U.S. Government Taking Active Role in E-Commerce Anti-Counterfeiting
ROCHESTER, NY / ACCESSWIRE / January 29, 2020 / VerifyMe, Inc. (OTCQB:VRME), a digital technology solutions provider specializing in counterfeit prevention, authentication, serialization, track and trace features for labels, packaging and products, is pleased to announce that its invisible QR code system was granted a patent by the U.S. Patent & Trademark Office.
VerifyMe Chief Executive Officer Patrick White, commented, "This milestone is an important achievement for our Company, especially as the U.S. government and industries become more and more vigilant against counterfeit goods."
This was evident in last week's January 24 article in The Wall Street Journal - U.S. Targets E-Commerce Fakes. The article highlights the Trump administration targeting e-commerce operators with broader enforcement in effort to compel companies to help root out fakes. That day, the U.S. Department of Homeland Security issued a Report to the President of the United States entitled "Combating Trafficking in Counterfeit and Pirated Goods." The Report noted that counterfeiting erodes United States economic competitiveness and is a threat to national security. Among other things, we expect to see heightened enforcement from the federal government.
Mr. White noted that "While enhanced enforcement is a necessary and important step, we believe that our technology is an important step in solving this problem." Our proprietary and disruptive technology is the ideal solution to combat such counterfeits and strengthen brand protection. VerifyMe's invisible QR code system, granted patent by the U.S. Patent & Trademark Office, is a key element for its RainbowSecure marking systems and VeriPAS tracking and authentication system. It is instrumental for linking the Company's invisible ink to a smart phone. It's a dual authentication process where two codes are generated, with the second code being randomly generated and assigned in a secure cloud database to the first code. Both codes are generated into one image for printing, so there is no risk of the two images becoming out of sync. The authentication process involved printing the first code as visible and the second code as invisible, reading and decoding the first visible code, sending it to the cloud database, receiving back the randomly generated invisible code, reading and decoding the invisible code with a reading device, comparing the results to the cloud data and displaying on the reading device if the document with the codes is authentic or fake. This is the only such system on the market today.
The RainbowSecure marking system is the world's most advanced invisible covert serialization and authentication solution, deployed through variable digital printing on HP Indigo printing systems. Its system is comprised with integrated dual authentication and tracking with VeriPAS Software. Its Invisible Authentication Ink provides invisible marking and serialization solutions in stopping product diverters and counterfeiters in their tracks.
The VeriPAS tracking and authentication system utilizes the power of invisible decoding and verification in the field, for tracking and investigating product diversion and counterfeiting. It is smartphone-enabled for quick and easy checks in the field and powered by an advanced GS-1 compliant cloud-based track and trace software system. VeriPAS Mobile Authentication and Tracking combines the power of RainbowSecure invisible marking with cloud-based authentication and tracking.
About VerifyMe, Inc.
VerifyMe, Inc., is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. The company also markets multi-factor biometric verification solutions to verify people. VerifyMe's physical technology authenticates packaging, labels and documents with a suite of proprietary security inks and pigments, which work in conjunction with serialization and track-and-trace software. The company's digital technologies authenticate people by performing strong, multi-factor biometric verification via its patented digital software platforms. To learn more, visit www.verifyme.com
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Any statements contained in this release that are not historical facts are forward-looking statements, which involve uncertainty and risk. The words "believe," "may", "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" 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 the company's ability to work with partners in selling its technologies to businesses, production difficulties, our inability to enter into contracts and deals with future partners, and issues which may affect the reluctance of large companies to change their purchasing of products, acceptance of our technologies, the efficiency of our authenticators in the field and our patents including potential litigation. Further information on our risk factors is contained in our filings with the SEC, including the Form S-1/A filed on December 9, 2019 and the Form 10-K for the year ended December 31, 2018. 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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