VerifyMe Announces Up to $1.5 Million Share Buyback
ROCHESTER, N.Y., Nov. 17, 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, and track and trace features for labels, packaging and products, today announced the Company plans to spend up to $1.5 million to repurchase shares of its common stock over the next nine months. The company plans to fund the share buyback with cash on hand. As of September 30, 2020, the Company had $9.0 million of cash. VerifyMe has not purchased any of its shares within the past 12 months.
“By using our strong balance sheet to reduce the number of outstanding common shares, we believe we can increase stockholder value, while maintaining sufficient cash resources to fund our operations. The share repurchase authorization reflects our ongoing commitment to improving the investment value of our common stock while at the same time growing our business,” said, Patrick White, VerifyMe’s President and CEO.
The timing and amount of any shares repurchased will be determined by the Company’s board and management based on its evaluation of market conditions and other factors. The repurchase program does not obligate the Company to purchase any particular number of shares and may be suspended or discontinued at any time.
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