June 22, 2015 -
LaserLock Technologies, Inc. announced it has restructured its company, including the completion of recapitalization, appointing new senior management team, acquiring fundamental technology, and is in the process of changing its name to VerifyMe and ticker symbol to VRFY.
The company has named key members of its senior management team, including Paul Donfried as the new CEO, Sandy Fliderman as chief technology officer and Jennica Hawkins as vice president of sales.
“We are pleased to announce the restructuring. Our digital and physical authentication solutions are simple to implement, have never been compromised and provide clients with both low cost and flexibility,” says Donfried. “Our new management team is focused on creating shareholder value through fulfillment of existing revenue generating customers and aggressively closing deals with our formidable pipeline.”
LaserLock has signed a deal to acquire the patent portfolio and underlying technology behind its flagship cyber authentication product, VerifyMe, including patents for authentication mechanisms including biometrics, liveness detection, duress detection, privacy protection and risk scoring processes.
Before closing the acquisition, VerifyMe had licensed the technology to LaserLock.
Additionally, LaserLock had substantial debt, accounts payable and license payment obligations prior to completing the recapitalization.
The company has signed a deal with certain holders of its previously outstanding notes, as well as the licensor of the cyber authentication technology, converting all outstanding debts and license payments into shares of common stock.
As a result, the company now has nearly no debt and is the sole owner of the VerifyMe technology.
Simultaneously with the recapitalization, LaserLock raised $1.5 million in a series of private placement transactions in exchange for shares of common stock. Warrants to purchase shares of common stock were not issued as a part of this transaction.
Prior to the recapitalization, the board of directors and the holders voted in favor of a reverse stock split in an effort to consolidate and simplify the company’s capital structure, increase its per share market price, make its stock available to a broader group of investors and enable the company to seek listing of its common stock on a senior exchange in the future.
Once it is effective, every 85 shares of common stock outstanding will automatically combine into one new share of common stock.
This will have no impact on the value of each share, but will reduce the total outstanding shares of common and preferred stock to about 7.11 million.
Finally, LaserLock is in the process of changing its name to VerifyMe, Inc. which is all part of a broader rebranding initiative to better align the company’s name with its future strategy and near-term product roadmap.
The company said it expects the reverse stock split and name change will be effective on or about July 15.
Additionally, the company has reserved the ticker symbol “VRFY” with the OTC Bulletin Board and expects to start trading under the new symbol in July.
In the meantime, the company’s common stock will continue to trade on the OTCBB under the symbol “LLTI.”
Previously reported, LaserLock Technologies signed a deal to license its VerifyMe Identity Services platform to a major financial services advisory company, which regularly updates holdings from thousands of institutions nightly.