GOLDEN VALLEY, Minn., Nov. 7, 2011 /PRNewswire/ -- Veritec, Inc. (OTC –VRTC) today announced the signing of a Partnership Agreement with National Identity Solutions (NIS) of Norcross, Georgia. Ronald G. Logan, CEO of NIS, stated, "The partnership with Veritec is estimated to bring in hundreds of millions of dollars to both Veritec and NIS in 2012 income streams."
Van Thuy Tran, CEO of Veritec, states, "Veritec has state of the art patented identity and mobile cards technologies, and NIS has the identity recovery knowledge and knowhow plus a powerhouse marketing and sales team along with an established customer base. This agreement is an important addition to Veritec technology that will be the cornerstone of secure identification for financial transactions while reducing complexity and costs. Veritec is pleased to enter into this strategic partnership with National Identity Solutions. We are the perfect fit for each other."
Tom Look, Veritec CTO and former 3M Scientist and Senior Business Development specialist, stated, "The combined technologies offer consumers new levels of comfort provided by the wall of security surrounding their financial accounts. There is no better, highly secured, two-dimensional code available in the market than the VeriCode® and VSCode® that can hold up to 4500 bytes of data within one single code."
"One out of every 10 consumers is a victim of identity theft according to consumer reports and 43% of all identity theft is the result of lost or stolen wallets or personal documents. The agreement combines for the first time several unique fraud and identity theft protection features into a consumer debit/credit or ID card, and the card will also reduce fraud for merchants and banks," said Sam Rollins, VTFS President and former Senior VP of Global Information Security for Visa USA. Mr. Rollins also added, "Our proprietary payment platform, featuring the blinx On-Off™ card program, separ
|SOURCE Veritec, Inc.|
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