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like I said, .05 was oversold.
Rochester, NY – November 20, 2019 – VerifyMe, Inc. (OTCQB: VRME), a digital technology solutions provider specializing in counterfeit prevention, authentication, serialization, track and trace features for labels, packaging and products, announced today the appointment of Scott Greenberg to its Board of Directors.
Scott Greenberg has served for the past 14 years as the Chief Executive Officer of GP Strategies Corporation (NYSE: GPX), a global performance improvement solutions provider of sales and technical training, digital learning solutions, management consulting and engineering services. GP Strategies clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers.
Scott Greenberg, stated, “I am excited to join the VerifyMe Board at this time. The company’s technology is at the forefront of security and authentication and addresses areas of vulnerability in brand protection and packaging. Recent contract awards validate the company’s value-add and position is at an inflection point to begin to accelerate its revenue. I look forward to utilizing my network of relationships I have built over the years to assist in the growth of VerifyMe in any way I can.”
VerifyMe Chief Executive Officer Patrick White, commented, “We welcome Scott Greenberg to our Board and look forward to his advice, guidance and network of relationships. His experience in leading GP Strategies to $500 million annual revenue and a $200 million market valuation on the NYSE is invaluable to us as we enter our accelerated growth stage.”
Mr. Greenberg has served as Chief Executive Officer of GP Strategies Corporation (“GP Strategies”) since April 2005. He was President of GP Strategies from 2001 to 2006, Chief Financial Officer from 1989 until 2005, Executive Vice President from 1998 to 2001, Vice President from 1985 to 1998, and held various other positions with GP Strategies since 1981. Mr. Greenberg was also a Director of Wright Investors’ Service Holdings, Inc., formerly National Patent Development Corporation (“NPDC”), from 2004 to 2015.
About VerifyMe, Inc.
VerifyMe, Inc., is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. The company also markets multi-factor biometric verification solutions to verify people. 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. The company’s digital technologies authenticate people by performing strong, multi-factor biometric verification via its patented digital software platforms. To learn more, visit www.verifyme.com
August 14, 2019 – VerifyMe, Inc. (OTCQB: VRME), a technology solutions company that markets invisible ink identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products, announced the company's financial results for the second quarter ended June 30, 2019.
Key Financial Highlights for Q2 2019:
Revenues increased to $40,479, compared to $6,799 in Q2 2018
Operating loss decreased by 17% to $0.7 million
Net loss decreased by 16% to $0.7 million
Recent Business Highlights:
Awarded initial contract from multi-billion-dollar global consumer products company for VerifyMe’s RainbowSecure® Invisible Ink technology on labels and packaging using HP Indigo digital printing presses. This contract marks the first direct contract with a major brand owner.
As reported in the 10Q, Patrick White, CEO of VerifyMe has had his contract renewed for another 12 month period.
Signed agreement with Jeffrey Unger, CEO of G2 Capital Advisors as a special advisor to the VerifyMe Board of Directors. Jeffrey is an accomplished Senior Executive and M&A advisor with significant international and cross border experience. Jeffrey has successfully led organizations to profitability and exit strategies through both uptrend and downtrend cycles and has led or participated in over 150 M&A and financing transactions across several industries, to date.
Formed strategic partnership with INX International Ink to develop an ink jet system which will open availability of VerifyMe RainbowSecure® technology to the Flexo/Roll fed packaging manufacturing industry.
Signed agreement with Taiwan based Identity Management Systems Co., Ltd. (“IMS”) for Far East brand owner market expansion.
Executed a strategic partnership with Covectra, a multi-layered brand protection company, to market and cross-sell each other’s products and services to the pharmaceutical and other industries.
Signed commercial technology license agreement with a western New York label manufacturer specializing in the food and beverage industry.
Signed first European license agreement with Arca Etichette, based in Italy, to open European market to VerifyMe brand protection using HP Indigo digital presses
Signed an agreement with Stonefish Advisors, Inc. to expand sales channels and develop a “VerifyMe” brand licensing program.
Due to the growing counterfeit problems Amazon retailers are dealing with, VerifyMe is developing an Amazon retailer product authentication system with an Amazon retailer optimization firm. More news to follow.
In conjunction with our strategic partner, HP Indigo, VerifyMe is developing currency samples containing VerifyMe security features to submit to the U.S. Bureau of Printing and Engraving for currency protection consideration.
