Company turnaround well underway with several key agreements signed with major corporations, creating pathway for revenue growth during FY18
Announces Removal of Auditor's "Going Concern" Opinion from Its 2017 Form 10-K
Non-GAAP Adjusted EBITDA Improves 38%
ROCHESTER, N.Y., April 17, 2018 /PRNewswire/ -- VerifyMe, Inc. (OTCQB: VRME), a technology solutions company that markets proprietary products that provide identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging, products, people and financial transactions, announced Fiscal Year 2017 results and that the going concern paragraph has been removed from its audit opinion contained in its filing of Form 10-K for the year ended December 31, 2017.
"Having the going concern issue removed from our audit opinion for the first time in the company's history is a significant accomplishment further affirming VerifyMe's successful transformation to a well-funded technology service provider," noted Patrick White, Chief Executive Officer. "Having the stigma of the going concern opinion removed restores confidence, not only in our stockholders, but also in the capital markets, customers and investing public in general. The Board is committed to maintain a solid financial foundation. We remain absolutely focused in executing our long-term strategy to grow the Company," further remarked Mr. White.
Recent Highlights (subsequent to the end of Fiscal Year 2017)
- Signed technology licensing agreement with a NASDAQ listed leading global label solution provider;
- Appointed Mr. Carl E. Berg, a renowned investor and businessman to the board of directors;
- Appointed Mr. Jay Cardwell as the Company's Chief Financial Officer;
- Announced reseller agreement with NYSE listed Micro Focus for global product authentication software cloud services;
- Entered into a global strategic sales, marketing and support partnership with S-One Labels & Packaging, a division of S-One Holdings Corporation;
- Signed Technology Licensing Agreement with Intelligent RFID Packaging Solutions Provider eAgile
Fiscal Year 2017 Highlights
- Entered into a major, global 5-year contract with HP Indigo in September 2017, which enables HP Indigo to enable its worldwide 6000 model machines to print with VerifyMe's RainbowSecure™ inks
- Restructuring and recapitalization plan implemented with substantial cash invested by newly appointed members of the Company's board of directors
- Appointment of Patrick White as President and Chief Executive Officer, former American Bank Note executive officer, Keith Goldstein as Chief Operating Officer and Sandy Fliderman as Chief Technology Officer.
- Our financial statements are no longer subject to a 'Going Concern' opinion for the first time in seven years; due to a strengthening of the Company's current balance sheet.
- Operating expenses lower by 24.3% compared to Fiscal Year 2016;
- Operating losses for Fiscal Year 2017 was $2.8 million compared to $3.7 million for Fiscal Year 2016;
- Cash balance at the end of December 2017 was $693,001 compared to $22,644 at the end of Fiscal Year 2016; (April 16th, 2018 cash position = $2.3 million)
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