VerifyMe subsidiary enters into $2 million term loan agreement and $1 million line of credit with PNC Bank and repays $2.0 million promissory note from PeriShip acquisition


ROCHESTER, NY, September 27, 2022 /PRNewswire/ — Check Me, Inc.. (NASDAQ: VRM) (“VerifyMe”, “we”, “us” or the “Company”), together with its wholly owned subsidiary PeriShip Global LLC (“PeriShip”), provides brand owners with time and temperature sensitive logistics, supply chain monitoring, authentication and data-rich consumer engagement, today announced that PeriShip has entered into a new credit facility with PNC Bank, National Association and repaid all principal and interest outstanding on the promissory note issued in connection with the acquisition of PeriShip.

VerifyMe Logo (PRNewsfoto/VerifyMe, Inc.)

The new credit facility includes a $1 million revolving line of credit with a term of one year, expiring in September 2023. The revolving line of credit has no scheduled repayments of principal until maturity and bears interest per annum at a rate equal to the sum daily SOFR plus 2.85%. The credit facility also includes a four-year term loan for $2 million which matures in September 2026. The term loan bears interest per annum at a rate equal to the sum of the daily SOFR plus 3.1%. The Revolving Line of Credit and the Term Loan are guaranteed by the Company and secured by the assets of PeriShip and the Company.

Also on September 22, 2022PeriShip paid in full the $2.0 million principal amount promissory note issued to the seller in connection with the acquisition of PeriShip for $1.8 millionincluding the repurchase by the Company of 61,000 common shares from the seller, in which case the guarantee agreement entered into by the Company in this respect was automatically terminated and has no further effect.

“We are very pleased with our new banking agreement with PNC Bank which gives us more flexibility to execute our long-term growth strategy. This facility gives us the ability to repay our $2 million obligation to the seller of Periship, LLC at a discount and replace it with a 4-year reasonable interest rate obligation. We look forward to developing an expanded relationship with PNC Bank,” said Patrick White, CEO.

Caution Regarding Forward-Looking Statements

This current report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “may”, “continue”, “intend”, “could” , “seems,” “provides,” “expects” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our expectations. and current projections regarding future events and financial trends that we believe could affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those set forth in forward-looking statements include the impact of the COVID-19 pandemic, our dependence on our strategic partner, the successful development of our cap sales and marketing acies, the successful integration of our acquisitions (including the acquisition of the assets of PeriShip, LLC), our ability to retain key management personnel, our ability to work with partners to sell our technologies to companies, production difficulties, our inability to enter into contracts and arrangements with future partners, issues which may affect the reluctance of large companies to change their product purchases, the acceptance of our technologies and the effectiveness of our authenticators in the field. These risk factors and uncertainties include those described in more detail in VerifyMe’s annual report and quarterly reports filed with the Securities and Exchange Commission, including under the heading “Risk Factors”. Should one or more of these risks or uncertainties materialize, or should one of our underlying assumptions prove incorrect, actual results could differ 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 arise from time to time and it is impossible 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 required by law.

About VerifyMe, Inc.

VerifyMe, Inc. (NASDAQ: VRME), is a technology solutions provider specializing in products that connect brands to consumers and, through our wholly-owned subsidiary, PeriShip Global, LLC, provides brands with highly tactile end-to-end logistics. for their products. We provide logistics management from a sophisticated IT platform with proprietary databases, package and flight tracking software, weather and flight status monitoring systems, and Dynamic dashboards with real-time visibility into shipment transit and last mile events. Additionally, VerifyMe technologies give brand owners the ability to collect business intelligence while interacting directly with their consumers. VerifyMe technologies also provide brand protection and supply chain functions such as counterfeit prevention, authentication, serialization, and track and trace functions for labels, packaging, and products. For more information, please visit: .



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