Management Commentary
“Our second quarter results reflect the continued business from a top 10 global consumer products company applying VerifyMe’s RainbowSecure invisible ink technology to approximately 4 million product labels during the quarter,” commented, Patrick White, VerifyMe’s Chief Executive Officer. “During the second quarter, we signed a significant deal with INX International Inc. which should expand our availability to the Flexo/Roll fed press industry which is a significant portion of the market we previously did not serve. Our team is now preparing for upcoming September tradeshows in Europe and to execute on multiple domestic and global pipeline opportunities to drive market penetration.”
Mr. White concluded, “We believe our recent stock performance is not reflective of the business traction and success we are gaining in the market for our digital technology solutions that provide identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. We believe that we have the only serialization technology that cannot be removed or defaced. That point is the true differentiator between our technology and all of the others in the market. We are seeing major brand owners, like the multi-billion dollar consumer products company we just signed, demand a solution like ours to combat counterfeit goods because they have tried others and they have failed. Interest continues to grow and has never been higher. We believe the partnerships and contracts we have been signing are setting us up for growth in the latter part of 2019, 2020 and beyond. We do not believe the recent decline in our share price has anything to do with our business performance and is instead influenced by certain shareholders that are associated with each other who have sold large blocks of our shares at undervalued stock prices. The relationships that VerifyMe has forged with its strategic partners such as HP Indigo, Micro Focus, S-One LP and INX International reflects the strength of our technology and what we offer global Brand owners. We look forward to continuing to communicate our business progress.”
Financial Results for the Three Months Ended June 30, 2019:
Revenue for the three months ended June 30, 2019 was $40,479, a 495% increase as compared to $6,799 for the three months ended June 30, 2018. The revenue primarily relates security printing with our authentication serialization technology for a large global brand owner.
Gross profit for the three months ended June 30, 2019 was $33,394, compared to $4,799 for the three months ended June 30, 2018. The resulting gross margin was 82.5% for the three months ended June 30, 2019.
General and administrative expenses for the three months ended June 30, 2019 were $418,195, a decrease of $107,565 or 20%, compared to $525,760 for the three months ended June 30, 2018. The decrease resulted from a decrease in non-cash restricted stock and option awards and continued efficiencies within the Company.
Legal and accounting expenses for the three months ended June 30, 2019 were $68,335, a decrease of $95,435 or 58%, compared to $163,770 for the three months ended June 30, 2018.
Payroll expenses for the three months ended June 30, 2019 were $101,786, a slight increase of $1,983 or 2%, compared to $99,803 for the three months ended June 30, 2018.
Research and development expenses for the three months ended June 30, 2019 were $2,608, a decrease of $13,625 or 84%, compared to $16,233 for the three months ended June 30, 2018.
Sales and marketing expenses for the three months ended June 30, 2019 were $109,158, an increase of $109,133, compared to $25 for the three months ended June 30, 2018. The increase in sales and marketing relates to the Company entering its commercialization phase, specifically the hiring of our VP of Global Business Development and our increased participation in global trade shows.
Operating loss for the three months ended June 30, 2019 was $666,688, a decrease of $134,104, or 17%, compared to $800,792 for the three months ended June 30, 2018.
Net loss for the three months ended June 30, 2019 was $665,656, a decrease of $129,539, or 16%, compared to $795,195 for the three months ended June 30, 2018. The resulting loss per share for the three months ended June 30, 2019 was $(0.01) per diluted share, compared to $(0.01) per diluted share for the three months ended June 30, 2018.
At June 30, 2019, VerifyMe had a $585,193 cash balance, $0 debt, and 109.7 million shares issued and 109.3 million shares outstanding.
Financial Results for the Six Months Ended June 30, 2019:
Revenue for the six months ended June 30, 2019 was $86,933, a 1,179% increase as compared to $6,799 for the six months ended June 30, 2018. The revenue primarily relates security printing with our authentication serialization technology for a large global brand owner.
Gross profit for the six months ended June 30, 2019 was $65,081, compared to $4,799 for the six months ended June 30, 2018. The resulting gross margin was 74.9% for the six months ended June 30, 2019.
General and administrative expenses for the six months ended June 30, 2019 were $650,877, a decrease of $370,457 or 36%, compared to $1,021,334 for the six months ended June 30, 2018. The decrease related primarily to a settlement agreement with shareholders which occurred in the six months ended March 31, 2018 resulting in a total expense of $779,000.
Legal and accounting expenses for the six months ended June 30, 2019 were $130,699, a decrease of $166,775 or 56%, compared to $297,474 for the six months ended June 30, 2018.
Payroll expenses for the six months ended June 30, 2019 were $206,575, an increase of $14,721 or 8%, compared to $191,854 for the six months ended June 30, 2018.
