Veritec Announces a Patent Portfolio
GOLDEN VALLEY, Minn., Nov. 22, 2011 /PRNewswire/ — Veritec, Inc. (OTC: VRTC) today announced that their patent portfolio has reached 20 worldwide patents. As a technology company, Veritec has built a considerable presence in the fields of two-dimensional Matrix Symbology, Secure identification for people and products, Secure financial transactions, and Multi-purpose cards or mobile devices that facilitate financial transactions and other applications. Veritec’s recent Partnership Agreement with National Identity Solutions (NIS) of Norcross, Georgia and with Antero Payment Solutions Inc. of Harbor City, California will benefit from the strong technology position held by Veritec.
Veritec’s two-dimensional Matrix Symbology patents provide the ability to improve the quality of reading Veritec’s proprietary two-dimensional codes in conditions where other two-dimensional codes would be difficult or impossible to read. Veritec’s proprietary two-dimensional codes, VeriCodeÃ‚® and VSCodeÃ‚® hold more data using less space, up to 4,450 bytes of data, have adjustable error correction, read in any rotation with up to 60 degrees of skew, and are highly secure. For applications that need a robust, highly secured two-dimensional code, there are no better offerings in the market than the VeriCodeÃ‚® and VSCodeÃ‚® available from Veritec. Veritec has also been awarded patents on a new two-dimensional Matrix Symbology that has the potential of 50,000 bytes of data per square inch using standard code printers and readers.
Veritec’s two-dimensional codes are being used for product inventory, product secure identification and product manufacturing automation, on mobile phones and financial cards to conduct secure financial transactions, as marketing tools on mobile phones for coupons, ticketing, and gift cards, for Biometric identification cards and many more practical and highly secure projects. Veritec’s new Multi-purpose Card or Mobile Device can facilitate secure financial transactions and at the same time act as employee identification, health care identification, employee payroll and many more applications all in a single card or mobile device application. Veritec patents that encompass these technologies and markets provide a strong position for Veritec and partners.
“Veritec has a, “State of the Art”, technology base that will add security and new features and benefits to the markets served by Veritec. The technical staff at Veritec has a proud reputation for providing the best technology to serve our customers,” states Thomas Look, Chief Technology Officer of Veritec.
Van Thuy Tran, Executive Chair of Veritec states “We are all proud at Veritec to have achieved this strong portfolio of Intellectual Property. Veritec continues to aggressively build our Company surrounded by our two dimensional bar code technologies and mobile communications that will be the corner stone of secure identification and financial transactions while reducing complexity and costs.”
ABOUT VERITEC, INC.
Founded in 1982, Veritec offers a patented line of encoding and decoding software products that utilize the 2-D Matrix Symbology(TM), 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 VeriCodeÃ‚® and VSCodesÃ‚®, 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 Debit Cards. In the mobile phone industry, Veritec has patented the “PhoneCodes(TM)” 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.
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.
Van Tran (CEO)
SOURCE Veritec, Inc.