LAKE
MARY, Fla., Aug. 16,
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 brand enhancement services, announced today as part
of a Victoria State Government initiative to prepare Australian
industries for global traceability regulations, Mildura Fruit
Company (MFC), after deploying a successful pilot traceability
project in collaboration with Citrus Australia and Trust Codes
Limited, will fully implement the traceability solution beginning
in 2023, including integrated printing on fruit bags. MFC is a
subsidiary of global food business Bright Foods Asia Pacific.
The new US FDA Food Traceability Rule at present is likely the
most comprehensive set of traceability regulations internationally
and provides a high-standard framework for the project. There is a
strong strategic imperative for food producers to implement
traceability ensuring food safety and accountability of food
products all over the globe, and especially in the US.
According to Stuart Monger,
Finance Manager at MFC "Traceability is important to us here at
MFC. We want our customers to feel confident and be reassured they
are buying 100% Aussie Citrus. We have moved beyond the pilot phase
of the project to a full deployment this year as part of that
commitment, seeing the value gained throughout the pilot. We chose
Trust Codes Global (a New Zealand
based subsidiary of NASDAQ company VerifyMe, Inc.) because they
truly understood our needs, and they offered an integrated solution
with very strong machine learning capability."
The solution leverages the new GS1 Digital Link standards to
provide traceability through the supply-chain to the end consumers.
Logistics and retailers participate in the traceability program by
scanning the GS1 formatted QR code, and consumers are encouraged to
interact with engaging content, educational information and a game
that they can play and share on retailers' social media.
Adam Stedham, CEO of VerifyMe,
Inc. said "we are delighted that MFC has decided to deploy
traceability with Trust Codes Global. VerifyMe acquired Trust Codes
to vertically integrate its technology stack, brand protection, and
brand enhancement offerings into our Authentication Segment. Trust
Codes' deep domain expertise and product development in machine
learning and AI, and industry expertise in food, nutrition,
beverage and nutraceuticals, provides the capability to deliver
better outcomes to customers facing counterfeit, brand connection
and diversion issues."
Incorporating the Trust Codes Global world leading product cloud
into VerifyMe's Authentication services significantly elevates our
traceability offering. As a product offering, our clients now have
access to data-driven brand protection and standards-based
traceability out of the box. Trust Codes Global has a proven
platform, with customers like MFC who are leading the way in
traceability and GS1 2D barcode migration. We believe VerifyMe is
well positioned to lead North American and European customers along
the journey of complying with new traceability requirements.
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 brand
enhancement 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 "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 Precision Logistics 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.