Research and development expenses for the six months ended June 30, 2019 were $6,251, a decrease of $22,178 or 78%, compared to $28,429 for the six months ended June 30, 2018.
Sales and marketing expenses for the six months ended June 30, 2019 were $252,301, an increase of $244,234, compared to $8,067 for the six months ended June 30, 2018. The increase in sales and marketing relates to the Company entering its commercialization phase, specifically the hiring of our VP of Global Business Development and our increased participation in global trade shows.
Operating loss for the six months ended June 30, 2019 was $1,181,622, a decrease of $360,737, or 23%, compared to $1,542,359 for the six months ended June 30, 2018.
Net loss for the six months ended June 30, 2019 was $1,178,962, a decrease of $739,866, or 39%, compared to $1,918,828 for the six months ended June 30, 2018. The resulting EPS loss for the six months ended June 30, 2019 was $(0.01) per diluted share, compared to $(0.02) per diluted share for the six months ended June 30, 2018.
About VerifyMe, Inc.
VerifyMe, Inc., is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. The company also markets multi-factor biometric verification solutions to verify people. 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. The company’s digital technologies authenticate people by performing strong, multi-factor biometric verification via its patented digital software platforms. To learn more, visit www.verifyme.com
Cautionary Note Regarding Forward-looking Statements
This release contains forward-looking statements regarding potential business opportunities listed under “Key Business Highlights” and accelerating revenue growth in 2019, 2020 and beyond., our pipeline, the leasing of authenticators and the related recurring revenue and high gross margins and our projected 2019 gross margins. . 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 company's ability to work with partners in selling its technologies to businesses, production difficulties, our inability to enter into contracts and deals with future partners, and 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 SEC, including the Form 10-K for the year ended December 31, 2018. 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.
For Licensing or Other Information Contact:
Company: VerifyMe, Inc.
Email: IR@verifyme.com
Website: http://www.verifyme.com
Rochester, NY, May 28, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- VerifyMe, Inc. (OTCQB: VRME), a digital technology solutions provider specializing in counterfeit prevention, authentication, serialization, track and trace features for labels, packaging and products, announced today it has entered into a strategic partnership with INX International Ink Company, the third largest producer of inks in North America.
INX International is going to co-develop inkjet inks to be used for inkjet printing in combination with high speed, high volume label and packaging printing presses called “flexo” or “roll fed” printing presses. The specially formulated inks will enable these printing presses to print VerifyMe’s RainbowSecure™ invisible ink technology, which includes our variable VeriPAS Serialization, track and trace technology.
Currently, the VerifyMe’s RainbowSecure™ ink technology has only been available on the HP Indigo digital 6000 series press platforms. This development greatly expands (over 20 times) VerifyMe’s penetration into the global printing of labels and packaging. VerifyMe estimates that this strategic partnership with INX and their Ink Jet Ink development enables VerifyMe’s invisible ink technology to be implemented in approximately 95% of the remaining global label and packaging industry.
VerifyMe Chief Executive Officer Patrick White commented, “This is a significant milestone for our Company, as we expand the global availability of our RainbowSecure™ technology by over 20 times. This will allow us to compete for many of the very large print job opportunities that are printed by the high speed, high volume label and packaging printing industry.” White continued, “Our technology will soon be available on industry leading industrial ink jet heads used for variable printing in the high-speed label and packaging industry. With this new ink jet solution we will available to service virtually all of the global label and packaging manufacturers around the world. This is a key development to expand our revenue opportunities. Our first marketing launch will be at Label Expo Europe this September with the INX NW210 UV/LED Digital Press, utilizing some of the latest printhead technology.”
INX International’s President and Chief Executive Officer, John Hrdlick, commented, “We are excited to work with VerifyMe to bring their proprietary security, authentication and tracking technology to label and packing manufacturers around the world. We are strong believers in delivering what the customer wants, and there is a huge demand for brand protection and anti-counterfeiting. We look forward to working with VerifyMe’s team to bring their solutions to market.”
About INX International
INX International Ink Co. is the third largest producer of inks in North America, with full service subsidiaries in Europe and South America and is part of Sakata INX worldwide operations a $1.5 billion company established in 1896. INX offers a complete line of ink and coating solutions technology for commercial, packaging and digital applications. As a leading global manufacturer of inkjet inks, INX provides a full palette of digital ink systems, advanced technologies and integrated services. To stay in touch with the latest developments, follow INX on Facebook and Twitter and visit: https://inxinternational.com
About VerifyMe, Inc.
