Veritec Awarded New U.S. Patent Using High Secure Two Dimensional Bar Codes on Financial Transactions

GOLDEN VALLEY, Minn., Oct. 4, 2011 /PRNewswire/ -- Veritec, Inc. (OTC –VRTC) today announced that it has been awarded a patent from the United States Patent Office.  This patent addresses the need for user friendly financial transactions using a highly secure two-dimensional code and a mobile communications device.

USA Patent No.: US 8,002,175 – SYSTEM AND METHOD FOR UTILIZING A HIGHLY SECURE TWO-DIMENSIONAL MATRIX CODE ON A MOBILE COMMUNICATIONS DISPLAY

Veritec's patent demonstrates the ability to integrate a highly secured two-dimensional code and a user's personal mobile phone to complete a financial transaction.  This transaction is secure and is in control of the individual owner. The financial transaction information is not dangerously exposed and details information is being delivered via the mobile communication method.

The financial transaction market is quickly moving toward mobile communication devices as the primary means of facilitating a financial transaction. Personal mobile phones now have the security and interactive convenience to communicate highly personal information by using two dimensional bar codes as storage and deliver such secure information.

Van Thuy Tran, Executive Chair of Veritec states "We are all proud at Veritec to add this important patent to the portfolio of Intellectual Property including 5 U.S. Patents and additional International Patents held by Veritec. Veritec continues to aggressively build our Company surrounding 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™, 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 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.

Further details about Veritec's technologies and its multiple applications can be found on Veritec, Inc.'s website at www.veritecinc.com; www.vtfs.com; www.blinxcard.com

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.

SOURCE Veritec, Inc.