The twenty-million sproxil verification point marks a company milestone as we expand our efforts to help brand owners combat counterfeited goods from reaching the consumer. We have seen an accelerated rate of sproxil verifications over the past year which not only indicates our growth, but also the importance to brand owners and manufacturers that end-consumers are verifying that they are purchasing a genuine product. Fake products are often lower in quality and can cause human life-safety issues.
Counterfeited products are recognized as a multi-billion-dollar problem to brand owners and manufacturers around the globe. Our product verification technology is used by the consumer to verify that the product they are purchasing is genuine. Counterfeited goods can destroy the integrity of a brand, can have an impact on human safety and has led to the loss of hundreds of thousands of jobs. Our products can be used by virtually all industries, all of whom face similar counterfeit and comprised product concerns.