VerifyMe, Inc., is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. The company also markets multi-factor biometric verification solutions to verify people. 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. The company’s digital technologies authenticate people by performing strong, multi-factor biometric verification via its patented digital software platforms. To learn more, visit www.verifyme.com
VerifyMe Signs First European License Agreement
Press Release | 04/16/2019
Arca Etichette, Based in Italy, Opens European Market to VerifyMe Brand Protection Using HP Indigo Digital Presses
https://www.otcmarkets.com/stock/VRME/news/VerifyMe-Signs-First-European-License-Agreement?id=224910
VerifyMe Appoints Eugene Robin of Cove Street Capital to its Board of Directors
https://globenewswire.com/news-release/2019/03/06/1748858/0/en/VerifyMe-Appoints-Eugene-Robin-of-Cove-Street-Capital-to-its-Board-of-Directors.html
They are mentioned in the recent 8-K
https://www.otcmarkets.com/filing/html?id=13269262&guid=5SCtUFN_K2YVZ3h
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
On February 27, 2019, Messrs. Laurence Blickman and Carl Berg notified VerifyMe, Inc. (the “Company”) of each of their resignations as members of the Company’s Board of Directors (the “Board”), effective March 1, 2019. The Company believes Mr. Blickman resigned due to philosophical differences over control of management and his involvement with management functions. Messrs. Carl Berg and Harvey Eisen resigned with no disagreements. Prior to his resignation, Mr. Blickman was a member of the Company’s audit committee and governance and nominating committee. Prior to his resignation, Mr. Berg was a member of the Company’s compensation committee and finance and uplisting committee.
On February 28, 2019, Mr. Harvey Eisen notified the Company of his resignation from the Board, effective immediately. Prior to his resignation Mr. Eisen was a member of the Board’s audit committee and finance and uplisting committee.
Notice he doesn't list the names of the board members who vacated. I'm going to assume Carl Berg is one of them and if so this has a long ways yet to fall.
VerifyMe, Inc. CEO, Patrick White Provides 2019 Corporate Update
https://www.prnewswire.com/news-releases/verifyme-inc-ceo-patrick-white-provides-2019-corporate-update-300805872.html
I was expecting the news to really move this.
Unreal!!
Have an order @.028 that won’t fill:(
naw, just a crazy spread
Following through with what they said they would do in September 2017! Revenue ramping up.
VerifyMe Signs Technology Licensing Agreement with a Leading Global Label Solution Provider
More great news!
Adding Verifyme ($0.25) to Watch List.
Lordy, Lordy - don't think we've ever seen a team like this that is un-noticed by the street (see below).
This is just a heads-up. We are adding it to the Blockchain Stock Review Watchlist @ $0.25 and we will update both here and at the Blockchain Investor Wire website, which will hopefully be up and running (1st version) tomorrow.
What brought this to our attention was a private placement for a couple million from an investor (Carl Berg), who we assume could write bigger checks to favorite local charity. Assuming it's the same Carl Berg, he's one of the richest men in the US.
Caution: This is a 'Pre-Blockchain' idea meaning there is nothing we saw in any news releases or SEC filing which stated any intentions to use the blockchain - so we're just guessing.
https://seekingalpha.com/instablog/295897-roland-rick-perry/5122681-adding-verifyme-inc-vrme-0_25-blockchain-stock-review-watchlist
When does hp product launch? Supreme court ruling in june could help biometric patent big time.
Berg
Will be following on Internet and Blockchain Stock Review. Report tomorrow, visit below (not a client).
http://internetstockreview.ning.com/
The shares are held by Berg & Berg Enterprises, LLC (“BB”), an investment and real estate development company, whose principal executive offices are located at 10050 Bandley Drive, Cupertino, CA 95014.
WIKI
https://en.wikipedia.org/wiki/Carl_Berg
This is a true Blockchain.
How is no one on this?? Deal with HP, deal with Micro Focus, insiders scooping up shares, 12 million cap?? Perfect storm
Keepin an eye on this one.
Verified social media profile patent approved. 3 other patent given non finial rejection but still can be approved
And again :)
Yes. What a nice move since the levels under 10 cents back in late June.
better burst early morning/afternoon too.
Not much to worry about with that 212 sale other than it brought us down largely.
intersections a credit monitaring service hp and mozido were all mentioned...what is troubling about hp is that it a pilot study.like the japensse on from 2014.
mozido was mention in annual report and they signed deal with taiwanese banks last week hope verifyme id services involved
Post June is when this all begins and will be the test of revenue and sales growth
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.
all those fake signed deals smell and the ink that they give away to abnote duochrome.where is the money
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