– SMX Expects Revenue Growth in 2023 –
NEW
YORK, June 14, 2023 /PRNewswire/ -- Security
Matters plc (Nasdaq: SMX) ("SMX" or "the Company"), a global leader
in transforming supply chain marking, tracking, and measuring
technologies, reports rapid growth in client adoption, across
multiple industries, of its proprietary technologies that allow
clients and end-users to see the entire history and composition of
materials, from virgin to recycled state, including how many times
it's been recycled. This allows clients to better manage
manufacturing challenges, address ESG concerns, and maintain
sustainable growth. The Company achieved 100% year-to-date
growth in commercialization due to increased adoption and
experimental program conversions. As a result, SMX expects revenue
growth in 2023.
"Our clients are experiencing significant improvements in how
they manage complex challenges, from ESG standards to escalating
regulatory scrutiny in their supply chain management," said SMX
Chief Executive Officer, Haggai Alon. "From fashion to natural
rubber to metals and minerals, SMX technology
enables companies to mark and digitize physical materials
onto a private blockchain platform. We are delivering clear, crisp,
and transparent data tracking to significantly assist our clients'
transition into a low-carbon economy."
Commercial Relationships
In late 2022 going into early 2023, SMX announced a commercial
relationship with Sumitomo Corporation, one of the world's
largest general trading companies (sōgō shōsha). The
relationship, with a target goal US$35
million in sales, enables Sumitomo to use SMX's special
security features to allow for the invisible labeling of nonferrous
metals with geographical origination and authentication
information, with the potential to be linked to blockchain
technology. This ensures ethical sourcing, recycling,
and reuse – a critical issue for the metals and mining
industry. SMX's commercial relationship with Sumitomo contributes
to the scaling of SMX's marker technology with stakeholders and
organizations within the US$1.3
trillion nonferrous metals market.
In March 2023, SMX announced a
commercial relationship with tire manufacturer Continental AG,
marking the first time that entire supply chain sustainability
tracking has been attempted for natural rubber. Over 90% of the
global natural rubber supply is limited to the world's most
threatened forests, an issue that is often overlooked and is now an
important issue for ESG-minded investors. Recently, Continental AG
committed to a 100% sustainable, carbon-neutral rubber supply chain
by 2050; SMX believes that its technology will be critical to that
effort. Continental AG's collaboration with SMX resulted in the
German tire company winning the Environmental Achievement of the
Year – Manufacturing award for successfully developing and
implementing SMX's marker technology in tires, creating the
foundation for greater transparency and traceability to the natural
rubber supply chain.
Additionally, this year SMX is expecting to extend
commercial relationships in the metals and mining industries,
including steel, gold, silver, and other metals. The Company's
latest collaboration, trueSilver, with Sunshine Minting, a partner
leading the effort to create standards for ethical sourcing.
trueSilver is being formed to create transparency along the entire
supply chain of the metals industry, from mine to finished product,
enabling the ability to know the entire provenance and history of
metals – including assurance of origin and the entire vaulting
history – to serve the fashion, banking, and manufacturing
industries. On June 7, 2023, SMX
entered into a 120-day exclusive commercial relationship with
Sunshine Minting, pursuant to which Sunshine shall evaluate the
Company's technology for its use, with possible further
collaborations thereafter.
SMX is also building on its success in the fashion industry,
where cotton is often specifically singled out as unethical and
unsustainable due to high water demands and poor working
conditions. SMX has been recognized for its ability to potentially
address many of the most serious ESG issues within the industry,
earning the company the 2023 Global Enabling Technology Leadership
Award from Frost & Sullivan. SMX's technology empowers clients
with its transparent, measurable, and tangible digital twin
platform, allowing clients to identify the origins and material
composition of raw materials and its packaging, thus enabling
clients to transition to a low-carbon, circular economy. SMX's
technology creates a single platform that allows brands to address
multiple ESG issues and create a culture of transparency and trust
while maintaining sustainable growth.
"SMX has made critical inroads in penetrating vital industry
segments and driving client adoption, and we expect the momentum to
continue," said Mr. Alon. "As with any innovation and technology
breakthrough, it takes time to adopt and integrate. We are now
seeing the beginnings of that adoption with clients
integrating our technology into their supply chain management."
About SMX
SMX integrates chemistry, physics, and computer science to give
materials memory and create a culture of transparency and trust
across multiple industries. The company's nearly 100 patents
support unique marking, measuring, and tracking technologies
allowing clients to seamlessly deploy transparency at all levels of
development and provide all stakeholders with a complete provenance
of material composition and history, from virgin material to
recycled, to address manufacturing challenges and ESG goals while
maintaining sustainable growth. As a result, SMX's technologies
help companies address ESG commitments and transition more
successfully to a low-carbon economy.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding expectations, hopes, beliefs,
intentions, or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast," "intends," "may," "will,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example:
successful launch and implementation of SMX's joint projects with
manufacturers and other supply chain participants of metals, steel,
rubber and other materials; changes in SMX's strategy, future
operations, financial position, estimated revenues and losses,
projected costs, prospects and plans; SMX's ability to develop and
launch new products and services; SMX's ability to successfully and
efficiently integrate future expansion plans and opportunities;
SMX's ability to grow its business in a cost-effective manner;
SMX's product development timeline and estimated research and
development costs; the implementation, market acceptance and
success of SMX's business model; developments and projections
relating to SMX's competitors and industry; and SMX's approach and
goals with respect to technology. These forward-looking statements
are based on information available as of the date of this press
release, and current expectations, forecasts, and assumptions, and
involve a number of judgments, risks, and uncertainties.
Accordingly, forward-looking statements should not be relied upon
as representing views as of any subsequent date, and no obligation
is undertaken to update forward-looking statements to reflect
events or circumstances after the date they were made, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws. As a result of a
number of known and unknown risks and uncertainties, actual results
or performance may be materially different from those expressed or
implied by these forward-looking statements. Some factors that
could cause actual results to differ include: the ability to
maintain the listing of the Company's shares on Nasdaq; changes in
applicable laws or regulations; the effects of the COVID-19
pandemic on SMX's business; the ability to implement business
plans, forecasts, and other expectations, and identify and realize
additional opportunities; the risk of downturns and the possibility
of rapid change in the highly competitive industry in which SMX
operates; the risk that SMX and its current and future
collaborators are unable to successfully develop and commercialize
SMX's products or services, or experience significant delays in
doing so; the risk that the Company may never achieve or sustain
profitability; the risk that the Company will need to raise
additional capital to execute its business plan, which may not be
available on acceptable terms or at all; the risk that the Company
experiences difficulties in managing its growth and expanding
operations; the risk that third-party suppliers and manufacturers
are not able to fully and timely meet their obligations; the risk
that SMX is unable to secure or protect its intellectual property;
the possibility that SMX may be adversely affected by other
economic, business, and/or competitive factors; and other risks and
uncertainties described in SMX's filings from time to time with the
Securities and Exchange Commission.
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