VerifyMe and Micro Focus Renew Global Product Software Authentication Service Agreement for 3 Years
Rochester, NY – GlobeNewswire – October 14, 2020 – VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” “we,” “our,” or the “Company”), a software technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, data mining, consumer engagement and track and trace features for labels, packaging and products, is pleased to announce that its Global Product Authentication Service Program Agreement with Micro Focus (NYSE: MFGP) has been renewed for 3 years.
The original agreement with Micro Focus, one of the world’s largest enterprise software providers delivering trusted and proven mission-critical software that keeps the digital world running, was initially signed in December 2017.
Micro Focus’s Global Product Authentication Service is a comprehensive cloud-based brand protection, track-and-trace, and consumer engagement service to protect against counterfeiting, diversion, and other illicit trade activities in global supply chains.
Patrick White, VerifyMe’s President and Chief Executive Officer, commented, “Renewing our partnership with Micro Focus, one of the largest software companies in the world, is very meaningful for several reasons. Software based authentication and consumer engagment technology is a multi-billion dollar opportunity. Our VeriPAS™ software authentication technology platform is supported by Micro Focus. Not only does VeriPAS™ track a products supply chain life-cycle, it also gives the brand owner a new way to market new products and services through the consumer engagement module of the software.”
Peter Gadd, General Manager, Strategic Business Services at Micro Focus, stated, “We have been very impressed with VerifyMe’s team and technology. Its combination with our Micro Focus Global Product Authentication Service has created one of the most powerful, secure and comprehensive track-and-trace authentication systems in the world. We are seeing a high level of interest across multiple industry verticals and we look forward to pushing these forward and closing some of these deals with VerifyMe.”
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a software technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, data mining, consumer engagement 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 our 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 our sales pipeline and other revenue opportunities, the use of our products in additional presses and locations, the results of ongoing tests, roll-out of our products and authentication devices and establishment and expansion of our business opportunities. 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. 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 and effectiveness 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 Reports on Form 10-Q for the three months ended June 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.