SOURCE: Veritec, Inc.

September 07, 2011 08:30 ET

Veritec Names New Board Member

Veritec, Inc. (OTCBB: VRTC) (OTCQB: VRTC) Is Pleased to Announce Sandra Hartfield as the New Member of the Board of Directors

GOLDEN VALLEY, MN--(Marketwire - Sep 7, 2011) - Van Tran, CEO of Veritec, Inc. (OTCBB: VRTC) (OTCQB: VRTC) today announced the addition of a new Board member. Veritec is honored to welcome Ms. Sandra Hartfield of Hartfield Financial Services to its Board of Directors.

Ms. Sandra Hartfield has over forty years of banking knowledge and leadership experience. She had been the Chief Administrative Officer/Chief Financial Officer for various banking organizations, including Palm Desert National Banking Palm Desert, CA, and served as a banking financial consultant for several other Southern California banks. Sandra served as the President and Chief Executive Officer of the Electronic Banking Division for Palm Desert National Bank (PDNB Electronic Banking Solutions). In 1994, as the Bank's Chief Financial and Chief Administrative Officer, Ms. Hartfield placed her first off-premise ATM. Quick to recognize the business potential, she began working with Independent Sales Organizations (ISOs) to place terminals, and soon PDNB became one of the first banks to offer vault cash to ISOs for placement in their ATMs. Under Ms. Hartsfield's leadership, Palm Desert evolved into the industry leader, offering a full line of electronic banking products, including Vault Cash and Reverse Vault Cash, ATM/Kiosk Terminal Management, Payment Settlement, ATM ISO/MSP Sponsorship, Network Merchant Acquiring Sponsorship, Prepaid Stored Value Card Programs and ACH Services. At the time of sale to US Bank, PDNB supplied $1 Billion in Vault Cash to over 22,000 ATMs and Self Service Terminals and had issued more than 1 million Prepaid Stored Value Cards throughout the nation. The Electronic Banking Division was the largest in the bank, with employees in Palm Desert and Louisiana operations centers, providing consistently 50% of the Bank's annual revenue.

In 2008, Sandra was honored as Woman of the Year for Professional Excellence by the international Athena organization. As her business involvement became more global, Sandra expanded her participation to national and international organizations and currently serves as the Chairman of the international ATM Industry Association (ATMIA) and Treasurer of the Electronic Funds Transfer Association's (EFTA) Executive Board located in Washington, D.C. She is a member of the Board of Directors for Palm Desert Investments. Sandra is well-known in her community, having served as a board member of Desert ARC as well as a current board member of her church, Desert Springs Church.

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.

In 2007, Veritec acquired the licensed Account Management Software Platform that further expand into the business of developing, promoting, licensing and supporting its "blinx On-Off™" debit card and other stored-value debit based products with strategic partners;

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.

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