Card Will Serve Both Banked and Un-Banked, Allowing Cardholders to Receive Paychecks Electronically Via Mobile Telephones; Need for Paper Checks Will Be Eliminated, With All Funds FDIC Insured
GOLDEN VALLEY, MN--(Marketwire - April 20, 2010) - Van Tran, CEO of Veritec, Inc. (
Veritec, through its subsidiary Veritec Financial Systems, Inc. (www.vtfs.com) (www.blinxcard.com), processes debit, pre-paid and gift card transactions for 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.
Veritec, Inc. is a pioneer and developer of proprietary two-dimensional barcodes and mobile banking debit card solutions. 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).
About PreVay
PreVay is a female-owned company, has been involved in the electronic funds payments business for over 20 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
Irene Marmott, President
PreVay
1-800-237-8139