Verify Smart Corp (OTCMKTS:VSMR) Stock On The Radar After Expansion of Board of Directors
This morning, investors are expected to take a closer look into those companies that were in the news cycle on Tuesday. There were many companies that had made it to the headlines, and one of those was Verify Smart Corp. (OTCMKTS:VSMR).
The company, which is a worldwide leader in innovative solutions and services, announced yesterday that it had increased the number of members on its board by four seats. The move had initially been approved by the existing directors of the company in a special meeting of the board that took place on September 19, 2023.
Later on, the resolution was approved unanimously by the company’s shareholders at the annual shareholder meeting that was held on September 20, 2023, in Mahwah, New Jersey. In its press release, the company noted that it was a reflection of the shared commitment of the existing board and the shareholders to boost the governance and strategic capacities of the board of directors at Verify Smart.
Additionally, it highlighted the commitment of the company towards stronger corporate governance, adding diversity of view to the board, and positioning Verify Smart for both growth and innovation. The objective of the four new board seats is to bring new insights and help the company take its strategic programs further forward.
The President and Chairman of the Board of the company, Tony Cinotti, spoke about the move as well. He called it a momentous occasion for the company. He went on to note that the decision from the board of directors and the vote from the shareholders reflected the collective ambition for growth. He added that he looked forward to the positive impact that the new board members would have on Verify Smart.
On May 2, the company was in the news after it announced that it had inked a letter of intent for the purpose of establishing a strategic partnership with Stewart IT Services, a leading information technology consulting and solutions firm based out of Canada that had been in business since 1989. In its news release, the company noted that the collaboration would help in the creation of a synergy that would boost not only the growth but also the service portfolios of both entities.
It was further noted that the collaboration would also result in considerable portfolio growth and regional expansion, while also helping with the launch of a certification program meant for Canadian firms. The letter of intent bore the plans by way of which Verify Smart would help in the expansion of the portfolio by cashing in on the innovative solutions and experienced employees at Stewart IT Services.
Crucially, the move would also help the company set up a position in Canada. It is expected to lay a strong foundation for defending any patent infringement cases stoutly, and in turn, that would lead to the strengthening of the company’s intellectual property rights given its status as the worldwide license owner of the MFA technology plant.