VerifyMe Signs Agreement with UAE-Based OWS Capital to Access Middle East Markets
Expects Sales to the UAE Government and Companies Across the Region
Rochester, NY – GlobeNewswire – October 20, 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, today announced the signing of an agreement with OWS Capital to market, promote and sell its security authentication technology solutions in the UAE and Middle East.
OWS Capital is headquartered in Dubai and will be marketing and selling VerifyMe’s technology solutions including the new “VerifyMe As Authentic®” labels that allow consumers to verify product and apparel authenticity with a tap of their smart phone to the UAE government and companies located in the Middle East.
Oweis Zahran, Managing Member of OWS Capital, stated, “We have already identified many opportunities that can benefit from VerifyMe’s technology to combat counterfeits and protect their brands. In fact, we already have our first quote for a government project. We look forward to unlocking revenue opportunities for VerifyMe in the UAE and Middle East.”
Patrick White, VerifyMe’s President and Chief Executive Officer, commented, “We are excited about this agreement with OWS Capital and now being able to access new markets in the UAE and Middle East. Our security authentication, anti-counterfeit and brand protection technology solutions are applicable across a variety of industries representing great growth opportunities in this part of the world.”
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 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 business opportunities in the public and private sectors. 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.