SOURCE: Veritec, Inc.

Veritec, Inc.

April 08, 2010 07:00 ET

Veritec and First American Commercial Enterprises Sign Marketing Agreement to Bring Veritec's Blinx On-Off™ Debit Card Program and PhoneCodes Technology to Market

Debit Card Sponsor and Marketing Agent Introduces Veritec's Blinx On-Off™ Debit Card With the World's First and Only "On" and "Off" Feature for Mobile Phones

GOLDEN VALLEY, MN--(Marketwire - April 8, 2010) - Van Tran, CEO of Veritec, Inc. (OTCBB: VRTC), a pioneer and developer of proprietary two-dimensional matrix technology and developer of mobile banking debit card solutions, announced the signing of a marketing agreement with First American Commercial Enterprises, Inc., a Florida Corporation, to begin marketing its blinx On-Off™ card and PhoneCodes™ technologies. "First American Commercial, with its vast knowledge and experience in the debit and mobile banking platforms, is a great partner to bring our product to market," said Ms. Tran. First American Commercial Enterprises CEO Alan Ramer said, "We believe Veritec's patented and proprietary technologies will revolutionize the way mobile banking is done. The blinx On-Off™ card will provide consumers who do not use traditional banking services with security, control and peace of mind they do not have now. We are excited about the future with Veritec and believe their proprietary technology and security features will revolutionize the traditional credit and debit card market."

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. The blinx On-Off™ card features the ability to turn card use on and off, make real time money transfers, and to provide notifications of card use. Cardholders have security and convenience while traveling and managing their funds, as well as transferring amounts from card to card or account to account, in real time anywhere in the world. Veritec technology can be deployed on both a closed or open loop processing platform.

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 2-D barcodes. The company's portfolio of products includes its proprietary VeriCode® and VSCode® symbology, 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).

About First American Commercial Enterprises

First American Commercial Enterprises, Inc. and its founders have been involved in the electronic funds payments business for over 10 years and have provided clients with electronic payment platforms including representation of NSF checks, ACH transfer services, remote deposit under the Check 21 Act; along with merchant account processing and gift card services. It also provides sales, marketing, business development and consulting services to clients.

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
    Email Contact

    Alan Ramer, CEO
    First American Commercial Enterprises, Inc.
    310 909 8548

    2445 Winnetka Avenue No.
    Golden Valley, MN 55427
    www.veritecinc.com