VerifyMe, Inc.'s Subsidiary PeriShip Global LLC Enters into a New Debt Facility with PNC Bank, National Association
September 27, 2022 at 08:02 am EDT
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VerifyMe, Inc. announced that PeriShip has entered into a new debt facility with PNC Bank, National Association and repaid all outstanding principal and interest on the promissory note issued in connection with the PeriShip acquisition. The new debt 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 payments of principal until maturity, and bears interest per annum at a rate equal to the sum of Daily SOFR plus 2.85%.
The debt facility also includes a four-year term loan for $2 million which matures in September of 2026. The term loan incurs interest per annum at a rate equal to the sum of Daily SOFR plus 3.1%. The revolving line of credit and term loan are guaranteed by the Company and secured by the assets of PeriShip and the Company.
VerifyMe, Inc. together with its subsidiaries, PeriShip Global, LLC (PeriShip Global) and Trust Codes Global Limited (Trust Codes Global), is a traceability and customer support services provider using specialized software and process technology. Its segments include Precision Logistics and Authentication. The Precision Logistics and Authentication segments provide specialized logistics for time-and-temperature sensitive products, as well as item level traceability, anti-diversion and anti-counterfeit protection, brand protection and enhancement technology solutions. The Precision Logistics segment specializes in predictive analytics for optimizing delivery of time and temperature- sensitive perishable products. The Precision Logistics segment includes bundled services, such as PeriTrack, Service Center, Pre-Transit Service, Post-Delivery, and Weather/Traffic Service. The Authentication segment specializes in traceability to connect brands with consumers through their products.
VERIFYME, INC. 
