SOURCE: Veritec, Inc

October 25, 2010 07:00 ET

Veritec Awarded Patents From China and South Africa

GOLDEN VALLEY, MN--(Marketwire - October 25, 2010) -  Veritec, Inc. (PINKSHEETS: VRTC) today announced that it has been awarded two patents from the Peoples Republic of China and the Republic of South Africa. These two patents advance the fields of secure and customer friendly financial transactions using financial cards and mobile phone methods.

Peoples Republic of China Patent No.: ZL200580041100.8 - SECURE CARDS AND METHODS

Van Thuy Tran, Executive Chair of Veritec, Inc., states, "Veritec is building a very strong portfolio of Intellectual Property in the financial transaction market. As the market transitions form using plastic cards to mobile electronic devices to facilitate personal financial transactions, Veritec will be a leader in technology used for the legacy card methods and the newer mobile phone methods. I am very excited about the future where our products will make financial transactions more secure, helping to prevent fraud while at the same time being quick and easy to use. Veritec continues to aggressively build technology that will be the corner stone of secure identification and financial transactions while reducing complexity and costs."

Founded in 1982, Veritec offers a patented line of encoding and decoding software products that utilize the 2-D Matrix Symbology, which allows users to create, apply, store, or transmit unique identifiers directly on the products or to an electronic device in the form of a coded matrix symbol, which enables automated manufacturing control, as well as identification, tracking, and collection of data via cameras, mobile phones, readers and scanners. The collected data can then be stored in the 2-D barcode available for contemporaneous verification or other user-definable purposes. Veritec's 2-D Matrix Symbologies, the VeriCode® and VSCodes®, with its incredible robustness, security features, and large data storage capacity, have proven to be the technology of choice for products tracking, identification, and verification in many automated industries. Veritec technologies are also applicable in the Secure Bio-ID Cards to provide positive identification via biometric markers such as fingerprints, or pictures. Veritec's licensed software products have recently been introduced to the banking industries via Stored-Value Cards or credit cards. In the mobile phone industry, Veritec has patented the "PhoneCodes©" products that allow an individual using the Internet or mobile phones to purchase, send, or receive a gift certificate, ticket, coupon, receipt or transfer money. Further details about Veritec's technologies and its multiple applications can be found on Veritec, Inc.'s website at

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.