VerifyMe, Inc. (OTCMKTS:VRME) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
On August 16, 2017, VerifyMe, Inc. (the “Company”) appointed Mr. Vasan Thatham as Chief Financial Officer on a part-time basis, effective August 17, 2017, replacing Mr. Scott A. McPherson. Under a one-year Consulting Agreement, Mr. Vasan will be compensated at an annual rate of $48,000, per year, payable in equal monthly amounts. The Company and Mr. Vasan agreed to review Vasan’s compensation 120 days from its effective date. For the past five years Mr. Vasan, 59 has been an independent consultant, advising and assisting clients in: business plan development, strategic planning, and setting up accounting and business systems. In addition, he was Vice President at Taurus Quest, a company engaged in outsourced management of accounting processes, and other back office services between September 2013 and July 2015.
About VerifyMe, Inc. (OTCMKTS:VRME)
VerifyMe, Inc., formerly LaserLock Technologies, Inc., operates in the anti-counterfeiting industry. The Company offers security solutions for identification and authentication of people, products and packaging in a range of applications in the security field for both digital and physical transactions. Its products are used to manage and issue secure credentials, including national identifications, passports, driver licenses and access control credentials, as well as authentication security software to secure physical and logical access to facilities, computer networks, Internet sites and mobile applications. Its digital technologies involve the utilization of multiple authentication mechanisms, some of which it owns and some of which it license. These mechanisms include biometric factors, knowledge factors, possession factors and location factors. The Company’s solutions allow the assessment and quantification of risk using a scoring mechanism.