Identity Services and anti-counterfeiting firm LaserLock has announced a major restructuring that will soon see the company named VerifyMe after its flagship biometric identification solution.The restructuring has already seen Paul Donfried named Chief Executive Officer of the company, Sandy Fliderman join as chief technology officer and Jennica Hawkins join as vice president of sales.”We are pleased to announce the restructuring. Our digital and physical authentication solutions are simple to implement, have never been compromised and provide clients with both low cost and flexibility,” says Paul Donfried, Chief Executive Officer.”Our new management team is focused on creating shareholder value through fulfillment of existing revenue generating customers and aggressively closing deals with our formidable pipeline.”It has also completed a recapitalization in which the company finalized the appointment of a new senior management team, acquired fundamental technology, completed a capital raise, and retired outstanding debt.Meanwhile, LaserLock has reached an agreement to acquire the patent portfolio and underlying technology behind its flagship cyber authentication product, VerifyMe. Prior to closing the acquisition, VerifyMe had licensed the technology to LaserLock. The portfolio includes patents for authentication mechanisms including biometrics, live-ness detection, duress detection, privacy protection and risk scoring processes.”As the world moves beyond password and 2-factor authentication, our digital platform delivers military grade authentication (NIST),” said Sandy Fliderman, Chief Technology Officer. “It offers the most secure alternative for authenticating human beings.”The company adds that a reverse stock split intends to consolidate and simplify the company's capital structure, increase its per share market price, making the company's stock available to a broader group of investors and enabling the company to seek listing of its common stock on a senior exchange in the future.”The name change is part of a re-branding initiative to better align the company's name with its future strategy and near-term product roadmap”.

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