Veritec Announces Joint Venture Agreement
Golden Valley, MN, January 21, 2016 (Newswire.com) - Veritec, Inc. (OTC-VRTC) announced that it has entered into a definitive joint venture agreement that gives Vietnam Alliance Capital the exclusive right to market Veritec’s Blinx On-Off™ Debit Card throughout Cambodia, Laos, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Vietnam Alliance Capital has committed to provide $5 million over the next twelve months to fund the joint venture. It is anticipated that Vietnam Alliance Capital will commence distribution of Veritec’s Blinx On-Off™ Debit Card in Vietnam beginning in May 2016.
Veritec’s On-Off™ toggle card has multiple features that can serve as both an identification and financial card that uses internet and mobile technology to offer its customers the very best technology in conducting secure financial transactions in real time, protecting personal identity, and financial account security.
Veritec's card processing technology includes a Proprietary Secure Financial Card Processing Software Platform that is the approved Third Party Processor of debit cards for banks and VISA.
Van Thuy Tran, Executive Chair of Veritec stated: “This is a landmark day in Veritec’s history. I am looking forward to Veritec’s shareholders benefitting from the years of work and millions of dollars that have gone into the development of Veritec’s Blinx On-Off™ Debit Card and its Proprietary Secure Financial Card Processing Software Platform - which I believe is the most efficient in the world. Veritec anxiously awaits Vietnam Alliance Capital’s roll out of its Blinx On-Off™ Debit Card.”
Trung Nguyen, Vietnam Alliance Capital’s Board Chair commented that: “Veritec’s real-time mobile banking platform is unique in the market. Its banking platform provides fast, secure technology that is easy to use and transparent for our customers and clients. By using a mobile phone, Internet, or an issued card, customers have a secure and easy way to make purchases, pay bills, turn their card account ON and OFF, get instant user notifications and instant money transfers from account to account. By combining forces, our customers get the best card security and the greatest savings. We believe that our JV with Veritec is a step into a very exciting future.”
Further details about Veritec’s technologies and its multiple applications can be found on
ABOUT VERITEC, INC.
In addition to Veritec’s Blinx On-Off™ Debit Card and its Proprietary Secure Financial Card Processing Software Platform, Veritec’s technologies include 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™” 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)