Anoteros, Veritec Announce Joint Venture Agreement
Anoteros, Inc. (OTCBB: ANOS) announced today a joint venture agreement with Veritec Financial Systems, Inc. (VTFS), a wholly owned subsidiary of Veritec, Inc. (OTCBB: VRTC) of Golden Valley, MN.
The agreement grants Veritec the right to use Antero SVS, a proprietary Third Party Processing platform, through Antero Payment Solutions, a wholly-owned subsidiary of Anoteros. In exchange, Veritec plans to engage Antero under its Independent Sales Organization (ISO) and Processor Agreement with a major prepaid issuing bank and an international card-processing network.
“We expect to begin generating revenues in 2012 through the marketing of mobile wallets, virtual accounts, credit, debit, prepaid and gift cards,” according to Anoteros President and CEO Michael J. Sinnwell, Jr. “Prior to recording sales, Antero Payment Solutions personnel will take approximately 30 to 60 days to install and test our Antero SVS third-party processing platform with the VTFS system,” Sinnwell said.
Antero Payment Solutions is to work with VTFS to provide a total account experience for customers. This includes 24-hour reporting capability for sales tracking, revenues to providers and instant communications with merchants and customers concerning such information as number of accounts activated, total value of accounts, flow of customer activity and transactions processed.“This relationship will allow Anoteros and Veritec to immediately expand its products to other markets that have not yet been able to offer a Prepaid Access (Stored Value)-type card program,” according to Van Tran, Chief Executive Officer of Veritec. “With our partnership, we can provide a full turnkey 'end-to-end' solution for credit, debit and prepaid access card programs that can be seamlessly integrated and have the flexibility to include applications, such as: mobile wallets, bill payment, virtual stored value online accounts, overdraft protection, money remittances, contactless/NFC or other mobile payments and card/account holder services, among other things,” she added. ABOUT VERITEC/VERITEC FINANCIAL SYSTEMS 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, 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 also offers its “blinx On-Off™” debit card and other stored-value debit based products with strategic partners. For further information, go to: www.veritecinc.com; www.vtfs.com; www.blinxcard.com. ABOUT ANOTEROS/ANTERO PAYMENT SOLUTIONS Antero Payment Solutions, Inc., a wholly-owned subsidiary of Anoteros, Inc. (OTCBB: ANOS), is a provider of information management and electronic commerce systems for the financial services industry. Anoteros has developed a wide range of e-commerce platforms to ensure secure electronic payments for checking, debit card, prepaid card and mobile payment applications; providing merchants with opportunities for lower cost structures and the potential to increase their client bases. For further information, go to: www.anoterosinc.com. SAFE HARBOR “Safe Harbor Statement” Under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks are to be included in filings with the Securities and Exchange Commission, all of which are to be available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events or otherwise.
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