Jolly began the interview by asking about the Company's background and current projects. "VerifyMe is a brand protection company. We specialize in counterfeit and product diversion protection for major brands, products, labels, and packaging," shared White. "Products can be metal, plastic, even apparel, ceramics, anything; We can put technology that we have patented or patent-pending onto products and labels so that people can easily verify the authenticity," he explained.
White then expanded on the Company's strategic partners, as well as the complexity of their technology and the numerous applications it offers.
Jolly then inquired about counterfeiting concerns, especially in regard to products that originate from China and the Middle East. "Counterfeiting is the scourge of the Earth right now, and it's really under the radar," said White. He then explained that while counterfeit products are tempting to many consumers, they pose a dangerous threat to their health and well-being. "These brands are very concerned about that, not only for the financial impact but because of the litigation risks and liabilities they face," he added. "Counterfeiting is a $1.8 trillion economy itself," said White.
"Who are your customers and how do you make your money?", asked Jolly, noting that the Company's flagship product is called RainbowSecure®. "RainbowSecure® is a patented invisible ink technology. The invisible codes are revealed with special lighting systems which are attached to smartphones," said White. "We sell the technology to brand owners on a per-mark basis, which is based on volume." explained White. He then shared that the Company also offers a mobile authentication and internet tracking system called VeriPAS®. "VeriPAS® is sold in the form of Bar or QR codes. Pricing is charged per code and runs in the pennies, depending on volume," he added.
White then explained that the Company also leases cell phone authenticators, which offer the ability to track and trace products and reveal hidden imagery for brand inspectors who typically go out into the field to perform a deeper forensic analysis of products either as a spot check or following up on suspected counterfeiting activity which the VerifyMe's VeriPAS® software alerted them about.
"We also have products for consumers," shared White, adding that if a brand owner uses the Company's systems their products can be authenticated by the consumer or government personnel with their personal smartphone. "You can also allow the brand owners to market to their customer," shared White. "Using our VeriPAS® software, the brand owners can engage with their customers with marketing and also gather the very valuable data from the customer."
"VerifyMe also manufactures and sell a special Amazon label system called, "VeriyMe As Authentic"® to third party retailers on Amazon," said White, adding that these come in label form and are sold in packs of 5,000 units to Amazon retailers who need to protect their clients from cheap or harmful counterfeits. "Our "VerifyMe As Authentic®" labels allow the Amazon retailers customer base to verify the authenticity of their purchase with their smartphone," he added. White then noted that the Company has also entered the people verification space with their biometrics technology.
The conversation then turned to the Company's plans involving major strategic partners going forward. "Hewlett-Packard is our major strategic partner," shared White, adding that one of the largest software companies in the world, Micro Focus is also another strategic partner of the Company.
To close the interview, White expanded that the Company is well positioned to solve the massive counterfeiting problem using a unique combination of valuable intellectual property, strategic partners and well-connected board members.
To hear Patrick White's entire interview, follow the link to the podcast here: https://audioboom.com/posts/7483851-verifyme-inc-ceo-patrick-white-is-featured-on-the-stock-day-podcast
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VerifyMe, Inc.is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. The company also markets multi-factor biometric verification solutions to verify people. VerifyMe's physical technology authenticates packaging, labels and documents with a suite of proprietary security inks and pigments, which work in conjunction with serialization and track-and-trace software. The company's digital technologies authenticate people by performing strong, multi-factor biometric verification via its patented digital software platforms. To learn more, visit www.verifyme.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the acquisition of new customers and the expected future growth. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the Company's ability to continue as a going concern and history of losses, its ability to work with partners in selling its technologies to businesses, production difficulties, our inability to enter into contracts and arrangements with future partners, issues which may affect the reluctance of companies to change their purchasing of products, acceptance of our technologies, the efficiency of our authenticators in the field, our ability to successfully protect our intellectual property rights, and claims of infringement by others. Further information with respect to our risk factors is contained in our filings with the SEC, including under the heading "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2018 and under the heading "Risk Factors" in the Registration Statement (File No. 333-234155) filed with the Securities and Exchange Commission on October 10, 2019. Any forward-looking statement made by us herein speaks only as of the date on which it is made. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
For Licensing or Other Information Contact:Company: VerifyMe, Inc.Email: IR@verifyme.comWebsite: http://www.verifyme.com
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