VRME - VerifyMe subsidiary enters into a $2M term loan agreement and a $1M line of credit

• VerifyMe ( NASDAQ: VRME ) with its wholly owned subsidiary PeriShip Global 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 $1M revolving line of credit with a term of one-year, expiring in Sept. 2023.
• The debt facility also includes a four-year term loan for $2M which matures in Sept. of 2026.
• Also on Sept. 22, 2022, PeriShip paid in full the $2M principal amount promissory note issued to the seller in connection with the PeriShip acquisition for $1.8M.
• "We are very pleased with our new banking agreement with PNC Bank which provides us more flexibility to execute our long-term growth strategy." said Patrick White, CEO.

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