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 January 9, 2018, VerifyMe, Inc. (the “Company”) entered into a Consulting Services Agreement with the CFO Squad LLC (the “CFOS”). to the terms of the Consulting Services Agreement, CFOS will provide the Company with outsourced chief financial services, accounting and pre-audit services for $4,000 per month.
On January 11, 2018, in connection with the Consulting Services Agreement, the Company appointed Mr. James S. Cardwell as Chief Financial Officer (“CFO”), on a part-time basis. Under a one-year Consulting Agreement, Mr. Cardwell will receive a $1,000 signing bonus and will be compensated at an annual rate of $12,000, per year, payable in equal monthly amounts. Since July 2015, Mr. Cardwell has been the Chief Operating Officer of CFOS and has assisted companies with SEC financial reporting and tax compliance. Mr. Cardwell is a certified public accountant in New York. From June 2011 to January 2015, Mr. Cardwell was CFO of S2BN Entertainment.
Due to health issues, Mr. Vasan Thatham is no longer continuing to perform services as the Company’s CFO. The Company provided Mr. Thatham with the required 60 days’ notice of termination in Mr. Thatham’s Consulting Agreement.
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.