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VerifyMe To Expand its Business with Multi-Billion Dollar Global Consumer Products CompanyROCHESTER, N.Y., Sept. 21, 2020 (GLOBE NEWSWIRE) -- VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” “we,” “our,” or the “Company”), a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, data mining, and track and trace features for labels, packaging and products, is pleased to announce that it has been notified that its business with a Forbes Top 50 Private Company that sells nutrition, personal care, beauty and home care products around the globe will expand beyond its initial contract which was awarded in May 2019. For security reasons, the brand owner has asked that their name not be released. The multi-billion brand owner has notified VerifyMe of its intent to expand its use of VerifyMe’s RainbowSecure® marking system on additional products in three additional countries - Japan, Vietnam and Taiwan. The production is expected to start around December 2020 for an anticipated in-market rollout in the first quarter of 2021. In addition, this global consumer products business plans to lease additional VerifyMeTM Smartphone Authenticators for their inspection teams. Dating back to May 2019, this was VerifyMe’s first direct contract with a brand owner who, because of its size, prints its own packaging and labels using HP Indigo printing presses. We believe the significance of this additional business from such a large client after working together for one year demonstrates the ability of VerifyMe’s business model of winning and expanding business with a client. VerifyMe’s President and Chief Executive Officer, Patrick White, commented, “In our business time and patience are a must. This expansion shows the lengthy process a brand owner goes through to evaluate new technologies such as ours. This particular client initially implemented our technology on a few SKUs. They then studied the results 12 months later and just recently made a decision to implement and expand the technology into new markets and products. Additionally, we were informed by this client that they have tried numerous other technologies and none of them worked for their particular problem. The VerifyMe RainbowSecure® technology worked and they are now expandin its usage in the Pacific rim. We believe this further penetration for an existing client to additional territories, demonstrates the value-add of our anti-counterfeit technology products. Our business model is driven in part by our sales channel and strategic partners identifying opportunities whereby we can further infiltrate a customer’s business once we establish a working relationship with one line, brand or territory. Just like this multi-billion brand owner, many of our prospects have various consumer products and global sales, which we believe could be just the beginning contracts and will provide us with the opening to create additional opportunities with their companies worldwide in the future.” About VerifyMe, Inc. Cautionary Note Regarding Forward-Looking Statements For Licensing or Other Information Contact: |