VerifyMe, Inc. (NASDAQ: VRME) ("VerifyMe," "we," "our," or the "Company"), providing authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products to brand owners, announced today that they have signed an agreement with a premier international product security company that specializes in product authentication and mobile inspection systems.
As part of this new agreement, VerifyMe will provide its proprietary invisible ink, its patented mobile phone authentication device, and a custom mobile app to authenticate and decode covert variable codes to detect counterfeit and diverted products for this security company's client.
The security company will provide VerifyMe's mobile phone authentication equipment to brand inspectors of a global consumer products company that is applying VerifyMe's variable invisible ink technology on labels and packaging.
"We are very excited to announce this new win and are committed to a successful partnership over the next several years," said Patrick White, Chief Executive Officer. "We are proud that a premier brand protection company selected VerifyMe's authentication technology over the competition for their client. We look forward to working with other brand protection firms and sharing new wins with our shareholders."
Revenue will be recognized based on the discretionary annual usage by the security company's client which we currently expect will be at least 500,000 units annually.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), is a technology solutions provider specializing in products to connect brands with consumers. VerifyMe technologies give brand owners the ability to gather business intelligence while engaging directly with their consumers. VerifyMe technologies also provide brand protection and supply chain functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products.
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