VerifyMe reports $12M sales pipeline
01 October 2020 16:48 GMT

VerifyMe, a software technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, data mining, gave a corporate update this week.

The company reported a balance sheet and a solid cash position ($9.6 million cash position reported as of June 30, 2020)

"VerifyMe is in an excellent position to ramp its business with its strategic partners, existing clients and prospective new clients," said the firm.

"The Company’s high margined revenue demonstrates its strong business model’s ability to generate profitable growth. "

VerifyMe said its sales pipeline of opportunities is greater than $12 million, consisting of 50+ projects ranging in size from $60,000 to $6 million in anticipated annual sales, including a significant opportunity in the apparel industry.

"VerifyMe has also begun working with a large multi-billion distributor who is sourcing the development of an inkjet version of its ink taggant. This would allow for the expanded use of the Company’s technology to about 95% of the label and packaging industry not currently served now".

Patrick White, VerifyMe’s President and Chief Executive Officer, commented, “We have a lot of positive momentum in the business and are excited for what lies ahead over the next 12 months. We are focused on increasing sales with expanding our technology to new products and countries with current clients and targeting significant new brand owner clients. "