(MENAFNEditorial)
445 Winnetka Avenue No.
Golden Valley MN 55427
612-991-7928; Phone
(763) 253 – 0503; Fax
www.veritecinc.com
FOR IMMEDIATE RELEASE
VERITEC NAMED BART SIEGEL AS EXECUTIVE ADVISORY
Golden Valley MN October 27 2014 - Veritec Inc. (VRTC) a processor and program manager of banking debit card and affinity solutions today added Bart Siegel to the Board of Advisories. Mr. Siegel will fulfill the roll of Executive Advisory to Veritec’s Chairman/CEO and to the Board of Directors.
“As an advisor Mr. Siegel brings to the company his expertise to help grow and capture market share and to ensure financial rewards for the Company. He will immediately introduce the organization to capital companies that can fund and support the growth opportunities both in acquisitions and contracts. Assists the chairman of the board with decisions aiding and improving the direction that steers the organization and direction toward maximum profitability and to reach our financial goals and objectives” stated Van Tran Chairman and CEO of Veritec.
Mr. Siegel is a recognized expert in developing processes automation technology enhancements environmental solutions and organizational controls for defense aerospace manufacturing and technical service customers. He has been an operating partner for both Venture Capital and Private Equity firms. Siegel has played an integral role in multiple complex transactions and corporate development activities. This includes guiding clients through the continuum of designing and launching new products developing new markets as well as executing business development manufacturing and distribution strategies. Mr. Siegel has worked successfully in mergers and acquisitions alliance development and business turnarounds as well as worked closely with Government Agencies including the National Labs Universities and various Fortune 100 and emerging technology companies. Mr. Siegel was the Chief Operating Officer for Oak Brook Management a conglomerate of over twenty five diverse companies where he conducted due diligence negotiated long-term contracts and analyzed management efficiency. His experience also includes consulting for Oak Ridge National Laboratories a partnership in the Institute of Financial Management. Mr. Siegel is a graduate of Virginia Commonwealth University and served in the U.S. Navy.
About Veritec Inc.
Veritec Inc. was incorporated in the State of Nevada on September 8 1982 for the purpose of development marketing and sales of a line of microprocessor based encoding and decoding system products that utilize matrix symbology technology a two-dimensional barcode technology originally invented by the founders of the Company. Veritec went on to expand its markets into the Bio-identification and financial arenas. At the present Veritec Inc. has three separate divisions: Veritec Verifications and Identification Veritec Financial Systems and Tangible Payments Systems.
Veritec Verifications and Identifications focuses on the manufacture automation industries such as Liquid Crystal Displays pharmaceuticals and secure biometric identifications… using its proprietary VeriCode® and VSCode™. The biggest success is in the LCD markets (www.veritecinc.com)
Veritec Financial Sysem Inc. (VTFS) focuses on its proprietary Financial Mobile Banking Technologies. VTFS registers its software platform with sponsor banks and becomes its own processor and program manager for the sponsor banks. VTFS has a relationship with Visa as Third-Party Servicer of Visa branded card as well as private label affinity; ATM and PIN base card programs (www.vtfs.com; www.blinxprepaid.com)
Veritec Tangible Payments systems the Company newly acquire division focuses on its gateway to provide Java-based enterprise web payment portal and services. Its focuses are on larger enterprise usually encompassing multiple banks and IT specific requirements. Tangible gateway offered both credit card and ACH capabilities. Tangible built its “ePay” platform for a large customer KPMG and in 2002 the customer received the NACHA Best year award in Payment Portal for its ePay program (www.tangiblepayments.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.
Veritec Contact:
Van Tran CEO
612-991-7928
vtran@veritecinc.com
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