VerifyMe restructuring slashes loss in Q3

VerifyMe reduced its quarterly loss by 78 percent year-over-year in Q3 from $1.8 million to $385,000 amid several positive developments for the company, according to its latest earnings report. A 15.3 percent decrease in operating expenses from the Q32016 allowed VerifyMe to exit the quarter with a cash balance of $0.8 million, compared to only $23,000 at the end of the 2016 fiscal year. Among significant moves in the quarter, VerifyMe signed a contract with HP Indigo in September to

VerifyMe names new CEO and elects new independent board of director members

VerifyMe, Inc. has named Patrick White its new CEO as well as elected several new independent members to the company’s board of directors. White, who has moved the corporate headquarters to Rochester, New York, has been working as an outside consultant to the company since June 1. He previously served as CEO and founder of Document Security Systems, Inc. from 2002 through 2012. “In the last year, I have vetted multiple offers to come back into the security industry and

VerifyMe launches developer portal

VerifyMe, Inc. has initiated the release of version 2.0 of its authentication solution by launching the VerifyMe Developer Portal for easy and direct access to VerifyMe’s application programming interfaces (API’s). VerifyMe’s version 2.0 platform offers fast and strong authentication of several attributes including geo-location, biometrics, knowledge factors and possession factors while VerifyMe’s API’s gives enterprise application developers the resources and support needed to integrate VerifyMe’s multi-factor authentication product. “The core strength of any platform lies in the abilities of developers

VerifyMe receives USPTO Notice of Allowance for biometrics patent

Authentication firm VerifyMe, announced today that it received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application U.S. 13/910,482 titled “‘Home’ Button With Integrated User Biometric Sensing and Verification System for a Mobile Device”. The patent covers the ability to use an optical sensor/scanner under the home button of a mobile device to verify the authenticity of the user and make available access to some or all of the contents of the device. “This

VerifyMe and EyeLock announce several appointments

VerifyMe announced that it has named Balu Ramamurthy the head of biometrics, optical and image processing areas, a role in which he will report directly to the chief technology officer. In this new role, Ramamurthy will contribute significantly to mobile authentication solutions. Prior to joining VerifyMe, Ramamurthy was a software consultant at ENT Matrix where he worked on the financial risk assessment team at Goldman Sachs in New York. Earlier in his career, Ramamurthy served as an algorithms and software

LaserLock completes recapitalization, appoints new senior executives, rebrands

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

LaserLock to provide multi-factor authentication solution to major financial advisor

LaserLock Technologies announced it has 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. This marks the second customer LaserLock Technologies has announced in less than a month, following the signing of a 10-year, $7 million contract with a Mexican gaming company for its VerifyMe Identity and authentication services. LaserLock has not released the name of the financial services advisory company, which will

LaserLock signs $7M contract with Mexican gaming company for biometric authentication service

LaserLock Technologies has announced that it has signed a 10-year, $7 million contract with a Mexican gaming company for its VerifyMe Identity and authentication services. “This is a new milestone in our fight to deliver viable, strong authentication technology to the marketplace and speaks volumes to the underlying technology that makes up VerifyMe,” Neil S. Alpert, CEO of LaserLock said. “The current system, in which passwords are so easily hacked and online and financial security so vulnerable, needs to be

LaserLock Technologies files provisional patent for verification system

LaserLock Technologies has filed a provisional patent applications for a Characteristic Verification System (CVS) which allows smart phones to simultaneously identify counterfeit products and protect against identity fraud. The CVS features LaserLock’s recently acquired VerifyMe biometric authentication technology, which powers this new system. According to the company, VerifyMe uses a variety of methods to quickly and accurately prove the identity of any human being. It can also uniquely serialize individual products allowing complete verification of provenance, pedigree and movement. LaserLock