Business
VerifyMe Closes $2 Million Financing and Eliminates All Variable Priced Convertible Debt
Cash Infusion Provides Growth Capital and Removes Risk from Balance Sheet ROCHESTER, NY / ACCESSWIRE / March 4, 2020 / VerifyMe, Inc. (OTCQB:VRME) ("VerifyMe"
About this update from Verifyme, Inc.
[{"type":"text","content":"Cash Infusion Provides Growth Capital and Removes Risk from Balance Sheet ROCHESTER, NY / ACCESSWIRE / March 4, 2020 / VerifyMe, Inc. (OTCQB:VRME) (\"VerifyMe\" or the \"Company\"), a digital technology solutions provider that markets invisible identifiers and codes for the prevention of counterfeiting and the authentication of labels, packaging and products, is pleased to announce that it has closed on a $2 million financing of fixed price convertible debentures and warrants.Part of the proceeds were used to eliminate all of the prior outstanding Convertible Notes, which were variable priced with no set floor price, and were convertible into common stock at a discount to market in mid-March 2020. The remaining proceeds will be used for general corporate working capital needs.VerifyMe's Board of Directors and Executive Management team participated in the financing.VerifyMe Chief Executive Officer Patrick White, commented, \"We are extremely pleased at the efforts of Carter Terry and Co. to bring in a new slate of well-known successful institutional and high net worth investors in this financing. This funding removed any market risk associated with convertible debt with variable rate pricing discount to market. That debt has been paid off and is no longer on the balance sheet.\"Mr. White, continued, \"The additional capital provided enables us to deliver on the continued demand for our digital technology solutions that provide identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. We expect that this growth in demand will extend throughout 2020 and beyond. This capital infusión, along with our previously announced sales and marketing efforts, are making progress towards providing the necessary liquidity and structural enhancements to allow the Company to grow and enhance shareholder value.\"The private placement was led by investment banker Carter Terry. Carter Terry is a full service Broker Dealer located in Atlanta, GA.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...