VerifyMe Provides Corporate Update Highlighting its Solid Cash Position and Strong Business Pipeline
Well-Positioned to Increase Revenue Over the Next 12 Months
Rochester, NY – GlobeNewswire – October 1, 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 provide the following corporate update as it hosted its virtual annual shareholder meeting yesterday.
With a healthy balance sheet and a solid cash position ($9.6 million cash position reported as of June 30, 2020), VerifyMe is in an excellent position to ramp its business with its strategic partners, existing clients and prospective new clients. The Company’s high margined revenue demonstrates its strong business model’s ability to generate profitable growth. The healthy balance sheet and cash position enable VerifyMe to execute on its organic growth strategy and seek complimentary and accretive acquisitions. The Company has been approached with numerous potential acquisition opportunities that it is reviewing.
Increased revenue traction with existing and new clients has begun, as we recently announced a multi-billion dollar client that informed us of their intent to expand our technology to several more countries and add additions SKUs. Additionally, just last week our team presented on calls with interested potential clients in Hong Kong, India and a Middle Eastern government.
VerifyMe’s sales pipeline of opportunities is greater than $12 million, consisting of 50+ projects ranging in size from $60,000 to $6 million in anticipated annual sales , including a significant opportunity in the apparel industry. VerifyMe has also begun working with a large multi-billion distributor who is sourcing the development of an inkjet version of its ink taggant. This would allow for the expanded use of the Company’s technology to about 95% of the label and packaging industry not currently served now.
Patrick White, VerifyMe’s President and Chief Executive Officer, commented, “We have a lot of positive momentum in the business and are excited for what lies ahead over the next 12 months. We are focused on increasing sales with expanding our technology to new products and countries with current clients and targeting significant new brand owner clients. We are optimistic with potential opportunities with the U.S. federal government, incuding HSE borders and customs ports of entry and CDC/FDA mandates The apparel, cannabis and pharma industries represent ripe areas for us to penetrate with our security and authentication technologies. Our team and strategic partners have identified several opportunities and has commenced discussions with potential new clients in these industries. As you can see, we have a robust sales pipeline that we belive will accelerate organic growth. Additionally, we are seeking complemenatry and accretive acquisitions that we believe can further boost our growth and profitability. VerifyMe is severely undervalued as cash is 50% of our low market cap. We also look forward to announcing new wins and revenue expansion with existing clients.”
On September 1, Patrick White, VerifyMe’s President and Chief Executive Officer, presented at the LD Micro 500 Virtual Conference. To view the presentation, please click here: VRME at LD Micro 500 Virtual Conference.
The Company’s strategic partnership with HP is building on a strong relationship as HP continues to introduce VerifyMe’s technologies to their customers. In fact, VerifyMe’s RainbowSecure® invisible ink and VeriPAS™ authentication scanner were highlighted in a recent webinar hosted by HP in July. To view the webinar, please click here: HP Webinar. The company is committed to continued growth of this partnership and supporting potential expansion of VerifyMe technology to new larger HP Indigo presses.
VerifyMe has added several new partners over the past few months, including recently announced Corsearch, a brand clearance and protection leader, and SmartGlyph, a U.K.-based digital solutions provider. The collaboration with Corsearch will support brands to reduce the global multi-billion dollar economic impact resulting from counterfeiting and piracy activities. The partnership with SmartGlyph is focused on the integration of our respective technologies offering a high value-add solution to brand owners worldwide and a cross-selling agreement, whereby each company will promote the combined product offering. Both partnerships are expected to increase business opportunities and add incremental revenue.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, data mining, and track and trace features for labels, packaging and products. VerifyMe’s 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 presses and locations, the results of ongoing tests, and roll-out of our products and authentication devices 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. 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 our quarterly reports on Form 10-Q. 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.