NEW YORK, May 26, 2016 (GLOBE NEWSWIRE) -- VerifyMe, Inc. (OTCQB:VRME), a pioneer in patented physical, cyber and biometric technologies that prevent identity theft, counterfeiting and fraud, and Hewlett-Packard Indigo, Ltd., ("HP Indigo") a global printing technology leader, announced today that they have signed a Memorandum of Understanding (MOU) whereby the companies will incorporate VerifyMe’s pigment products with HP Indigo's ElectroInk to create a new product, Security-ElectroInk, to be used for authentication and anti-counterfeiting.
Security-ElectroInk will be marketed and sold globally by VerifyMe to HP Indigo customers, along with VerifyMe’s readers and authentication tools that can be used in conjunction with Security-ElectroInk. Both companies will provide support to HP Indigo customers that use Security-ElectroInk on HP Indigo's digital printing presses.
VerifyMe has begun showcasing Security-ElectroInk as a vendor in HP Indigo’s stands at major printing industry trade shows in the USA, Israel, and Europe to include exhibiting at DRUPA, the world's largest printing show in Dusseldorf, Germany early June. The first Security-ElectroInk product showcased at the trade shows was a sample pharmaceutical carton, produced by HP Indigo. VerifyMe estimates that over 2,000 HP Indigo customers attended these events.
“The integration of VerifyMe’s proprietary technology with HP’s industry leading ElectroInk creates a powerful combination that delivers high quality commercial digital printing with robust fraud prevention, authentication and brand security. Working with HP Indigo, we are qualifying target companies to commence initial pilots with HP commercial customers,” stated Thomas A. Nicolette, President and Chief Executive Officer of VerifyMe.
“Packaging across many industries, particularly for pharma products, is an area of demand for security and anti-counterfeiting applications. Pharma companies can increase product safety and brand protection by investing in packaging and printing, which assures the supply chain and consumers that their drug or product is authentic. With Security-ElectroInk, we will be addressing this sizeable and growing market opportunity,” Nicolette added.
The global cost of counterfeit goods reached more than $1.7 trillion in 2015, according to the International Chamber of Commerce, and is growing rapidly.
VerifyMe’s patented anti-counterfeiting pigment technology can be seamlessly integrated into the digital printing process to produce visible and invisible marks, which enables two levels of authentication. First, consumers are able to see the patented ink without any specialized equipment. Second, manufacturers can use customized devices to view characteristics of non-visible pigments to support their supply and distribution chain security.
About VerifyMe, Inc.
VerifyMe, Inc., is a high-tech solutions company in the field of authenticating products and people. VerifyMe’s physical technology authenticates products, documents and currency with a suite of proprietary security inks and pigments. It markets a broad patent portfolio that includes patents for protecting material goods, products and packaging. The company’s digital technology authenticates people by performing strong, multi-factor verification via its patented digital platform. To learn more, visit www.verifyme.com
Forward-Looking Statements
This press release includes "forward-looking statements," which may be identified by words such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our ability to raise additional capital, our limited revenues generated to date, our ability to attract and retain qualified personnel, the ability to successfully develop licensing programs and generate business, rapid technological change in relevant markets, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments, intense competition with larger companies, general economic conditions, and other factors set forth described in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC on March 30, 2016. VerifyMe (formerly known as LaserLock Technologies) expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.