Zerify Inc (ZRFY)

[Louied91]

$ZRFY Zerify Provides Corporate Update

https://www.globenewswire.com/news-release/2022/08/23/2502913/0/en/Zerify-Provides-Corporate-Update.html

EDISON, N.J., Aug. 23, 2022 (GLOBE NEWSWIRE) -- Zerify, Inc. (OCTQB: ZRFY) (“Zerify” or the “Company”), the 21-year-old cyber security company focused on secure video conferencing solutions, today provides a corporate update on the Company’s activities, which corresponds to the Company’s filing of its second fiscal quarter financial results for the quarter ending June 30, 2022. The Company’s Form 10-Q can be found via the U.S. Securities and Exchange Commission’s (SEC) website, www.sec.gov.

Mark Kay, Zerify’s Chairman and CEO, comments:

“While revenue declined sequentially from the first quarter of 2022, we also recognize that the process of rebranding ourselves as Zerify from StrikeForce Technologies extended far beyond the mere name and symbol change. Our conversion into the secure conferencing business and the refitting of our existing product lines required considerable attention and resources that may have otherwise been focused on our driving sales.

“However, we continue to develop new capabilities and create key partnerships that will help drive our business forward. Among them is a recent letter of intent to create the industry’s first artificial intelligence chatbot with built-in secure video conferencing capabilities. Zerify and PureTalk.AI are partnering on a joint bid for a U.S. government grant to enhance opportunities for individuals with disabilities of all types. This grant would go towards increasing workforce participation through cyber solutions that would allow a person to securely engage with chatbots in their effort to apply for and secure employment. Actions such as filling out applications, secure video conferencing with potential employers, and working remotely would be possible via this partnership. This technology has significant applications beyond the grant, including customer service in the retail industry and, importantly, in healthcare.

“Despite the quarterly sales numbers declining sequentially from $32k to $24k, we are actively working to complete sales with a number of clients, many of whom are in the final contract phase to become resellers of our Zerify solutions. Meanwhile, we anticipate PushForce, which has already integrated our Zerify Meet API into their custom CRM, to launch shortly. We are also working closely with Zentech, our Brazilian reseller, which provides an IT marketplace for banks, insurance carriers, financial service companies, and Internet service providers, to integrate our GuardedID product into a bundle of services to be offered to the insurance industry. They have already identified a first customer for this bundled product.

“In terms of our current Zerify Meet product, we are expanding the technology to include breakout rooms, an Outlook email plugin, network recording, and an active directory sync. We will also be adding Mac audio and video alerts to our Zerify Defender product.

“We believe that a dramatic transformation is underway for Zerify, and our progress across a number of initiatives, particularly with regard to partnerships, will provide multiple inflection points toward the Company’s future growth and position us as the leader in secure conferencing, with both wide and deep penetration into the market. We acknowledge that there will be bumps along the way, including variation in sales from quarter-to-quarter, but believe we are well positioned for the future of this Company and to provide optimum shareholder value,” concludes Mr. Kay.