GOLDEN VALLEY, Minn.
Nov. 22, 2011
/PRNewswire/ -- Veritec, Inc. (OTC: VRTC) today announced that their patent portfolio has reached 20 worldwide patents. As a technology company, Veritec has built a considerable presence in the fields of two-dimensional Matrix Symbology, Secure identification for people and products, Secure financial transactions, and Multi-purpose cards or mobile devices that facilitate financial transactions and other applications. Veritec's recent Partnership Agreement with National Identity Solutions (NIS) of
and with Antero Payment Solutions Inc. of
Harbor City, California
will benefit from the strong technology position held by Veritec.
Veritec's two-dimensional Matrix Symbology patents provide the ability to improve the quality of reading Veritec's proprietary two-dimensional codes in conditions where other two-dimensional codes would be difficult or impossible to read. Veritec's proprietary two-dimensional codes, VeriCode® and VSCode® hold more data using less space, up to 4,450 bytes of data, have adjustable error correction, read in any rotation with up to 60 degrees of skew, and are highly secure. For applications that need a robust, highly secured two-dimensional code, there are no better offerings in the market than the VeriCode® and VSCode® available from Veritec. Veritec has also been awarded patents on a new two-dimensional Matrix Symbology that has the potential of 50,000 bytes of data per square inch using standard code printers and readers.
Veritec's two-dimensional codes are being used for product inventory, product secure identification and product manufacturing automation, on mobile phones and financial cards to conduct secure financial transactions, as marketing tools on mobile phones for coupons, ticketing, and gift cards, for Biometric identification cards and many more practical and highly secure projects. Veritec's new Multi-purpose Card or Mobile Device can facilitate secure financial transactions and at the same time act as employee identification, health care identification, employee payroll and many more applications all in a single card or mobile device application. Veritec patents that encompass these technologies and markets provide a strong position for Veritec and partners.