Proactive Investors - Run By Investors For Investors

Namaste Technologies to broaden use of product markers

Australian-based YPB Group said Namaste will apply its authenticity product markers to all products on Namaste's e-commerce platforms
web
YPB markers are designed to provide certainty of authenticity

Namaste Technologies (CVE:N) (OTCMKTS:NXTTF) will broaden the use of YPB Group Ltd (ASE:YPB) product markers, which are designed to protect consumers from the health, safety and quality risks associated with counterfeit products. 

"We want to do the best by our consumers and brands by taking proactive measures to ensure the authenticity of the products we sell through our platform," said Meni Morim, CEO of Namaste Technologies in a news release. "We believe YPB has a strong solution and we expect that the connectivity and authenticity features will be welcomed as a value-add by our brand clients and consumers."

Product authenticity and consumer engagement solutions provider YPB Group in a statement Wednesday that its markers also provide greater market intelligence through consumer data captured through YPB's Connect platform.

READ: Namaste Technologies reaches settlement with ousted CEO Sean Dollinger, taps Branden Spikes as chairman

According to a statement, YPB will receive A$0.13 per product that is marked with its label solution and said other methods of marking are currently being developed, which will result in serialization of product packaging. The company said if the packaging is marked with a printed code, the price per product would be between A$0.01 and A$0.05.

"We are seeing a new level of consumer expectation that the products purchased are genuine, safe and socially responsible," said John Houston, CEO of YPB Group. "Brands are increasingly seeing the reputational and financial damage that results from counterfeit products. It is great to see that the e-commerce platforms are taking the initiative to herald this new age, and YPB believes that it is exceptionally well-placed with the world's leading product authenticity technologies."

YPB solution has advantages 

The move by Namaste follows another globally significant precedent set by e-commerce giant, Amazon, which mandated anti-counterfeit markings on all products sold through its platforms.

According to YPB Group, its solution has "distinct advantages over that announced by Amazon in terms of price, access the brand will have to data and importantly YPB's solution can be read by any smartphone without the need for an APP."

Shares of Namaste Technologies were up 1% at C$1.14 on Wednesday. 

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full N profile View Profile

Namaste Technologies Inc Timeline

Related Articles

1537236236_main-better-use.jpg
September 17 2018
The company is utilising technology and big data to tackle the growing healthcare crisis and personalise treatment options for preventative care.
Callitas CEO James Thompson
July 20 2018
CannaStrips will generate near-term revenue, while the company’s blue-sky pharmaceutical assets and orphan drug are solid, long-term plays
young girl with allergy
April 29 2019
The sell-off that followed the recent disappointment of Allergy’s PQ Birch jab means now might be a good time to invest, according to City broker finnCap
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use