LAKE
MARY, Fla., May 31, 2023
/PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with
its subsidiaries, Trust Codes Global Limited ("Trust Codes Global")
and PeriShip Global LLC ("PeriShip Global"), (together "VerifyMe,"
"we," "our," or the "Company") provides brand owners time and
temperature sensitive logistics, supply chain traceability and
monitoring, authentication, anti-counterfeiting, and data-rich
consumer engagement services, announced today that Adam Stedham has been appointed Chief Executive
Officer.
Mr. Stedham, who joined the Board of VerifyMe in April 2022 has been named the new Chief Executive
Officer of VerifyMe. He will assume the position effective
June 19, 2023, replacing interim CEO
Scott Greenberg. Mr. Greenberg
will remain in his role as Chairman of the Board but will no longer
be executive chairman.
"The Board of Directors is excited that Adam Stedham is becoming our CEO" stated
Scott Greenberg, Chairman of the
Board. "Adam's previous successful experience as CEO of GP
Strategies, formally a NYSE company, eventually resulted in the
sale of the Company for approximately $400
million . GP Strategies' revenue grew to in excess of
$450 million. Adam's vision over the
years enabled GP Strategies to navigate through the pandemic,
integrate acquisitions, establish foreign operations, and build a
strong sales team. I believe that with VerifyMe's acquisitions in
the last 18 months, Adam is a great choice to take over the reins
as CEO of the Company."
Incoming CEO Adam Stedham said,
"With the recent acquisitions by VerifyMe and the growth
opportunities in the marketplace, this is a very important time for
the Company. I believe that there is a strong opportunity to grow
the platforms that have been developed related to PeriShip, Trust
Codes and VerifyMe, and believe that the Company is well positioned
to provide significant value to shareholders and customers. I look
forward to working with the management team, Board of Directors,
shareholders and the Company's business partners."
About Adam Stedham
Until his appointment, Mr. Stedham was CEO of GP Strategies and
has served as CEO since June 2020. He also served as
President from November 2017 to
October 2021. Mr. Stedham joined GP
Strategies in 1997, after 6 years as a nuclear reactor operator in
the US Navy. He has held roles of increasing responsibility during
his tenure, including leading operational service lines, directing
acquisitions and divestitures, heading business development, and
managing the Asia-Pacific region.
He is Chairman of the Board of Global Connections for Women, a
non-profit organization. Mr. Stedham has significant expertise in
business strategy, mergers and acquisitions, learning and
performance innovation, global operations, and strategic
relationship management. He holds a Master of Business
Administration from Anderson
University, Master's of Education from University of Pennsylvania, and Master's in Adult
& Community Education from Ball State
University.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME),
together with its subsidiaries, Trust Codes Global and PeriShip
Global, is a software driven logistics provider of high-touch,
end-to-end logistics management. We provide logistics management
from a sophisticated IT platform with proprietary databases,
package and flight-tracking software, weather, and flight status
monitoring systems, as well as dynamic dashboards with real-time
visibility into shipment transit and last-mile events. In addition,
VerifyMe and Trust Codes Global provide brand protection and
consumer engagement solutions allowing brand owners to gather
business intelligence. To learn more, visit www.verifyme.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements. The words
"believe," "will," 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 our engagement in future
acquisitions or strategic partnerships that increase our capital
requirements or cause us to incur debt or assume contingent
liabilities, the successful integration of our acquisitions
(including the assets of PeriShip Global and Trust Codes Global),
our reliance on one key strategic partner for shipping services in
our PeriShip Global Solutions segment, competition including by our
key strategic partner, seasonal trends in our business, sever
climate conditions, the highly competitive nature of the industry
in which we operate, our brand image and corporate reputation,
impairments related to our goodwill and other intangible assets,
economic and other factors such as recessions, downturns in the
economy, inflation, global uncertainty and instability, the effects
of pandemics, changes in United
States social, political, and regulatory conditions and/or a
disruption of financial markets, reduced freight volumes due to
economic conditions, reduced discretionary spending in a
recessionary environment, global supply-chain delays or shortages,
fluctuations in labor costs, raw materials, and changes in the
availability of key suppliers, our history of losses, our ability
to use our net operating losses to offset future taxable income,
the confusion of our name brand with other brands, the ability of
our technology to work as anticipated and to successfully provide
analytics logistics management, our ability to manage our growth
effectively, the small number of customers that account for our
revenue, our ability to successfully develop and expand our sales
and marketing capabilities, risks related to doing business outside
of the U.S., intellectual property litigation, our ability to
successfully develop, implement, maintain, upgrade, enhance, and
protect our information technology systems, our reliance on
third-party information technology service providers, our ability
to respond to evolving laws related to information technology such
as privacy laws, risks related to deriving revenue from some
clients in the cannabis industry, our ability to retain key
management personnel, our ability to work with partners in selling
our technologies to businesses, production difficulties, our
inability to enter into contracts and arrangements with future
partners, our ability to acquire new customers, issues which may
affect the reluctance of large companies to change their purchasing
of products, acceptance of our technologies and the efficiency of
our authenticators in the field, our ability to comply with the
continued listing standards of the Nasdaq Capital Market, and our
ability to timely pay amounts due and comply with the covenants
under our debt facilities. These risk factors and uncertainties
include those more fully described in VerifyMe's Annual Report and
Quarterly Reports filed with the Securities and Exchange
Commission, including under the heading entitled "Risk Factors."
Should one or more of these risks or uncertainties materialize, or
should any of our underlying assumptions prove incorrect, actual
results may vary materially from those currently anticipated. Any
forward-looking statement made by us herein speaks only as of the
date on which it is made. 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.
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SOURCE VerifyMe, Inc.