LAKE
MARY, Fla., Nov. 26,
2024 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ:
VRME) ("VerifyMe," "we," "our," or the "Company") provides brand
owners time and temperature sensitive logistics, authentication,
anti-counterfeiting, and brand enhancement services, announced
today that the Company's board of directors (the "Board") approved
an extension of its share repurchase plan.
The Board has approved an extension to the expiration date of
the 2024 Share Repurchase Authorization to December 31, 2025. The Company may repurchase up
to $500,000 of shares of our common
stock from time to time as market conditions warrant, subject to
legal considerations. The Company may also repurchase shares
under a Rule 10b5-1 compliant trading plan. The share buyback
authorization does not oblige the Company to acquire any specific
number of shares in any period or at all, and may be modified,
suspended or discontinued at the discretion of the Board at any
time. Purchases may be made on the open market, through block
trades and in privately negotiated transactions. The
repurchases will be funded from cash generated from operations. The
repurchases will be made at management's discretion while
maintaining sufficient liquidity to invest in strategic growth
initiatives.
Adam Stedham, President and CEO
of VerifyMe said: "I am pleased with the operational efficiencies
we have created within PeriShip. I believe we have
significant opportunity to deliver shareholder value through
organic and strategic initiatives. The Company wants to have all
capital allocation options available to ensure we can optimize both
our short and long-term shareholder value creation. I am pleased to
see the Board's continuing commitment to ensuring the company has
the resources to fully execute on our strategy."
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME)
provides brand protection and brand enhancement solutions. The
company operates an Authentication Segment and a Precision
Logistics Segment to provide anti-diversion and
anti-counterfeit protection, brand protection and enhancement
solutions, as well as specialized logistics for time and
temperature sensitive products. VerifyMe serves customers
worldwide. To learn more, visit www.verifyme.com.
Cautionary Note Regarding Forward-Looking
Statements
This release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 including statements regarding the Company's
share repurchase plan and its ability to provide value to customers
and its shareholders. The words "believe," "can," "continue,"
"may," "will," 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 our engagement in future
acquisitions or strategic partnerships that increase our capital
requirements or cause us to incur debt or assume contingent
liabilities, our reliance on one key strategic partner for shipping
services in our Precision Logistics segment, competition including
by our key strategic partner, seasonal trends in our business,
sever climate conditions, the highly competitive nature of the
industry in which we operate, our brand image and corporate
reputation, impairments related to our goodwill and other
intangible assets, economic and other factors such as recessions,
downturns in the economy, inflation, global uncertainty and
instability, the effects of pandemics, changes in United States social, political, and
regulatory conditions and/or a disruption of financial markets,
reduced freight volumes due to economic conditions, reduced
discretionary spending in a recessionary environment, global
supply-chain delays or shortages, fluctuations in labor costs, raw
materials, and changes in the availability of key suppliers, our
history of losses, our ability to use our net operating losses to
offset future taxable income, the confusion of our name brand with
other brands, the ability of our technology to work as anticipated
and to successfully provide analytics logistics management, the
ability of our strategic partners to integrate our solutions into
their product offerings, our ability to manage our growth
effectively, our ability to successfully develop and expand our
sales and marketing capabilities, risks related to doing business
outside of the U.S., intellectual property litigation, our ability
to successfully develop, implement, maintain, upgrade, enhance, and
protect our information technology systems, our reliance on
third-party information technology service providers, our ability
to respond to evolving laws related to information technology such
as privacy laws, our ability to retain key management personnel,
our ability to work with partners in selling our technologies to
businesses, production difficulties, our inability to enter into
contracts and arrangements with future partners, our ability to
acquire new customers, issues which may affect the reluctance of
large companies to change their purchasing of products, acceptance
of our technologies and the efficiency of our authenticators in the
field, our ability to comply with the continued listing standards
of the Nasdaq Capital Market, and our ability to
timely pay amounts due and comply with the covenants under our debt
facilities. These risk factors and uncertainties include those more
fully described in VerifyMe's Annual Report and
Quarterly Reports filed with the Securities and Exchange
Commission, including under the heading entitled "Risk Factors."
Should one or more of these risks or uncertainties materialize, or
should any of our underlying assumptions prove incorrect, actual
results may vary materially from those currently anticipated. 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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SOURCE VerifyMe, Inc.