VerifyMe Provides Corporate Update Highlighting its Solid Cash Position and Strong Business Pipeline

Well-Positioned to Increase Revenue Over the Next 12 Months

ROCHESTER, N.Y., Oct. 01, 2020 (GLOBE NEWSWIRE) -- VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” “we,” “our,” or the “Company”), a software technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, data mining, consumer engagement and track and trace features for labels, packaging and products, is pleased to provide the following corporate update as it hosted its virtual annual shareholder meeting yesterday.

With a healthy balance sheet and a solid cash position ($9.6 million cash position reported as of June 30, 2020), VerifyMe is in an excellent position to ramp its business with its strategic partners, existing clients and prospective new clients. The Company’s high margined revenue demonstrates its strong business model’s ability to generate profitable growth. The healthy balance sheet and cash position enable VerifyMe to execute on its organic growth strategy and seek complimentary and accretive acquisitions. The Company has been approached with numerous potential acquisition opportunities that it is reviewing.   

Increased revenue traction with existing and new clients has begun, as we recently announced a multi-billion dollar client that informed us of their intent to expand our technology to several more countries and add additions SKUs. Additionally, just last week our team presented on calls with interested potential clients in Hong Kong, India and a Middle Eastern government.

VerifyMe’s sales pipeline of opportunities is greater than $12 million, consisting of 50+ projects ranging in size from $60,000 to $6 million in anticipated annual sales, including a significant opportunity in the apparel industry. VerifyMe has also begun working with a large multi-billion distributor who is sourcing the development of an inkjet version of its ink taggant. This would allow for the expanded use of the Company’s technology to about 95% of the label and packaging industry not currently served now.

Patrick White, VerifyMe’s President and Chief Executive Officer, commented, “We have a lot of positive momentum in the business and are excited for what lies ahead over the next 12 months. We are focused on increasing sales with expanding our technology to new products and countries with current clients and targeting significant new brand owner clients. We are optimistic with potential opportunities with the U.S. federal government, including HSE borders and customs ports of entry and CDC/FDA mandates The apparel, cannabis and pharma industries represent ripe areas for us to penetrate with our security and authentication technologies. Our team and strategic partners have identified several opportunities and has commenced discussions with potential new clients in these industries. As you can see, we have a robust sales pipeline that we believe will accelerate organic growth. Additionally, we are seeking complementary and accretive acquisitions that we believe can further boost our growth and profitability. VerifyMe is severely undervalued as cash is 50% of our low market cap. We also look forward to announcing new wins and revenue expansion with existing clients.”