ROCHESTER, NY / ACCESSWIRE / October 11, 2019 / VerifyMe, Inc. (OTCQB:VRME), a digital technology solutions provider specializing in counterfeit prevention, authentication, serialization, track and trace features for labels, packaging and products, today announced that it has made progress with its strategic plan for future growth.
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In September 2019, VerifyMe announced that it had entered into two substantially identical securities purchase agreements with two institutional investors that provided for the issuance of up to $1.2 million in principal amount of debentures in two tranches. The Company completed the closing of the first tranche on September 19, 2019, and received aggregate net proceeds of $540,000. On October 10, 2019, the Company filed with the Securities and Exchange Commission a Registration Statement on Form S-1 with respect to a public firm commitment underwritten offering of $8 million of its securities. In addition, the Company expects to file an application for the listing of its common stock on The Nasdaq Capital Market. We cannot provide any assurance that we will complete the offering of any of our securities or that our common stock will be approved for listing by Nasdaq.
VerifyMe Chief Executive Officer Patrick White, commented, "With the closing of the first tranche of our bridge financing and the filing our Registration Statement on Form S-1, along with our previously announced sales and marketing efforts, we believe we are making progress towards providing the necessary liquidity and structural enhancements to allow the Company to grow and enhance shareholder value.
White continued, "We are gaining traction and experiencing increased demand for our digital technology solutions that provide identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. We expect that this growth in demand will extend into 2020 and beyond. We believe these are important milestone steps to enhance our growth as we continue to commercialize our products and services."
Recap of recent announcements demonstrating commercialization:
VerifyMe Awarded Initial Contract from Multi-Billion Dollar Global Consumer Products Company
View photos
In September 2019, VerifyMe announced that it had entered into two substantially identical securities purchase agreements with two institutional investors that provided for the issuance of up to $1.2 million in principal amount of debentures in two tranches. The Company completed the closing of the first tranche on September 19, 2019, and received aggregate net proceeds of $540,000. On October 10, 2019, the Company filed with the Securities and Exchange Commission a Registration Statement on Form S-1 with respect to a public firm commitment underwritten offering of $8 million of its securities. In addition, the Company expects to file an application for the listing of its common stock on The Nasdaq Capital Market. We cannot provide any assurance that we will complete the offering of any of our securities or that our common stock will be approved for listing by Nasdaq.
VerifyMe Chief Executive Officer Patrick White, commented, "With the closing of the first tranche of our bridge financing and the filing our Registration Statement on Form S-1, along with our previously announced sales and marketing efforts, we believe we are making progress towards providing the necessary liquidity and structural enhancements to allow the Company to grow and enhance shareholder value.
White continued, "We are gaining traction and experiencing increased demand for our digital technology solutions that provide identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. We expect that this growth in demand will extend into 2020 and beyond. We believe these are important milestone steps to enhance our growth as we continue to commercialize our products and services."
Recap of recent announcements demonstrating commercialization:
VerifyMe Awarded Initial Contract from Multi-Billion Dollar Global Consumer Products Company