX on Facebook and Twitter and visit https://www.inxinternational.com.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products. VerifyMe’s physical 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, whether we will sell product in the future to the major beverage brand owner, the use of our products in additional devices and locations, the results of ongoing tests, and roll-out of our products and authentication devices. The words “believe,” “may,” “estimate,” “continue,” “expect,” “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 the Quarterly Report on Form 10-Q for the three months ended September 30, 2020. 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.