VerifyMe, Inc. and Hewlett-Packard Indigo Sign MOU to Launch Security-ElectroInk for Authentication and Counterfeit Prevention
May 26, 2016
OTC Disclosure & News Service
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NEW YORK, May 26, 2016 (GLOBE NEWSWIRE) -- VerifyMe, Inc. (OTCQB:VRME), a pioneer in patented physical, cyber and biometric technologies that prevent identity theft, counterfeiting and fraud, and Hewlett-Packard Indigo, Ltd., ("HP Indigo") a global printing technology leader, announced today that they have signed a Memorandum of Understanding (MOU) whereby the companies will incorporate VerifyMe’s pigment products with HP Indigo's ElectroInk to create a new product, Security-ElectroInk, to be used for authentication and anti-counterfeiting.
Security-ElectroInk will be marketed and sold globally by VerifyMe to HP Indigo customers, along with VerifyMe’s readers and authentication tools that can be used in conjunction with Security-ElectroInk. Both companies will provide support to HP Indigo customers that use Security-ElectroInk on HP Indigo's digital printing presses.
VerifyMe has begun showcasing Security-ElectroInk as a vendor in HP Indigo’s stands at major printing industry trade shows in the USA, Israel, and Europe to include exhibiting at DRUPA, the world's largest printing show in Dusseldorf, Germany early June. The first Security-ElectroInk product showcased at the trade shows was a sample pharmaceutical carton, produced by HP Indigo. VerifyMe estimates that over 2,000 HP Indigo customers attended these events.
“The integration of VerifyMe’s proprietary technology with HP’s industry leading ElectroInk creates a powerful combination that delivers high quality commercial digital printing with robust fraud prevention, authentication and brand security. Working with HP Indigo, we are qualifying target companies to commence initial pilots with HP commercial customers,” stated Thomas A. Nicolette, President and Chief Executive Officer of VerifyMe.
“Packaging across many industries, particularly for pharma products, is an area of demand for security and anti-counterfeiting applications. Pharma companies can increase product safety and brand protection by investing in packaging and printing, which assures the supply chain and consumers that their drug or product is authentic. With Security-ElectroInk, we will be addressing this sizeable and growing market opportunity,” Nicolette added.
The global cost of counterfeit goods reached more than $1.7 trillion in 2015, according to the International Chamber of Commerce, and is growing rapidly.
VerifyMe’s patented anti-counterfeiting pigment technology can be seamlessly integrated into the digital printing process to produce visible and invisible marks, which enables two levels of authentication. First, consumers are able to see the patented ink without any specialized equipment. Second, manufacturers can use customized devices to view characteristics of non-visible pigments to support their supply and distribution chain security.
About VerifyMe, Inc.
VerifyMe, Inc., is a high-tech solutions company in the field of authenticating products and people. VerifyMe’s physical technology authenticates products, documents and currency with a suite of proprietary security inks and pigments. It markets a broad patent portfolio that includes patents for protecting material goods, products and packaging. The company’s digital technology authenticates people by performing strong, multi-factor verification via its patented digital platform. To learn more, visit www.verifyme.com
