SOURCE: Veritec, Inc

Veritec, Inc

April 06, 2010 07:00 ET

Veritec Enters Marketing Contract With iNet Team to Bring Its blinx ON-OFF™ Debit Card Program to the Market

Debit Card Marketing Agent Introduces Veritec's blinx ON-OFF™ Debit Card Program With the World's First "On" and "Off" Feature Using a Mobile Phone

GOLDEN VALLEY, MN--(Marketwire - April 6, 2010) -  Veritec, Inc. (OTCBB: VRTC), a pioneer and developer of proprietary two-dimensional matrix technology and developer of mobile banking debit card solutions, today announced the signing of a marketing agreement with iNet Team, a Wyoming Corporation located in Laguna Hills CA, to market its blinx ON-OFF™ Card to a large "under-banked" population.

Veritec's mobile banking software platform processes debit, pre-paid and gift cards solutions to debit card issuers and sponsoring organizations. Under the MTC™ and blinx ON-OFF™ Card Programs, card issuers and sponsors may provide Veritec's private branded debit or gift cards to individuals with or without an acceptable credit history. With the blinx ON-OFF™ card features that allow card toggling on/off, real time money transfer, and card activities notifications, cardholders have security and convenience while traveling, managing funds, and transferring money from card to card or account to account in real time anywhere in the world. Veritec's instant issued MTC™ and blinx ON-OFF™ Card Programs on Veritec's mobile banking platform are connected to Security First Bank of Fresno, California.

About Veritec, Inc., VTFS

Veritec, Inc. is a pioneer and developer of proprietary two-dimensional matrix technology. The company's portfolio of products includes its proprietary VeriCode® and VSCode® 2D matrix symbology solutions, BioID - VSCode® multi-purpose card solutions, and suite of products known as PhoneCodes™ for delivering electronic tickets, coupons and gift cards to mobile devices (www.veritecinc.com). Veritec Financial Systems, Inc. is a wholly owned subsidiary of Veritec, Inc. VTFS develops and licenses mobile banking debit, gift and prepaid card solutions and serves as a third party processor to banks for debit card transactions on the company's mobile banking platform (www.vtfs.com) and (www.blinxcard.com).

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason unless otherwise required to do so by SEC Regulations.

Contact Information

  • Veritec Contact:
    Van Tran, CEO
    2445 Winnetka Avenue North
    Golden Valley, Minnesota 55427
    Telephone: 763-253-2670
    Fax: 763-253-0503
    Email Contact

    2445 Winnetka Avenue No.
    Golden Valley, MN 55427
    (763) 253-2670; Phone
    (763) 253-0503; Fax
    www.veritecinc.com