VerifyMe, Inc. (NASDAQ:VRME) Q3 2023 Earnings Call Transcript

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Jeff Porter: Thanks. That’s all I have.

Adam Stedham: Thank you.

Operator: And our next question comes from [indiscernible]. Please go ahead with your question.

Unidentified Analyst: Good morning. Thank you.

Nancy Meyers: Good morning.

Unidentified Analyst: There was — you had an announcement September 5th — about the September 11th to 13th, where you had showing Las Vegas with Amkor. One, is that something new your relationship to Amkor? And how did that go?

Adam Stedham: So, great question. The relationship with Amkor is new in that it really came in through the Trust Codes acquisition. And I think it went very well. We met with multiple Amkor customers. And if you look at what we’re trying to do from an overall strategy, Amkor is the largest packaging company in the world. And so they’re looking to provide a relatively simplistic easy-to-use process for their customers to meet traceability requirements. And so our goal is to enable them to serve their customers by leveraging our technology and a relationship with us. That’s beneficial to us, because we get the extension of the size of their sales force and the leverage of a company of their size. And the Amkor relationship is part of a broader strategy that we have.

There’s, many, many companies in the packaging space, in the retailing space that are looking to provide a way to help their customers deal with traceability requirements that are coming into play. And so our strategy is to enable them to efficiently and effectively pass on our solution to their customers in a way that’s profitable to them and us and serves their customers well and will enable their customers to meet those traceability requirements. So no, it was a good conference, positive things coming out of it. And we just have to allow those sales cycles to go through the process.

Unidentified Analyst: That’s their salespeople doing the selling or?

Adam Stedham: It’s a combination of both their salespeople have relationships with their customers and their customers have these needs. And then we would use — our salespeople and our technology folks would be — would talk to their customers and help their customers understand how our technology integrated into Amkor’s Solutions will meet Amcor’s customers’ needs.

Unidentified Analyst: Okay. Sounds good, I mean, they are a very big company. So good luck. Thank you.

Adam Stedham: Thank you.

Operator: And ladies and gentlemen, with that, we’ll be concluding today’s question-and-answer session. I’d like to turn the floor back over to management for any closing remarks.

Adam Stedham: Well, thank you. As we said, we’re pleased with the quarter. It’s a step in the right direction. It’s one step along a long journey, but we think it’s a long journey that’s going to be exciting for the company, exciting for our customers and exciting for the shareholders. And so I look forward to speaking with you, as I said, about every other month for the next several months, keeping you updated on all of our progress. So thank you for joining.

Operator: Ladies and gentlemen, with that, we’ll conclude today’s conference call and presentation. We thank you for joining. You may now disconnect your lines.

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