LAKE
MARY, Fla., July 14,
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 a
strategic reorganization of its business aimed at accelerating
growth through leveraging its technology strengths, expanding its
marketing capabilities and optimizing overhead expenses. The
Company will be organized into two segments: Authentication
(incorporating Brand Protection Services and Trust Codes Global
Limited) and Precision Logistics (PeriShip Global).
Paul Ryan will be the Executive
Vice President, Authentication Segment. Mr. Ryan co-founded
the Trust Codes platform (acquired by VerifyMe in March 2023) and developed it into the powerful
product cloud that today provides brand protection, consumer
engagement, GS1 digital link and traceability. His 30 years of
experience also reaches across other global software and technology
businesses; namely medical records processing, payments, and
traceability sectors.
Curt Kole will be the Executive
Vice President, Precision Logistics Segment. Mr. Kole has 25
years of experience in many aspects of the logistics industry with
extensive knowledge in the needs of customers whose products have
specific time, temperature, or other criticality
requirements. Mr. Kole has served as the Executive Vice
President, Global Sales and Strategy at PeriShip Global.
Nancy Meyers will become Chief
Financial Officer. Since joining VerifyMe in September 2021, Ms. Meyers has served as SVP
Finance and Investor Relations, overseeing integration and business
process improvements for acquisitions. With over 25
years in accounting and finance, she has held various roles of
increasing responsibility, including financial reporting, analysis,
acquisitions, and compliance with the Sarbanes-Oxley Act of 2002.
She holds a BA in Economics and is a Charter Professional
Accountant.
Adam Stedham, CEO of VerifyMe
stated, "I am excited by the growth potential that exists across
our two segments, and I believe we are well positioned to provide
significant value to our customers and shareholders." During the
last 18 months VerifyMe has transformed its business capabilities
through the addition of precision logistics services (PeriShip
Global) and the vertical integration of the Trust Codes technology
platform that reshapes its brand protection offerings. We
expect to capitalize on this new foundation to expand our customer
reach and accelerate our revenue growth.
As part of this strategic reorganization, Keith Goldstein, our President and Chief
Operating Officer, will be leaving the Company, and his
responsibilities will be absorbed into the CEO role, effective
July 31, 2023. In addition,
Margaret Gezerlis will be stepping down as Chief Financial Officer
and will be providing strategic consulting services to the Company,
effective July 31, 2023. We
thank Keith and Margaret for their contributions in helping
position VerifyMe for the next phase of its growth.
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 within the
meaning of the Private Securities Litigation Reform Act of 1995
including statements regarding the Company's strategic
reorganization, its position to provide value to its customer and
shareholders, and expectations related to its customer base and
revenue growth. The words "aimed," "believe," "expect,"
"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.