VerifyMe Awarded Initial Purchase Order for PPE Anti-Counterfeit Technology
Rochester, NY – GlobeNewswire – February 23, 2021 – VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” “we,” “our,” or the “Company”), a provider of comprehensive brand protection and customer engagement solutions that combine ultra-secure product authentication, track and trace, and customized engagement strategies with industry-leading online retail monitoring capabilities, is pleased to announce it has received an initial purchase order for 2 million pre-printed anti-counterfeiting labels. The labels will be utilized for track and trace and brand protection for 2 million boxes of surgical gloves, a personal protective equipment (“PPE”) necessity in fighting the ongoing Covid-19 pandemic.
This initial purchase order for complete pre-printed tamper-evident labels with VeriPAS brand protection and consumer engagement is the first order under its strategic partnership with Renavotio (OTC: RIII) that was previously announced on February 8, 2021. This is a custom-designed tamper proof label containing multiple layered technologies embedded and printed by VerifyMe.
Billy Robinson, Renavotio’s Chief Executive Officer, stated, “Our recent partnering with VerifyMe has opened up the overseas PPE market to us again. The opportunities with the VerifyMe technology to verify and prove genuine will help prevent any PPE products we are involved with from having any potential financial and legal issues.”
Counterfeit PPE continues to be a major issue as the Covid-19 pandemic persists. According to CNBC.com on February 17, 2021, DHS seizes over 11 million counterfeit 3M N95 masks, more raids to come.
Patrick White, VerifyMe’s President and Chief Executive Officer, commented, “Our technology will allow Renavotio to be able to represent to its clients as to the authenticity of any product it represents through VerifyMe. The short time from signing our strategic partnership with Renavotio to now receiving their first purchase order demonstrates the urgent need in the marketplace to combat rampant counterfeiting in PPE. We believe this initial order will lead to additional opportunities with Renavotio in regards to anti-counterfeit, track and trace and brand protection solutions for PPE.”
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, 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,” “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.